[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"04c53070-07a0-4ab7-a486-ad69d514cd19","updated_at":"2024-05-24T04:13:13.459131+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The US Securities and Exchange Commission has approved 8 spot Ethereum exchange-traded funds, including those from VanEck, BlackRock and Fidelity.","sapo":"The crypto market recently saw another policy win with 8 spot Ethereum ETFs officially getting the nod from the SEC, thereby opening gates to this crypto ETF in the United States.","title":"SEC Greenlights Landmark Move: First Spot Ethereum ETFs Approved","content":"

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SEC Gives Greenlight to 8 Ether Spot ETFs

On Thursday, the US Securities and Exchange Commission (SEC) approved the 19b-4 filings associated with the listing and trading of spot Ethereum ETFs on eight exchanges. These to-be issuers include VanEck, Grayscale, BlackRock, Fidelity, Ark/21Shares, Invesco/Galaxy, Franklin Templeton and Bitwise.

Source: SEC

The SEC decision doesn’t mean investors can start buying just yet, as issuers will first have to secure the regulator’s approval of their S-1 registration documents, a process that would traditionally take several months. Bloomberg’s financial analyst James Seyffart reminded us of the 3 months the SEC previously took to approve the respective filings for spot Bitcoin ETFs in January.

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This move by the regulatory commission was seen as a shocking development, given the SEC’s prior lack of interaction with potential ether ETFs exchanges. Its recent request for application document updates was the initial catalyst for later approval speculations.

The price of ETH soars amidst the news. The token is now trading at almost $3,800.

ethereum price 28.5 Source: BitScreener

The SEC approval of Ethereum ETFs follows a previous landmark passage of the crypto regulating Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives, and the regulator’s own industry-first acceptance of 11 spot Bitcoin ETF listings in January 2024.

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SEC Greenlights Landmark Move: First Spot Ethereum ETFs Approved

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