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The SEC's recent approval of Ethereum exchange-traded funds (ETFs) is poised to significantly impact the cryptocurrency market.

VanEck CEO Jan van Eck, speaking to CNBC’s “ETF Edge,” highlighted the approval as a monumental development in securities regulation.

VanEck, the first to apply for an Ethereum ETF, can now move forward with launching the product, though the timeline remains uncertain.

Van Eck noted that the SEC faced the risk of losing its regulatory grip on digital assets, which spurred the approval of the Ethereum ETF.

He believes this marks the start of broader regulatory clarity and growing investor interest in crypto.

The Financial Innovation and Technology for the 21st Century Act (FIT21), passed by the House on May 8, also contributes to this regulatory progress, although it may not reach the Senate before the election.

Following the SEC's approval on May 23, Ether saw a brief spike but has since remained relatively stable.

VanEck emphasized that Ethereum is considered a decentralized commodity rather than a security, signaling a significant shift in the crypto investment landscape.

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