🔥 BREAKING: Ethereum spot ETFs approved by SEC !
The US Securities and Exchange Commission said it has approved the launch of spot Ethereum ETFs for accelerated launch.
Ethereum ETFs face a weeks-long process of finalizing S-1 registration statements, a form required by the SEC for ETFs to list securities, and establishing exchange agreements through multiple rounds of SEC communication.
The move is expected to bring a substantial influx of institutional capital into the Ethereum market, with Standard Chartered Head of Digital Assets Research Geoff Kendrick predicting inflows of $15 to $45 billion in the first 12 months.
To address SEC concerns, potential spot ETH ETF issuers, including Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck, have updated their filings to confirm they will not stake ETH for yield.
Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart have increased the odds of a spot Ethereum ETF being approved this month from 25% to 75%.
The approval of Ethereum ETFs and the passage of the FIT21 crypto bill suggest a shift in the Biden Administration’s stance on crypto, following former President Trump’s pledge to support the industry and foster a business-friendly environment in the US.
The approval comes just five months after the SEC gave the green light to 11 spot Bitcoin ETFs, marking a significant shift in the regulatory landscape for crypto in the US.