The SEC website shows that it has approved the launch of spot Ethereum ETFs, accelerating the launch.

SEC documents list eight Ethereum ETFs from VanEck, Fidelity,

Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock's iShares Ethereum Trust, which are planned to be listed on Nasdaq, NYSE Arca, and CBOE BZX exchanges.

Ethereum ETFs face a weeks-long process of finalizing the S-1 registration statement (the form required by the SEC for ETFs to list securities) and establishing an exchange agreement through multiple rounds of SEC communications.

The move is expected to bring a large influx of institutional capital to the Ethereum market, with Geoff Kendrick, head of digital asset research at Standard Chartered Bank, predicting that inflows will reach $15 billion to $45 billion in the first 12 months.

To address the SEC’s concerns, potential spot ETH ETF issuers, including Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck, have updated their filings to confirm that they will not stake ETH for yield.

The approval of the Ethereum ETF and the passage of the FIT21 cryptocurrency bill signal a shift in the Biden administration’s stance on cryptocurrencies following former President Trump’s pledge to support the industry and foster a pro-business environment in the U.S.

The approval comes just five months after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, marking a significant shift in the U.S. cryptocurrency regulatory landscape.