The U.S. Securities and Exchange Commission (SEC) took a significant step towards the acceptance of cryptocurrencies in traditional financial systems by approving eight spot Ethereum exchange-traded fund (ETF) applications on Thursday.

This approval comes just four months after the SEC gave the green light to the first spot Bitcoin ETFs, marking a rapid shift in the regulatory environment.

Ethereum ETF Approvals Follow Breaking Scramble

The SEC approved 19b-4 applications submitted by financial industry leaders BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton.

After clearing the first major hurdle, ETF issuers now face the challenge of ensuring their S-1 registration statements become effective prior to the commencement of trading.

The SEC has begun discussions with issuers on these S-1 forms, but the timeline for the approval process remains unclear.

While some analysts estimate that approvals could occur within a few weeks, others say longer periods may be required, citing previous similar cases.

SEC Faces Scrutiny Over Unexpected Change

The U.S. Securities and Exchange Commission's (SEC) approval of eight spot Ethereum ETF applications has created a surprise impact among market watchers.

Previously, there had been no concrete sign of impending approvals from interactions between the regulator and ETF issuers, fueling speculation as to the reason for the sudden change.

Some sources point out that House lawmakers are pressuring the SEC to treat Ethereum ETFs in the same way as spot Bitcoin ETFs.

This unexpected development caused significant reactions in the markets. For example, Grayscale Ethereum Trust saw its discount fall from 24% to as low as 6% as its conversion to an ETF approached. This conversion offers investors the opportunity to exchange the shares they own for the equivalent cash value of the underlying Ether.

Spot Bitcoin ETFs have attracted significant investment since their approval. Grayscale Bitcoin Trust raised another 207,000 Bitcoins (about $14 billion), in addition to the 621,000 Bitcoins (about $42 billion) it already held before the conversion. However, uncertainties remain regarding the continuity of investor interest.

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