After turnaround, Ethereum ETF is approved in the United States.

.

.

Four months after giving the green light to the first Bitcoin (BTC) spot ETFs in the United States, the country's Securities and Exchange Commission (the SEC) approved, this Thursday (23), all initial requests made by all American managers who intend to launch ETFs (index funds) based on Ethereum (ETH), the second largest cryptocurrency on the market.

The decision is the first step towards releasing the products for trading. Unlike what happened with Bitcoin, therefore, the funds will not yet be available immediately. Potential issuers are VanEck, BlackRock, Fidelity, Ark Invest, Invesco, Grayscale and Bitwise.

“After careful review, the Commission finds that the proposals are consistent with the Exchange Act and rules and regulations applicable to a national securities exchange,” said a statement posted on the SEC website.

.

.

In reaction to the announcement, Ethereum was trading close to the US$3,800 level, up 1.8% in the last 24 hours. In the last week, the cryptocurrency has accumulated gains of almost 29%.

The approval represents a first step towards the arrival of Ethereum ETFs on US exchanges. But it is considered a considerable step. Until the beginning of last week, analysts believed that approval would be unlikely because SEC negotiations with managers had not been as intense as occurred with Bitcoin ETFs. Experts even said that the possibility of the regulator granting approval for financial products was only 25%.

Do you have $ETH ???