The US Securities and Exchange Commission (SEC) announced on Thursday evening that it had agreed to grant its approval to ETFs for spot contracts for the digital currency Ethereum, for eight giant investment companies in digital currency trading.
According to a statement by the Securities and Exchange Commission, rapid approval for trading in spot Ethereum contracts has been granted to the funds: Grayscale and Bitwise, as well as the iShares fund of the asset management giant BlackRock, as well as the ARK 21Shares, Invesco Galaxy, Fidelity, and Franklin funds.
The regulatory body indicated in its press release that it had granted expedited approval to the proposed rule changes for the listing and trading of shares of Ethereum-related or Ethereum-based exchange-traded products on crypto-asset exchanges.
The regulator added that before those spot ETFs can begin trading, the SEC will need to grant them issuer registration statements, known as S-1s, which could take several weeks.
In terms of trading, the Ethereum currency was able to achieve record profits this week, as it rose by nearly 30% until yesterday’s session, before those profits were reduced to only 21% amid profit-taking operations.
