[VanEck CEO said that the Ethereum ETF symbolizes a historic change]
VanEck CEO Jan van Eck firmly believes that the approval of the spot Ethereum ETF represents a historic shift.
Van Eck noted that the exchange has now received approval to list a spot Ethereum exchange-traded fund (ETF). He added that their prospectus still needs to be approved by the U.S. Securities and Exchange Commission (SEC). "We are in communication with the SEC to ensure that we are meeting their expectations," Van Eck said. "I assume this will be the case for all applicants for spot ETF approval."
With the 21st Century Financial Innovation and Technology Act gaining strong support from Democratic lawmakers and passing in the U.S. House of Representatives, Van Eck believes that the “real risk” of the SEC losing its authority in the House forced it to quickly approve multiple Ethereum ETFs. However, he also believes there are other factors at play.
Several ETF analysts and legal experts were reportedly surprised by the sudden policy shift. While there's a lot of excitement around Ethereum ETFs, banking giant JPMorgan Chase believes the products may attract less inflows than expected.
JPMorgan predicts these ETFs will attract about $3 billion in inflows in 2024. However, if staking is allowed, this amount could be doubled.
