💥💥💥 BREAKING: #Ethereum✅ spot #ETFs approved by SEC
The US Securities and Exchange Commission (SEC) has approved the accelerated launch of spot Ethereum ETFs, according to Phoenix News.
Ethereum ETFs now face a weeks-long process to finalize S-1 registration statements, a required form for listing securities, and to establish exchange agreements through multiple rounds of SEC communication.
This move is anticipated to bring significant institutional capital into the Ethereum market. Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, predicts inflows of $15 to $45 billion in the first year.
To address SEC concerns, potential spot ETH ETF issuers—including Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck—have updated their filings to confirm they will not stake ETH for yield.
Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart increased the likelihood of a spot Ethereum ETF being approved this month from 25% to 75%.
The approval of Ethereum ETFs and the passage of the FIT21 crypto bill indicate a shift in the Biden Administration’s stance on crypto, following former President Trump's pledge to support the industry and create a business-friendly environment in the US.
This approval comes just five months after the SEC approved 11 spot #BitcoinETFs , marking a significant regulatory shift for crypto in the US.
Source - cryptobriefing.com
