the US Securities and Exchange Commission (SEC) approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States on May 23, 2024 .Here are some details about the approval
- The SEC combined proposals from the Nasdaq, NYSE, and CBOE exchanges, which requested changes to existing rules to allow the trading of Ethereum Exchange-Rraded Products (ETPs) and ETFs.
- The SEC approved 19b-4 forms for the ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton.
- While the forms have been approved, the ETF issuers need to have their S-1 registration statements go effective before trading can begin.
- The SEC has started conversations with issuers about their S-1 forms, but only recently. It's unclear how long this process will take, but some analysts are speculating that it could take weeks.
- The price of ether rose just 2%, although it follows a 20% surge from earlier in the week in anticipation of Thursday's decision.