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SEC Approves SPOT ETH ETF, Recognizing ETH As Commodity
SEC approves SPOT ETH ETF, classifying ETH as a commodity.
The approval marks a shift from the SEC’s previous stance.
Bipartisan Congressional efforts push for clear crypto regulation.
In a significant move, the Securities and Exchange Commission (SEC) approved the SPOT ETH ETF today, indicating that Ethereum (ETH) is viewed as a commodity rather than a security. This decision marks a notable shift from the SEC’s previous stance, which consistently classified ETH as a security.
The approval of the SPOT ETH ETF highlights a changing regulatory environment for cryptocurrencies. This move comes on the heels of a recent lawsuit against the SEC, where the classification of ETH was a central issue. The lawsuit argued that the SEC’s position was outdated and did not reflect the current understanding of ETH and its uses.
On today’s SEC ruling: While Consensys welcomes today’s decision to approve ETH Spot ETFs as a step in the right direction, this seemingly last minute approval is yet another example of the SEC’s troublesome ad hoc approach to digital assets. No other industry, market, or…
— Consensys (@Consensys) May 23, 2024
The decision to approve the ETF also reflects the efforts of a bipartisan Congressional push for clearer and more sensible regulation of cryptocurrencies. Lawmakers from both sides of the aisle have been advocating for regulations that provide clarity and foster innovation in the crypto space.
The bipartisan effort underscores a growing recognition of the importance of clear regulatory frameworks that can support the burgeoning cryptocurrency industry. The SEC’s approval of the SPOT ETH ETF is a step towards aligning regulatory perspectives with the evolving landscape of digital assets.
This development is likely to have significant implications for the cryptocurrency market, potentially paving the way for further acceptance and integration of digital assets into mainstream financial systems. As the regulatory environment continues to evolve, stakeholders in the crypto industry will be watching closely to see how these changes unfold and what they mean for the future of digital currencies.
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The post SEC Approves SPOT ETH ETF, Recognizing ETH as Commodity appeared first on Crypto News Land.
$COTI As Vitalik Buterin said, “One of the biggest remaining challenges in the $ETH ecosystem is privacy.” Blockchain has solved transparency and security, but to date privacy has been a complex problem. $COTI This overcomes the problem. Graphically, it appears to have entered a bullish formation. If the price rises above the level of approximately $0.32 that we have determined as the resistance line. Volume purchases may occur.
$QNT Quant is a great altcoin, but will it perform well? Even though altcoins test our patience, I think they are one of the coins worth holding. Because it's a great project with a great idea behind it. The Overledger system bridge establishes connections like $LINK , but $QNT has outdone itself in this regard. Marketcap ranking is 76. You can buy some before the price goes up to the moon. You should not miss the opportunity.
$PORTAL Portal ID is coming soon, this token can increase very quickly once the Portal wallet and Launchpad are completed. Do your research and see how assertive he is in the field of gaming. They will partner with Sony and Xbox and even create an application for phones and consoles. I recommend you to consider $PORTAL , which is noteworthy among the tokens in the gaming field.
$ENA ena $10? Ena gained 18% volume in the market, which was stimulated by the approval of ETF on the Ethereum side. It showed strong resistance at the $0.70 level and held in that area, which gave hope. Even though Ethena Labs climbs slowly and remains at the $0.85 level, I am sure that it is one of the tokens that will join the upward wave at $ETH and $BTC and show impressive performance.
$PHB Phoenix is a blockchain with a large infrastructure including web3 and artificial intelligence. It is inevitable that the use of artificial intelligence products, both individually and corporately, will become widespread. That's why it has higher potential than other AI projects. The project offers a self-improving, disciplined road map. The infrastructure is solid, the desire is low, the market cap looks good. The momentary price is very reasonable to buy and hold.
$ENJ , which brought profit to its investors with the recovery it showed in March, will continue to make profit again. The charts moved upwards. I predict that it will break the resistance in March and show a new rise before the end of this month. Price action is upward on the daily time frame chart. This may indicate an excellent opportunity for investors. The intraday trading volume in $ENJ tokens is at the level of 5 million dollars. Technical indicators are in the buy indicator. It is among the altcoins that I am considering buying small amounts and adding to.
Altcoin market has become active. Thus, new tokens that have been silent for a long time may also experience harsh movements. As $ETH continues to rise, the future will be open for all coins. Still, it's good to be cautious. This movement had been expected for days. $ETH $BTC The move marks a potential breakthrough in the long-running search for a spot Ethereum ETF.
#hbarusdt is the first altcoin I follow. I don't think it will stay put any longer after these increases.