Breaking News: SEC Approves Spot Ether ETFs
In a major win for Altcoins, the U.S. Securities and Exchange Commission (SEC) has approved spot Ether exchange-traded funds (ETFs). This groundbreaking decision allows investors to trade Ether directly through these funds.
On 23 May, the SEC approved filings from top financial firms including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. These companies can now list and trade spot Ether ETFs on their exchanges. This approval comes amid ongoing discussions about whether Ether should be classified as a security.
While this is a huge step forward, there are still some hoops to jump through. The ETF issuers need the SEC to finalize their S-1 registration statements before the ETFs can start trading.
Experts say this process could take anywhere from days to months. The SEC urged companies to fast-track their filings on May 20, with many opting to remove staking from their proposals to meet regulatory requirements.
Interestingly, the SEC has yet to approve Hashdex’s spot Ether ETF. With a deadline of May 30, it remains to be seen if Hashdex will join the approved list.
Stay tuned for more updates as this story develops.
