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After a long wait, the US Securities and Exchange Commission (SEC) finally gave the green light to spot Ethereum ETFs for the american markets.
The SEC has announced the expedited approval of spot Ethereum ETFs.
@EricBalchunas and I cant see it on the front facing website yet but Phoenix is always right in my experience. https://t.co/xI37RVXqRo
— James Seyffart (@JSeyff) May 23, 2024
Launching these ETFs will involve several weeks of finalizing required S-1 registration forms and establishing exchange agreements through ongoing discussions with the SEC.
This development is expected to attract a large influx of institutional funds into Ethereum. Geoff Kendrick from Standard Chartered predicts that this could bring in between $15 billion and $45 billion within the first year.
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To address the SEC’s stipulations, companies like Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck have updated their filings by removing the staking features.
The recent approval of Ethereum ETFs and the passage of the FIT21 crypto bill indicate a potential change in the Biden Administration’s approach to cryptocurrency, contrasting with former President Trump’s commitment to backing the industry and creating a business-friendly climate in the US.
This move marks a major advancement for the crypto market. With anticipated substantial institutional investments and a more favorable regulatory climate, Ethereum is on track for significant growth, heralding a new phase in cryptocurrency investment.