Here’s Why ETH Has Turned The Regulatory Corner
The post Here’s Why ETH Has Turned The Regulatory Corner appeared on BitcoinEthereumNews.com.
Ethereum prices recoiled yesterday but are stable when writing. Today, July 23, nine spot Ethereum ETFs began trading on various regulated bourses, mainly the Cboe, Nasdaq, and the NYSE. This listing comes barely two months after the United States Securities and Exchange Commission (SEC) reversed its decision and accelerated the approval process of 19b-4 forms submitted by various players, including BlackRock. Spot ETFs Launch Gifts ETH Regulatory Clarity With the landmark milestone, Ethereum is the only crypto asset after Bitcoin to get the regulatory nod and a spot ETF approved by the otherwise strict regulator. Listing the derivative product is a win for Ethereum and its broader ecosystem, comprising a web of layer-2 solutions, a struggling non-fungible token (NFT) industry, and a recovering decentralized finance (DeFi) scene. Taking to X, one observer notes that Ethereum is now ready for a perfect storm of bullish catalysts that would push the coin higher in the coming months. Interestingly, though many supporters cite the expected inflow of institutional capital to ETH through spot ETFs, the analyst thinks the regulatory clarity that comes with this product is a major boost for price and the growth of its ecosystem. Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView In a post, the analyst explained that these long-standing headwinds, especially the resistance from the United States SEC, have been capping gains. With the spot ETF in the picture, these years-old obstacles preventing growth will be effectively transformed into tailwinds. This, in turn, ushers in a new era of adoption and unfettered investment, especially from Wall Street investors who mainly desire regulatory clarity before exposure. A New Era For Ethereum? United States SEC Is Still Mum As a condition for approving 19b-4 forms, the United States SEC barred issuers from staking investors’…
Filed under: News - @ July 23, 2024 10:16 pm