SEC Approves Spot Ethereum ETFs in Landmark Decision
The post SEC Approves Spot Ethereum ETFs in Landmark Decision appeared on BitcoinEthereumNews.com.
The SEC has issued an omnibus approval for eight ETH ETF issuers. Just over four months after Bitcoin ETFs began trading in the U.S., the Securities and Exchange Commission (SEC) has greenlit trading of eight exchange-traded funds backed by spot Ether. The agency issued an “order granting accelerated approval of proposed rule changes, as modified by amendments thereto, to list and trade shares of ether-based exchange-traded products.” Exchanges NYSE Arca, Nasdaq and Cbose BZX Funds which applied for a rule change to list and trade ETH ETFs, received approval to trade the Grayscale Ethereum Trust, the Bitwise Ethereum ETF, BlackRock’s iShares Ethereum Trust, the VanEck Ethereum Trust, the ARK 21Shares Ethereum ETF, the Invesco Galaxy Ethereum ETF, the Fidelity Ethereum Fund, and Franklin Templeton’s Franklin Ethereum ETF. The Commission said it found that the the Proposals are consistent with rules designed to “prevent fraudulent and manipulative acts and practices” and, “in general, to protect investorsand the public interest.” ETH Price Volatility It’s been a volatile day for ETH, which has soared nearly 30% in the past week in anticipation of today’s landmark decision. The second-largest cryptocurrency traded as high as $3,960 earlier today before briefly dipping under $3,600. ETH is currently changing hands for $3,720. Ethereum ETFs will provide ETH exposure to financial institutions that want to use traditional financial rails and avoid using crypto exchanges, custody, and private keys. Ethereum bulls will hope that these new ETFs see comparable levels of interest from TradFi investors who have plowed more than $13 billion into Bitcoin ETFs to date. Before Ethereum ETFs start trading, the SEC has to approve two forms filed by applicants, 19b-4 and S-1. Today’s decision comes after a whirlwind week in which analysts’ approval odds swung from 25% to 75%. The shift left exchanges and issuers scrambling…
Filed under: News - @ May 23, 2024 10:20 pm