Spot Ethereum ETFs Officially Approved by the SEC

Spot Ethereum ETFs Officially Approved by the SEC

In a significant second ruling this year, the United States Securities and Exchange Commission has granted approval for spot Ether exchange-traded funds (ETFs) in the country.

On May 23, the SEC sanctioned the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, authorising the rule changes necessary for spot Ether ETFs to be listed and traded on their respective exchanges. This pivotal decision was made despite ongoing speculation that the SEC is investigating whether to classify Ether as a security.

Although the 19b-4s have been approved, ETF issuers still require SEC approval of their S-1 registration statements before the spot Ether ETFs can officially commence trading. Industry analysts predict this process could take anywhere from days to months. On May 20, the SEC reportedly urged applicants to expedite their 19b-4 filings. The most significant change across several filings is the removal of staking provisions.

The SEC Did Not Release Approval for Hashdex’s Spot Ether ETF Application

The SEC did not release approval for Hashdex’s spot Ether ETF application. The asset manager’s investment vehicle faced a final deadline with the commission set for May 30 — preceding Grayscale, Invesco Galaxy, BlackRock, and Fidelity. It remains uncertain whether the SEC will ultimately approve Hashdex’s ETF.

The SEC’s approval follows a United States House of Representatives vote in favour of legislation aimed at providing greater regulatory clarity to the cryptocurrency industry. The Financial Innovation and Technology for the 21st Century Act aims to define the roles of the SEC and Commodity Futures Trading Commission but requires passage by the Senate and presidential approval to become law.

Approval for the spot Ether ETF arrives four and a half months after the SEC’s historic approval of several spot Bitcoin ETF applications on January 10. This marked a milestone for the industry. 

Conclusion

The approval of spot Ethereum ETFs by the SEC marks a significant milestone in the evolution of the cryptocurrency market. This landmark decision opens up new avenues for bitcoin investors, providing more opportunities to engage with the burgeoning Ether market. As the regulatory landscape continues to evolve, it is crucial for investors to stay informed and make strategic decisions.

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