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The SEC has approved the first spot of Ether ETFs, a pivotal step in cryptocurrency regulation, allowing Ether to be traded on major U.S. exchanges.
SEC Approves Spot Ether ETFs, Paving the Way for Major U.S. Exchange Listings
In a second momentous decision this year, the US Securities and Exchange Commission has given the regulatory go-ahead to list Ether exchange-traded funds (ETFs) in the United States, per Cointelegraph.
In a May 23 filing, the SEC authorized the 19b-4 files from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, allowing spot Ether ETFs to be listed and traded on the respective exchanges. The groundbreaking decision came despite expectations that the securities authority was considering whether to classify Ether (ETH) as a security.
While the 19b-4s have been granted, ETF issuers are still awaiting the SEC's approval on their respective S-1 registration statements before the spot Ether ETFs can commence trading. As industry observers suggest, this process might take days, weeks, or even months. On May 20, the SEC urged applicants to expedite their 19b-4 submissions. The most significant change noticed in multiple files is the removal of staking.
Hashdex's Spot Ether ETF Denied as SEC Approvals Align with New Legislative Efforts for Crypto Regulation
The SEC did not grant approval for Hashdex's spot Ether ETF application. The asset manager's investment vehicle had a final deadline of May 30, with the commission set ahead of Grayscale, Invesco Galaxy, BlackRock, and Fidelity. It is still being determined whether the SEC will eventually approve Hashdex's ETF.
The SEC approval coincides with a promising development in the United States House of Representatives, which passed legislation many anticipate bringing more regulatory certainty to the cryptocurrency business. If approved by the Senate and signed into law, the Financial Innovation and Technology for the 21st Century Act will clarify the functions of the SEC and the Commodity Futures Trading Commission.
The spot Ether ETF approval comes four and a half months after the SEC cleared multiple spot Bitcoin ETF applications on January 10, setting an industry precedent. According to Cointelegraph Markets Pro data, the price of ETH increased to more than $3,900 immediately following the SEC news before falling to $3,759 at the time of publication.
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