BREAKING: Ethereum Spot ETFs Approved by SEC

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The US Securities and Exchange Commission said it has approved the launch of Ethereum spot ETF for an accelerated launch, according to a document downloaded on the agency’s website.

“After careful consideration, the Commission finds that the proposals are consistent with the Foreign Exchange Act and the rules and regulations thereunder applicable to a national securities exchange,” the document said.

SEC filings list eight Ethereum ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy and BlackRock’s iShares Ethereum Trust, offered for listing on the Nasdaq, NYSE Arca and Cboe BZX Exchange .

Ethereum ETFs face a multi-week process to finalize S-1 registration statements, a form required by the SEC for ETFs to list securities, and to establish swap agreements through multiple rounds of communication with the SEC.

The move is expected to result in a substantial influx of institutional capital into the Ethereum market, with Geoff Kendrick, head of digital assets research at Standard Chartered, forecasting inflows of $15 billion to $45 billion in the first 12 months.

To address the SEC’s concerns, potential issuers of spot ETH ETFs, including loyaltyFranklin Templeton, Ark, Invesco, Grayscale, Bitwise and VanEck have updated their documents to confirm that they will not be banking on ETH for yield.

Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart increased the chances of a spot Ethereum ETF approved this month from 25% to 75%.

The approval of Ethereum ETFs and the passage of FIT21 The crypto bill suggests a change in the Biden administration’s stance on crypto, following the former president. Trump’s pledge to support the industry and foster a favorable business environment in the United States.

Approval comes just five months after SEC gave clearance green light to 11 spot Bitcoin ETFmarking a significant shift in the crypto regulatory landscape in the United States.

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