Along with the Bitcoin ETFs, the spot Ethereum ETFs are the investment products on the block! Here are the details of the event.
The United States has witnessed another historic moment specific to the crypto sector. The US SEC, the primary markets regulator, has finally approved a few spot Ethereum ETFs. Stakeholders in the crypto market were speculating about the decision, and most were optimistic. But the official approval comes as a stamp of support from the world’s largest economy.
The effects of the spot crypto ETFs in the US could spread worldwide. This can happen in multiple ways, from new investors joining the market to more global regulators approving similar products. These crypto ETFs have emerged as popular instruments for new crypto investors.
Meanwhile, the official order of the US SEC specifies the various asset management firms that applied for the ETFs. It includes popular global names like BlackRock, VanEck, Franklin Templeton, Grayscale, and others. Although they have received approvals, the ETFs need the US SEC’s stamp on their registration statements to start trading.
Analysts are optimistic regarding the final go-ahead from the US. Citing the case of the Bitcoin ETFs, they predicted that the ether ETFs could start trading in June 2024.
The US SEC’s order stated, “After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange. In particular, the Commission finds that the Proposals are consistent with Section 6(b)(5) of the Exchange Act.”
Moreover, ETH has also surged by over 20% in the last seven days. A further upside in prices could happen next week as well, and after the ETFs start trading.
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