The U.S. Securities and Exchange Commission (SEC) has given its nod to several spot Ether exchange-traded funds (ETFs) in the United States, marking a significant development in the cryptocurrency space. This decision, made on May 23, comes amidst speculations about the SEC’s stance on whether Ether should be treated as a security.
The approved 19b-4 filings from major players such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise pave the way for spot Ether ETFs to be listed and traded on their respective exchanges. However, while the filings have been approved, ETF issuers are still awaiting the SEC’s clearance on their S-1 registration statements before the spot Ether ETFs can officially hit the market. This process may take varying durations, with some analysts suggesting it could be days, weeks, or even months. Notably, several filings have removed staking provisions.
Despite this positive move, the SEC has not yet announced the approval of Hashdex’s spot Ether ETF application. The fate of Hashdex’s ETF remains uncertain, as its final deadline with the commission was set for May 30.
The SEC’s decision follows a recent vote by members of the United States House of Representatives in favor of the Financial Innovation and Technology for the 21st Century Act, which aims to provide regulatory clarity to the cryptocurrency industry by defining the roles of the SEC and the Commodity Futures Trading Commission. However, this legislation still awaits approval by the Senate and the President.
The approval of spot Ether ETFs comes after the SEC’s historic decision in January to approve several spot Bitcoin ETF applications. Following the SEC announcement, the price of Ether surged to over $3,900 before stabilizing at $3,759 at the time of reporting, according to data from Cointelegraph Markets Pro.
Featured image from: cointelegraph.com