The US Securities and Exchange Commission approved the listing of spot Ethereum ETFs applied by the exchanges NYSE, Nasdaq, and CBOE. It is the first step of the most anticipated spot Ethereum ETFs approval process. This means the SEC accepted the rule change request required for listing the new spot ETH ETFs as requested by three exchanges. Approval for the spot ETH ETF will be completed only after the SEC approves applications from ETF issuers.
SEC has approved NYSE to list ETFs from Grayscale Ethereum Trust and Bitwise; Nasdaq to list Ishare Ethereum Trust; and COBE to list spot Ethereum ETFs from VanEck Ethereum Trust, the ARK 21Shares, Invesco Galaxy, Fidelity, and Franklin.
The next phase in the approval process for spot Ethereum ETF involves the SEC approving each ETF registration statement, which includes investor disclosure (commonly referred to as S-1 form). According to the source, the SEC has initiated talks regarding the S-1 registration statements with the issuers of spot Ethereum ETFs. Typically, amendments and refiling of the S-1 form may occur before receiving final approval. Consequently, the process of obtaining final approval for the spot Ethereum ETF could take several weeks.
The Securities and Exchange Commission was hesitant to greenlight ether ETFs due to worries about whether ether qualifies as a security and concerns about staking. However, recent developments suggest a change in their stance indicating that ether may not be considered as security. On the other hand, ETF issuers addressed the SEC’s concern about staking by removing it from the ETF application.
However, some analysts believe that the SEC didn’t change the stance itself, but rather succumbed to pressure from the Whitehouse, following Donald Trump’s pro-crypto stance. Furthermore, a letter requesting approval of spot Ethereum ETFs from a bipartisan group of lawmakers played a crucial role in coming around for ETF approval.
Following the SEC’s approval of spot Bitcoin ETFs in January, there has been keen interest in spot Ethereum ETFs. Despite a 2.86% drop to $3,703.69 in Ethereum price within 24 24-hour period, trading volume has surged by 21.12% during the same timeframe. This suggests gwith in investors’ activities in the Ethereum in anticipation of Ethereum ETFs. Additionally, Ethereum’s Weekly, monthly, and yearly surges of 19.88%, 16.49%, and 106.61%, respectively, further support the positive momentum in the market.
Also Read: Ethereum’s Meteoric Ascent and Spot Ethereum ETF Anticipation
Disclaimer: The information provided in the preceding paragraph is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies, including Ethereum, carries inherent risks, and individuals should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The analysis is based on current market trends and may not accurately predict future market behavior. Any investment decisions made based on this information are the sole responsibility of the individual.
