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Home BREAKING NEWS

SEC is Leaning Towards Approving a Spot Ether ETF

by Sham
May 21, 2024
in BREAKING NEWS, CRYPTO, FEATURED, OPINION
Reading Time: 3 mins read
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  • The SEC has informed exchanges that it is leaning towards approving spot Ethereum ETFs.
  • The SEC asked exchanges to update their 19B-4 filings for their Spot Ethereum ETFs, indicating potential approval by a crucial Thursday deadline.
  • If approved, the Spot Ethereum ETFs could go live on the market as soon as this week.

The SEC has signaled that it may soon approve spot Ethereum ETFs, a move that would open up Ethereum investment products to a wider range of investors. This would be a major milestone for the Ethereum ecosystem.

BREAKING: 🇺🇸 SEC STATES ITS LEANING TOWARDS APPROVING A SPOT ETHEREUM $ETH ETF

— BlockNews.com (@blocknewsdotcom) May 21, 2024

SEC Informs Exchanges of Potential Approval

According to a recent Barron’s report, the SEC informed exchanges that it is leaning towards approving spot Ethereum ETFs. On Monday, reports emerged that the SEC had changed its stance on these Ethereum funds and decided to accelerate the review process for applicants.

Currently, the SEC only permits ETFs holding Ether futures. Approval would allow ETFs to hold the currency itself. On Tuesday, the SEC asked exchanges to update their 19B-4 filings for their spot Ethereum ETFs, speeding towards a potential approval.

Requirements for Approval

For the Ethereum ETFs to gain approval, the SEC must approve the 19b-4 exchange rule changes and S-1 registration statements. With approval of both, all ETF applications would likely be approved at once, allowing the funds to launch. It took significant time for the SEC to approve Bitcoin ETFs, so a similar timeline is expected for Ethereum ETFs.

Potential Launch This Week

The 19b-4 forms are due by Thursday. If approved, spot Ethereum ETFs could go live as soon as this week. The SEC has not yet commented on reports of potential approval this week.

Ethereum Price Impact

Ethereum is up 20% following the news, trading at $3,777.51. It holds the second largest cryptocurrency market cap behind Bitcoin. Approval of ETFs would likely boost interest and investment in Ethereum.

Conclusion

The potential SEC approval of spot Ethereum ETFs marks a milestone for Ethereum. Increased access and exposure to Ethereum investments would be a huge boost for the ecosystem. While timing is still uncertain, the market is optimistic that ETF approval is drawing near.

Tags: BitcoinEthereum ETFssecSpot Ether ETF
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