BREAKING: Ethereum spot ETFs approved by SEC

The
US
Securities
and
Exchange
Commission
said
it
has
approved
the
launch
of
spot
Ethereum
ETFs
for
accelerated
launch,

according
to
a

document
uploaded
to
the
agency’s
website.  

“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,”
the
document
states.

@EricBalchunas
and
I
cant
see
it
on
the
front
facing
website
yet
but
Phoenix
is
always
right
in
my
experience.

https://t.co/xI37RVXqRo

—
James
Seyffart
(@JSeyff)

May
23,
2024

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

Ethereum
ETFs
face
a
weeks-long
process
of
finalizing
S-1
registration
statements,
a
form
required
by
the
SEC
for
ETFs
to
list
securities,
and
establishing
exchange
agreements
through
multiple
rounds
of
SEC
communication.

The
move
is
expected
to
bring
a
substantial
influx
of
institutional
capital
into
the
Ethereum
market,
with
Standard
Chartered
Head
of
Digital
Assets
Research
Geoff
Kendrick
predicting
inflows
of
$15
to
$45
billion
in
the
first
12
months.

To
address
SEC
concerns,
potential
spot
ETH
ETF
issuers,
including

Fidelity,
Franklin
Templeton,
Ark,
Invesco,
Grayscale,
Bitwise,
and
VanEck,
have
updated
their
filings
to
confirm
they
will
not
stake
ETH
for
yield.

Earlier
this
week,
Bloomberg
analysts
Eric
Balchunas
and
James
Seyffart
have

increased
the
odds
of
a
spot
Ethereum
ETF
being
approved
this
month
from
25%
to
75%.

The
approval
of
Ethereum
ETFs
and
the

passage
of
the
FIT21
crypto
bill
suggest
a
shift
in
the
Biden
Administration’s
stance
on
crypto,
following
former
President

Trump’s
pledge
to
support
the
industry
and
foster
a
business-friendly
environment
in
the
US.

The
approval
comes
just
five
months
after
the
SEC
gave
the

green
light
to
11
spot
Bitcoin
ETFs,
marking
a
significant
shift
in
the
regulatory
landscape
for
crypto
in
the
US.