Ethereum spot ETF approved by SEC

The US Securities and Exchange Commission (SEC) has approved the first regulated Ethereum (ETH) spot ETFs according to Phoenix News.

Thursday, May 23, 2024, in a historic move in the United States, which marks a new era for cryptoassets, the (SEC) officially approved Ether ETFs.

Ethereum Spot ETFs are now undergoing the final process of adjusting S-1 registration statements, essential for listing securities, and are in the process of finalizing exchange agreements. This process involves multiple interactions with the SEC to ensure necessary compliance and security.

This decision comes after the approval of the first Bitcoin ETFs on January 10 of this year, indicating a significant change in the SEC’s regulatory stance towards cryptocurrencies.

Here’s the link for everyone asking https://t.co/mzOPL1EZqC pic.twitter.com/4ZRQY0Y6vk

— James Seyffart (@JSeyff) May 23, 2024

Ethereum spot ETFs will allow investors to trade shares of funds that hold real Ethereum, directly through traditional exchanges, without the need to trade the cryptocurrencies directly. Experts believe that this approval will not only simplify access to investing in Ethereum for the general public, but will also bring greater legitimacy and stability to the crypto market.

The announcement had an immediate impact on the market, with the price of Ethereum experiencing a significant increase in the hours following the news, with ETH trading close to US$3,900. Financial analysts point out that this new investment option will attract a more diversified investor base and could facilitate the entry of institutional capital into the sector.

At the time of publication, the price of Ethereum was quoted at US$3,819.72, up 2% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.