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Securities Commission Approves Ethereum ETFs

In a historic turning point for the world of cryptocurrencies, the Securities and Exchange Commission has approved (SECOND) on Ethereum Spot ETFs.

This represents an important step in the integration of cryptocurrencies into the traditional financial system.

Securities and Exchange Commission gives green light to issue Ethereum spot ETFs

Finally, after months of waiting, the United States Securities and Exchange Commission (SEC) has just approved a series of Ethereum spot ETFs. While the Ethereum community eagerly awaited for it to allow SECOND Launch of the eight funds:

  • Grayscale Ethereum Trust

  • Bitwise Ethereum ETF

  • iShares Ethereum Trust

  • VanEck Ethereum Trust

  • ARK 21Shares Ethereum ETF

  • Invesco Galaxy Ethereum ETF

  • Fidelity Ethereum Fund

  • Franklin Ethereum ETF

However, issuers must still approve their S-1 registration statements, a process that can take weeks or even months. This process historically takes more than three months, noted James Seyphart, an analyst at Bloomberg ETF.

The SEC's approval was unexpected due to the lack of prior interaction with ETF issuers. The SEC's surprise request for Forms 19b-4 has sparked speculation about the reasons for the change. Some insiders indicate that political pressure may have influenced the decision. A bipartisan group of lawmakers has urged the SEC to approve these ETFs.

After accepting Ethereum funds...what's next!

Now, investors should remember the market reaction after the approval. Bitcoin ETFs Spot, as the price of Bitcoin fell more than 20% to $38,000. This serves as a warning that approval could lead to a sell-off and subsequent corrections higher.

However, the long-term outlook remains optimistic. Experts believe that a certified Ethereum ETF could reposition Ethereum from a utility-focused asset to a store of value asset, similar to Bitcoin's shift after 2017.

👈Read more: Everything you need to know about Ethereum funds and altcoin season

In the first reactions to the financial regulator's decision, which seemed very harsh towards the high-risk crypto sector, Sergei Nazarov, co-founder of Chainlink, spoke about the importance of this decision for the broader market:

One of the most important aspects of the ETF approval is to highlight the potential of smart contracts and decentralized applications (dApps), which are crucial use cases for Ethereum. “In our daily work with global banks, asset managers and financial market infrastructures, we continue to see growing interest in smart contracts, adoption of blockchain technology and growing interest in cryptocurrencies as a legitimate asset class.”

Nazarov also emphasized that the approval of the Ethereum ETF is a big step forward for the industry. Cryptocurrenciesthis demonstrates that capital markets are now seriously involved in the cryptocurrency industry for some of the largest user bases and most widely used products.

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