Crypto fans rejoice as the SEC approves ethereum ETFs
Ethereum’s officially joining the spot ETF party.
The Securities and Exchange Commission approved eight applications for spot ethereum ETFs Thursday afternoon. The regulator still needs to approve a second set of forms, dubbed S-1 forms, before the ETFs can start trading.
The approval capped a surprising 180 by the regulator, which had before this week been viewed by crypto-industry insiders as unlikely to give the green light to these funds. Prediction markets had already flipped their outlook from negative to very, very positive as the deadline for the SEC’s decision neared.
Ethereum co-founder Joseph Lubin said shifting political winds could provide an explanation for the change of heart. On Wednesday, a bipartisan group of lawmakers in the US House passed a bill that’d make the CFTC the primary regulator responsible for crypto (as opposed to the SEC).
The price of ether whipsawed and crypto Twitter celebrated on news of the approval.
The approval capped a surprising 180 by the regulator, which had before this week been viewed by crypto-industry insiders as unlikely to give the green light to these funds. Prediction markets had already flipped their outlook from negative to very, very positive as the deadline for the SEC’s decision neared.
Ethereum co-founder Joseph Lubin said shifting political winds could provide an explanation for the change of heart. On Wednesday, a bipartisan group of lawmakers in the US House passed a bill that’d make the CFTC the primary regulator responsible for crypto (as opposed to the SEC).
The price of ether whipsawed and crypto Twitter celebrated on news of the approval.
