SEC Approves Spot Ethereum ETFs Amid Security Classification Speculation
SEC approves multiple spot Ethereum ETFs, incl. VanEck, BlackRock, & Fidelity, advancing crypto investment. Hashdex's application awaits a decision. ETH surges post-announcement.
The U.S. Securities and Exchange Commission (SEC) has approved multiple spot Ethereum exchange-traded funds (ETFs). This decision, announced on May 23, follows intense speculation regarding the SEC's stance on Ethereum's classification as a security.
The approved filings, including those from notable entities such as VanEck, BlackRock, and Fidelity, pave the way for these ETFs to be listed and traded. However, despite this milestone, regulatory hurdles remain, as ETF issuers await the SEC's endorsement of their S-1 registration statements before official trading can commence.
Notably, the SEC's decision did not include approval for Hashdex’s spot Ethereum ETF application, with a final verdict expected by May 30. This development coincides with recent legislative efforts aimed at bringing more clarity to the cryptocurrency industry, as demonstrated by the passage of the Financial Innovation and Technology for the 21st Century Act in the House of Representatives.
The approval of spot Ethereum ETFs by the SEC follows its earlier approval of similar products for Bitcoin, marking a significant stride in the cryptocurrency investment landscape. In response to the news, the price of ETH experienced a surge to over $3,900 before settling at $3,759 at the time of reporting.
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