As an experienced financial analyst, I am thrilled to see the US Securities and Exchange Commission (SEC) approve all five Ethereum Exchange Traded Funds (ETFs) applications from major asset managers like BlackRock, Grayscale, Bitwise, VanEck, Ark Invest, Invesco Galaxy, Fidelity, and Franklin Templeton. This is a significant milestone for Ethereum and the broader cryptocurrency market.
In a significant milestone for Ethereum (ETH) and the wider cryptocurrency sector, the United States Securities and Exchange Commission (SEC) has given its approval to the much-anticipated Ethereum ETF proposals put forward by leading financial institutions.
All 5 Ethereum ETFs Approved
The Securities and Exchange Commission (SEC) has endorsed the Ethereum ETF proposals in their formal submission. According to this filing, these plans conform to the Exchange Act’s stipulations and the relevant rules governing national securities exchanges.
The proposals put forth by BlackRock, Grayscale, Bitwise, VanEck, Ark Invest, 21Shares, Invesco Galaxy, Fidelity, and Franklin Templeton have been found to meet the criteria set forth in Section 6(b)(5) of the Exchange Act. This section requires measures to prevent deceitful practices, shield investors, and uphold public trust.
The Commission’s choice to endorse the proposals before the mandatory 30-day waiting period was justified due to earlier this week’s adjustments made by the exchanges in their submissions.
The Commission has approved the expedited submissions of the exchanges, as indicated in their revised applications.
Potential Shift In Crypto Regulation?
According to the correlation study carried out by the regulatory commission, their findings indicated that the proposed rules meet the standards set forth in the Exchange Act, more specifically Sections 6(b)(5) and 11A(a)(1)(C)(iii).
Significantly, the SEC’s approval of Ethereum ETFs expands investment access for both institutional and individual investors in Ethereum. Moreover, it could shape the SEC’s perspective on categorizing Ethereum as a commodity – a determination that was instrumental in green-lighting Bitcoin ETFs this year.
As a financial analyst, I’d like to point out that SEC Chairman Gary Gensler has identified most cryptocurrencies, excluding Bitcoin, as commodities according to the Howey test. Nevertheless, industry professionals contend that this antiquated regulatory framework requires significant updates for efficient crypto oversight.
As an analyst, I’ve observed a noteworthy development: the Securities and Exchange Commission (SEC) has given its approval to all five Ethereum Exchange-Traded Funds (ETFs). Consequently, Ethereum (ETH) has experienced a significant uptick of approximately 1.7% in the past 24 hours. Currently, ETH is trading at a price of $3,876.
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2024-05-24 00:56