The U.S. Securities and Exchange Commission (SEC) has approved 8 multiple spot Ethereum ETFs through an omnibus order.
This approval follows the recent approval of spot Bitcoin ETFs, which is a positive development for investment products in the digital assets space in the U.S.
Spot Ethereum ETFs Approval Process
The SEC’s approval of 19b-4 forms for some of the most significant ETFs, such as BlackRock, Fidelity, and Grayscale, is a significant achievement in the crypto market. However, even though the 19b-4 forms of these issuers have been approved, trading in these ETFs cannot begin until the S-1 registration statements go effective.
The SEC has only recently begun to engage in conversations with issuers about their S-1 forms, and the time frame for this process is still uncertain. Bloomberg ETF analyst James Seyffart noted that it could be done within a few weeks, but in some cases, it has taken more than three months.
This approval was quite unexpected especially when the SEC had not been very active in its relations with the issuers. Earlier in the week, the SEC’s sudden request for issuers to submit their 19b-4 forms was a complete change of tone, one which caught parts of the SEC itself off guard.
This is a Developing Story, Check Back For MORE
The post Breaking: US SEC Approves 8 Spot Ethereum ETF appeared first on CoinGape.
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