Exciting news for crypto enthusiasts! The SEC has given the green light for spot Ether exchange-traded funds (ETFs) on May 23. But here’s the twist – the approval process was unlike anything we’ve seen before for spot Bitcoin ETFs back in January.
In a historic move, the SEC has given the green light to spot Ether ETFs, marking a major milestone for the cryptocurrency world. While the Bitcoin ETFs faced a tough battle for approval, the spot Ether ETFs received the thumbs up from the SEC’s Trading and Markets Division.
This decision, made by a committee of five, including SEC chief Gary Gensler, has sent shockwaves through the financial industry. The 19b-4 filings from big players like BlackRock, Fidelity, and Grayscale have been given the go-ahead, but the SEC has remained tight-lipped about their decision.
The filing stated:
“For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.”
The crypto world was abuzz with confusion over the contrasting approval process for two crypto ETFs. But according to Bloomberg’s ETF expert, James Seyffart, this was simply business as usual.
He revealed that the SEC often follows a similar protocol for approvals, and conducting a formal vote for every decision would be unfeasible. However, one can’t help but wonder about the political dynamics that would have unfolded if a vote had taken place.
Seyffart’s explanation may have satisfied some, but others still harbor doubts. A vigilant user on X raised an intriguing point – what if a commissioner decides to contest the decision in the next 10 days?
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Rumors are swirling among X users about the SEC’s recent decision, with some speculating that political agendas, the impending elections, and the push for environmental and social responsibility may have played a role.
Amidst this speculation, the crypto community erupted in celebration over the SEC’s groundbreaking approval of a spot Ethereum ETF, hailing it as a “historic move.”
The highly anticipated debut of spot Ether ETFs on exchanges is just around the corner. While the 19b-4 forms have been given the green light, we still have to wait for the SEC to process the S-1 registration statements before trading can officially begin. This means that we could be just weeks or even months away from witnessing the launch of these game-changing ETFs.