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Breaking: SEC’s Ethereum ETF Approval: A Game-Changer for Crypto Markets

Published 05/24/2024, 02:44 PM
Updated 05/24/2024, 03:15 PM
© Reuters Breaking: SEC’s Ethereum ETF Approval: A Game-Changer for Crypto Markets
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  • The SEC greenlights eight spot Ethereum ETF applications.
  • Launch timeline uncertain, pending further approvals.
  • The decision signals a potential shift in crypto regulation.

In a landmark decision that could reshape the cryptocurrency landscape, the US Securities and Exchange Commission (SEC) on Thursday, May 23rd, greenlit eight applications for spot Ethereum exchange-traded funds (ETFs), signaling a major shift in regulatory stance towards the second-largest digital asset.

This move paves the way for mainstream investors to gain exposure to Ethereum without directly owning the cryptocurrency.

The 19B-4 submissions detail proposed rule changes and regulatory compliance necessary for listing and trading new ETFs. In its statement, the SEC highlighted the consistency of the proposals with Section 6(b)(5) of the Exchange Act, adding:

“After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange.”

19B-4 filings for the following firms were approved by the SEC:

  • BlackRock Inc.
  • Fidelity
  • Grayscale Investments Inc.
  • Bitwise…
The post Breaking: SEC’s Ethereum ETF Approval: A Game-Changer for Crypto Markets appeared first on Coin Edition.

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