As a researcher with a background in finance and experience following the crypto market closely, I am thrilled about the SEC’s historic decision to approve eight spot Ethereum ETFs. This approval is a major step forward for the crypto industry, and it has already had an impact on Ethereum’s price.
The cryptocurrency world is abuzz with enthusiasm following the SEC’s groundbreaking approval of eight Ethereum spot ETFs.
After the declaration, Ether experienced a quick decline, dropping from $3,828 to $3,777, before rebounding and now hovers around $3,801, marking a 1.32% growth over the past 24 hours.
Large firms such as BlackRock, Fidelity, and Grayscale must file 19b-4 forms with the Securities and Exchange Commission (SEC) for their ETF offerings. Nevertheless, these ETFs will not commence trading until their S-1 registration statements have been approved by the SEC. According to some experts like James Seyffart of Bloomberg Intelligence, this process could last anywhere from several weeks to months, as the SEC engages in interactions with the issuers.
“Let me clarify: Obtaining 19b-4 approval is not the same as starting trading. We still need approval on the S-1 documents, which may take a few weeks, though it could take longer. We should have more information within a week or so.”
For crypto supporters, the last-minute approval of Ethereum ETFs by the SEC could be seen as a politically motivated decision, making this an important turning point in their eyes.
The excitement is building amongst them as they eagerly wait for the SEC’s decision on the remaining regulations.
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2024-05-24 02:13