BREAKING: All 5 Ethereum ETFs Approved By US SEC
In a landmark development for Ethereum (ETH) and the broader cryptocurrency market, the US Securities and Exchange Commission (SEC) has officially approved the long-awaited Ethereum ETFs applications submitted by the world’s largest asset managers.
All 5 Ethereum ETFs Approved
The SEC’s approval of the Ethereum ETFs is detailed in their official filing, which states that the proposals align with the provisions of the Exchange Act and relevant regulations governing national securities exchanges.
The Commission has determined that the proposals of VanEck, Ark Invest, and 21 Shares, Invesco Galaxy, Fidelity, and Franklin Templeton satisfy the requirements of Section 6(b)(5) of the Exchange Act, which mandates the prevention of fraud and manipulation, the protection of investors, and the safeguarding of the public interest.
The Commission’s decision to approve the proposals prior to the 30-day notice period is supported by the amendments made to the filings by the exchanges made earlier this week.
This accelerated approval signifies the Commission’s acceptance of the representations and descriptions provided by the exchanges in their amended filings.
Potential Shift In Crypto Regulation?
Based on a correlation analysis conducted by the Commission, the regulatory authority concluded that the proposals satisfy the requirements of the Exchange Act, specifically Section 6(b)(5) and Section 11A(a)(1)(C)(iii).
Notably, the SEC’s decision to approve the Ethereum ETFs not only increases exposure and investment opportunities for institutional and retail investors in Ethereum but also holds the potential to influence the regulator’s stance on the classification of Ethereum as a commodity. This classification was a crucial factor in approving Bitcoin ETFs earlier this year.
It is worth noting that SEC Chair Gary Gensler previously stated that, apart from Bitcoin, other cryptocurrencies are considered commodities under the Howey test. However, experts argue that this outdated framework needs revision for effective crypto regulation.
Following the SEC’s nod on all five Ethereum ETFs, ETH has experienced a surge of 1.7% in the past 24 hours, with its current trading price at $3,876.
Featured image from Shutterstock, chart from TradingView.com
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BREAKING: All 5 Ethereum ETFs Approved By US SEC
In a landmark development for Ethereum (ETH) and the broader cryptocurrency market, the US Securities and Exchange Commission (SEC) has officially approved the long-awaited Ethereum ETFs applications submitted by the world’s largest asset managers.
All 5 Ethereum ETFs Approved
The SEC’s approval of the Ethereum ETFs is detailed in their official filing, which states that the proposals align with the provisions of the Exchange Act and relevant regulations governing national securities exchanges.
The Commission has determined that the proposals of VanEck, Ark Invest, and 21 Shares, Invesco Galaxy, Fidelity, and Franklin Templeton satisfy the requirements of Section 6(b)(5) of the Exchange Act, which mandates the prevention of fraud and manipulation, the protection of investors, and the safeguarding of the public interest.
The Commission’s decision to approve the proposals prior to the 30-day notice period is supported by the amendments made to the filings by the exchanges made earlier this week.
This accelerated approval signifies the Commission’s acceptance of the representations and descriptions provided by the exchanges in their amended filings.
Potential Shift In Crypto Regulation?
Based on a correlation analysis conducted by the Commission, the regulatory authority concluded that the proposals satisfy the requirements of the Exchange Act, specifically Section 6(b)(5) and Section 11A(a)(1)(C)(iii).
Notably, the SEC’s decision to approve the Ethereum ETFs not only increases exposure and investment opportunities for institutional and retail investors in Ethereum but also holds the potential to influence the regulator’s stance on the classification of Ethereum as a commodity. This classification was a crucial factor in approving Bitcoin ETFs earlier this year.
It is worth noting that SEC Chair Gary Gensler previously stated that, apart from Bitcoin, other cryptocurrencies are considered commodities under the Howey test. However, experts argue that this outdated framework needs revision for effective crypto regulation.
Following the SEC’s nod on all five Ethereum ETFs, ETH has experienced a surge of 1.7% in the past 24 hours, with its current trading price at $3,876.
Featured image from Shutterstock, chart from TradingView.com
Read More