The US Securities and Exchange Commission (SEC) has given the green light for ETFs to invest in ether. This is a major win for cryptocurrency. This move comes after the SEC’s approval of bitcoin ETFs, which have gained over $12 billion in net inflows.
As the deadline for the VanEck Ethereum ETF approached, several companies like BlackRock, Bitwise, and Galaxy Digital have started working on launching ether funds. The price of ether experienced a modest increase after an earlier surge in the week. This decision, however, marks a significant milestone.
The SEC has granted permission to various exchanges to list eight different ether funds, although it doesn’t guarantee that all of them will be launched. Initially, ether ETFs are expected to be smaller than their bitcoin counterparts. The Grayscale Ethereum Trust currently holds around $11 billion in assets.
The SEC’s approval of the Ethereum ETF is another major stride forward for the crypto industry, following the success of Bitcoin ETFs. It provides a secure and regulated means for investors to enter the world of Ether. This helps support widespread adoption and solidifies the legitimacy of the entire digital asset sphere.
This regulatory move is significant for the crypto space. It also holds great importance for the decentralized ecosystem and the transformation of the web. Additionally, it comes at a critical time when there have been reports of the SEC investigating the Ethereum Foundation and discussions surrounding the classification of ether as a security.
The SEC’s decision will shape the future of Web3 and the ongoing digital revolution.
