The US Securities and Exchange Commission (SEC) made an unexpected move in recent hours. It announced that it has approved eight Ethereum ETFs following the Bitcoin ETF. This means that cryptocurrencies will become more widespread in the US.
US gives the green light for Ethereum ETF
The SEC announced that it has approved a total of eight spot Ethereum ETFs. The approved companies include industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Invesco and Franklin Templeton.
While this is an important milestone for crypto ETFs, the funds will not start trading immediately. Brands that have received approval must wait for the registration statements to be published by the SEC. It should be noted that negotiations between the SEC and the brands are ongoing.
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Assuming the SEC reviews these reports, the launch of Ethereum ETFs could take weeks. For example, one analyst said, “I think it could be done in a couple of weeks if they work very hard, but historically there are many examples of this process taking 3 months.”
An Ethereum ETF could continue the excitement generated by Bitcoin. It was stated that more than $ 14 billion has been spent on Bitcoin ETFs so far. In this context, it is estimated that Ethereum funds could be paid 5-8 billion dollars in the first few years.
This decision could also lead to the growth of the cryptocurrency market and the appreciation of Ethereum. We will see the long-term consequences over time.
Note: This news is not investment advice. It is written for informational purposes only.
