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SEC Approves 8 Spot Ethereum ETFs from Major Financial Institutions on May 23

May 23, 2024, 09:31 PM

The U.S. Securities and Exchange Commission (SEC) has approved multiple spot Ethereum Exchange-Traded Funds (ETFs), marking a significant milestone for the cryptocurrency industry. Among the approved ETFs are those from major financial institutions such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. This approval signifies that the SEC views Ethereum more as a commodity, reducing regulatory uncertainty for the digital asset. However, for these ETFs to begin trading, the issuers must still obtain approval for their S-1 registration statements, which could take weeks or months. The SEC approved 19b-4 forms for eight ETFs on May 23. The decision follows the earlier approval of Bitcoin ETFs and opens the door for potential future crypto ETFs. Ethereum was trading at $3775 at the time of approval.