Ethereum ETF Approved by SEC, There Are 8 Spot ETFs That Get Approval

Bittime - SEC approved Ethereum ETF, there are 8 spot ETFs that have approval. This good news practically immediately shook the crypto world.

The following is an explanation of the 8 spot Ethereum ETFs approved by the SEC last day, and what's next on the agenda.

8 Spot Ethereum ETFs SEC Approved

The US Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs via an omnibus order.

This approval follows the approval of a spot Bitcoin ETF in January, which was positive progress for investment products in the digital asset space in the US.

The SEC has approved 19b-4 filings from several companies, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. 

Also Read: Ethereum Classic Price Prediction 2024-2030: Can ETC Go Fast?

This approval was granted on May 23, 2024, a change in the SEC's stance on Ethereum ETFs.

This decision could be said to be surprising, considering the SEC's minimal interaction with issuers, raising questions about the proposal's approval. 

However, Hashdex, whose application is scheduled for May 30, is not on the list of approved companies.

This ETF will be hosted on three national exchanges: CBOE, NYSE ARCA, and NASDAQ, increasing Ethereum's accessibility to more investors.

Even though form 19b-4 has been approved, trading cannot begin until the issuer obtains approval of the S-1 registration statement. 

According to Bloomberg's James Seyffart, if this process is accelerated, it may only take a few weeks to complete, although it can usually take more than three months.

Check Today's Crypto Market:

Political Push to Get Ethereum ETF Approved by SEC

Political pressure likely influenced the approval of an Ethereum ETF, considering that many people did not expect it. 

Earlier, on the same day, a group of House lawmakers, including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer, had urged the SEC to approve the ETF in a letter.

A bipartisan group of House lawmakers (incl Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer) have sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs (and 'other' digital assets) bc it offers investors crypto access in a regulated transparent safe format pic.twitter.com/YLSJh6n0lF

— Eric Balchunas (@EricBalchunas) May 23, 2024

They argued that approving a product like this would be more in line with standards implemented by the SEC following the approval of a spot Bitcoin ETF earlier in the year.

This political pressure is considered one possible reason for the SEC's change in attitude. 

Also Read: Solana ETF Narrative Rises Due to Ethereum Approval, Impact on SOL Price?

This is very different from the agency's position in dealing with issuers seen earlier in the week. 

Some SEC insiders said that some parts of the agency were even surprised by the rapid approval.

Next Steps After Ethereum ETF Approved by SEC

However, according to market experts such as Bloomberg's Eric Balchunas, an Ethereum ETF may produce different results compared to a Bitcoin ETF. 

He predicts that an Ethereum ETF could attract between 10-15% of the expected funding for a Bitcoin ETF, which is about $5-$8 billion in the first few years.

While these projections are not as large as a Bitcoin ETF, the amount is still considered significant for a new investment product.

For anyone wondering why our odds were low until yesterday, see below. This was a shock, a "holy sht" moment yesterday even for ppl inside the process. That said, props to @JSeyff for convincing me to stick with a 25% floor (as I wanted to go lower that's how deafening the… https://t.co/d9Xjt3nurN

— Eric Balchunas (@EricBalchunas) May 21, 2024

Check Crypto Prices Today:

At the same time, QCP Capital gave an optimistic forecast regarding the value of Ethereum after ETF approval, predicting that its price will rise beyond $6000. 

This optimism is based on the prospect of institutional funding and increasing market accessibility.

Once the 19b-4 filing is approved, the issuer now focuses on obtaining approval of the S-1 registration statement, which is required to begin trading in the ETF. 

The SEC has begun talks with issuers regarding their S-1 forms, but a timeline for approval has not yet been determined.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

AIOZ Network Becomes First DePIN Company in Nvidia Accelerated Applications Catalog!

Antelope EOS Upgrade, Here's the Impact on the Network!

Fantom Foundation Focuses on Innovation with $10 Million in Funding and Sonic Blockchain Initiative

Physically Backed Bitcoin and Ethereum ETPs Will Be Listed on the London Stock Exchange

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.