The Securities and Exchange Commission (SEC) is reportedly moving towards approving spot ether ETFs, according to a Barron’s report citing anonymous sources.
What Happened: Barron’s detailed that the SEC staff informed exchanges on Monday that the agency is “leaning” towards approving the products.
“The agency provided comments on the applications that, if resolved in time, could result in approvals as soon as this week,” the report stated, quoting individuals familiar with the matter.
This news created a stir in the crypto world on Monday, leading to a significant surge in the price of Ethereum ETH/USD.
Initially, Bloomberg ETF analysts hinted that the U.S. government might reverse its stance on Ethereum-based products due to changing political dynamics.
Also Read: EXCLUSIVE: Ethereum ETFs Could Drive ‘Mass Adoption’ — What Investors Need To Know Now
The initial deadline for a series of proposed spot ether ETFs is set for May 23, with VanEck‘s proposal being the first in line.
Over the coming months, similar deadlines approach for filings by exchanges on behalf of other firms, including Ark Invest, 21Shares, Grayscale Investments, Fidelity, BlackRock and Franklin Resources, as reported by Barron’s.
What’s Next: For more insights into these developments and the broader implications for the digital asset landscape, join industry leaders, investors, and policymakers at Benzinga’s Future of Digital Assets event on Nov. 19.
This event promises to delve into how regulatory decisions like the potential approval of spot ether ETFs will shape the future of cryptocurrency investments.
Read Next: Diamonds As Digital Currency? How This Innovation Could Revolutionize Payments
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
