SEC Clears Way for Ether ETFs, Paving Path for Crypto Investment

By permitting exchange listings for Ether ETFs on Thursday, the SEC startled the cryptocurrency community.

After the approval of Bitcoin ETFs in January, this paves the way for trading later this year.

These ETFs will be launched by VanEck, BlackRock, and other entities, and their value will be directly correlated with that of Ether, the second-largest cryptocurrency.

Although industry players anticipated rejection, ETF providers rushed to get authorization when the SEC requested modifications last week.

This action comes after the popularity of Bitcoin ETFs, which was seen as a turning point in the field of cryptocurrency investing.

Andrew Jacobson of 21Shares described the current situation as “exciting” and “a significant step” toward the trading of Ether ETFs. The approval suggests that the SEC’s position on regulating cryptocurrencies may be changing.

Original Story by: South China Morning Post