"Looks like it's still struggling to go up, maybe we have to wait a little longer for ETH to skyrocket."
After a long wait, the United States (US) Securities and Exchange Commission (SEC) finally approved the spot Ethereum (ETH) ETF which is the most anticipated decision after the spot Bitcoin (BTC) ETF.
In a May 23 filing, the SEC approved 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise that will allow spot ETH ETFs to be listed and traded on their respective exchanges.
There is no doubt that 19b-4 has been passed, but ETF issuers still need the SEC to sign their spot ETF ETF's S-1 registration statement to officially begin trading.
Even so, industry analysts reveal that what needs to be done takes not only days or weeks but even months.
The SEC's approval comes a day after members of the US House of Representatives voted in favor of legislation that many believe would provide more regulatory clarity to the growing cryptocurrency industry.
To clarify, the Financial Innovation and Technology for the 21st Century (FIT21) Act would clarify the role of the SEC and the Commodity Futures Trading Commission (CFTC) but it still needs to be approved by the Senate and signed into law.
Please note that the ETH ETF spot approval has come four and a half months after the SEC approved several BTC ETF spot applications on January 10, 2024.
