Fintech
Fintech Nexus Newsletter (May 24, 2024): SEC approves ETH spot ETFs
We’ve been talking about the world of cryptocurrencies all week. SEC watchers noted earlier this week that the regulator appeared poised to approve an ETF for funds holding Ethereum.
The SEC was made official yesterday approved a change in rules that will pave the way for the first ETFs to buy and hold ETH.
This move comes less than six months after the SEC approved bitcoin spot ETFs. This move was seen as a major success as these funds collectively recorded $12 billion in net inflows.
Many of the same fund companies, such as BlackRock, Bitwise, and Galaxy Digital, have begun the process of launching an ether fund.
As the second largest cryptocurrency by market value, about a third of bitcoin’s total, these funds are expected to attract fewer assets.
The SEC order published yesterday, it technically doesn’t approve any of the funds yet, it approves exchanges to list eight different ether funds.
But if the timeline is similar to bitcoin’s, these new ETFs will start trading in a matter of days.
In the foreground
> SEC Expands Accessibility of Cryptocurrency Investments Approval of Ether ETFs
The new funds will allow traditional investors to buy and sell the ETH cryptocurrency as easily as stocks or mutual funds.
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.