The US Securities and Exchange Commission today (May 23) approved the launch of eight spot Ethereum ETFs.
“After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange,” a document updated to its website states.
Approved applicants include VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust.
Combined with the passing of the FIT21 crypto bill this week, the news represents a significant shift in the Biden administration’s stance on crypto. On May 20, Bloomberg increased its ETF approval odds from 25% to 75%.
Following in the footsteps of the spot Bitcoin ETFs, the approval is expected to result in significant inflows of institutional capital into the Ethereum market. Geoff Kendrick, the Head of Digital Assets Research at Standard Chartered, has forecasted that the initial year will see inflows ranging from $15 billion to $45 billion.
Editor’s note: This is a developing breaking news story and will be updated.
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