Ethereum ETFs Approved
Farewell To The Original Doge Icon Dog Kabosu, Coinbase Resumes XRP Trading In New York
The long-awaited decision from the SEC has finally come, and spot Ethereum ETFs have been approved on May 23rd.
Proposals from exchanges NYSE, CBOE, and NASDAQ surrounding 8 applications from VanEck, ARK 21Shares, Invesco & Galaxy, BlackRock, Fidelity, and Franklin Templeton have been combined by the SEC and approved.
Each of the firms recently updated their filings to confirm that no Ethereum will be staked.
The ETFs are yet to be cleared for trading, but the decision marks significant progress in seeing Ethereum as closer to a commodity than a security. Reuters said it's unclear how long this clearing would take.
The SEC focused on a few key factors: prevention of fraud and manipulation with the help of the CME, investor protection and market integrity (quotes, portfolio transparency, surveillance), and volatility/risk.
The agency said they find that the proposals are consistent with the Exchange Act.
Amid the rumors prior to the decision, ETH/BTC ratio saw a dramatic rise, and following it, the rally of both coins cooled down with around $350M in liquidations. Others claim that the sudden 5% drop in ETH was due to upscaled MEV manipulation.
Standard Chartered's Digital Assets Head predicted $15-$45B inflows in the first 12 months.
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