SEC Approves Listing of Eight Spot Ether Exchange-Traded Funds on U.S. Stock Exchanges

The Securities and Exchange Commission (SEC) has made a groundbreaking decision to approve the listing of eight spot Ether exchange-traded funds on U.S. stock exchanges. This move comes as a surprise to many in the cryptocurrency industry, as the odds of approval were initially low, with Bloomberg analysts predicting a 25% chance just days before the announcement.

The approval of these ETFs marks a significant shift in the regulatory landscape, with major asset managers such as BlackRock, VanEck, Fidelity, and Grayscale among the issuers. The price of Ether has surged by 25% since the news broke, reaching $3,855 as of the latest trading session.

While the SEC has not provided any comments on the order, experts believe that the sudden approval may have been influenced by political factors. A bipartisan group of lawmakers had recently urged the SEC to approve the ETFs, citing the need for a safer and more regulated format for investors to access cryptocurrencies.

The approval of these ETFs is seen as a win for the crypto community, with VanEck’s head of digital asset research, Matthew Sigel, calling it a “legitimate voting block.” The decision also comes amidst growing support for crypto-related legislation in Washington, with the House of Representatives passing the Financial Innovation and Technology for the 21st Century Act, which aims to establish a supervisory framework for the market structure.

Overall, the approval of the spot Ether ETFs represents a significant milestone for the cryptocurrency industry and could pave the way for further regulatory clarity and mainstream adoption of digital assets. Subscribe to Fortune Crypto for daily updates on the latest developments in the world of crypto.