Crypto:
30253
Bitcoin:
$66.081
% 0.17
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.081
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

SEC Approves Spot Ether ETFs Differently from BTC

Spot Ether Etfs

On May 23, the United States Securities and Exchange Commission (SEC) approved spot Ether exchange-traded funds (ETFs); however, the approval process was somewhat different from that of spot Bitcoin ETFs approved in January.

Spot Ether ETFs were approved by the Trading and Markets Division of the SEC, unlike spot Bitcoin ETFs approved via vote by a five-member committee including SEC chief Gary Gensler.

Though it declined to comment beyond the official decision, the SEC authorized the 19b-4 filings from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. The formal file came out as:

“For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.”

Bloomberg ETF expert James Seyffart said it was normal, even though many in the crypto community were intrigued by the different clearance processes for the two crypto ETFs.

According to him, if the SEC mandated “an official vote for every decision or every document,” that would be absurd. Usually, many approvals follow the same path. It would have been interesting to observe the political line drawing.

Seyffart’s analysis does not appear to persuade everyone, though. One X user pointed out that a commissioner might contest the ruling within the next ten days and that the primary reason the assigned authority was to conceal the votes as they might be interpreted as political.

Another X user linked the SEC’s choice to various elements, including political pressure, the approaching elections, and the application of environmental, social, and governance policies.

Since all 11 BTC ETFs likewise received S-1 form clearance, another significant distinction between the approval procedures of the two crypto ETFs is that all 11 BTC ETFs began trading the day following their approval.

READ:  Ethereum Whale Movements and the Justin Sun Effect!

Since the ETF filings have not yet received the S-1 SEC registration, Spot Ether ETFs could be weeks or months away from launching on markets.

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