ETF spot Ethereum (ETH): SEC approves plans by NYSE, CBOE and Nasdaq

The SEC a authorized several scholarships à list from Cash ETFs on Ethereum (ETH). The American regulator has yet to give its opinion green light at fund issuers.

Late on Thursday, the Securities and Exchange Commission began paving the way for spot ETFs on the market’s second-largest crypto. In an order, the U.S. regulatory agency approved spot ETFs for the crypto currency. 19b-4s filings from major exchanges such as the CBOE, Nasdaq and NYSE. Note that the decision comes from the SEC’s Division of Trading and Markets and not from its commissioners.

19b-4s filings are submitted to the SEC by exchanges when they wish to change rules or introduce new products. Earlier this week, sources close to the matter reported that the SEC had contacted at least one exchange to update its associated 19b-4 filing by Thursday.

This is only the first step towards the launch of a cash ETF on Ethereum. The regulator still has to approve filings from fund issuers before a launch.

TO BE CLEAR: this doesn’t mean they’ll start trading tomorrow. This is simply a 19b-4 approval. It also requires approval of the S-1 documents, which will take time. We expect it to take a few weeks, but it could take longer,” commented ETF expert James Seyffart on X.

Ethereum’s price approached the key $4,000 level yesterday before retreating below $3,700. Over 7 days, the runner-up of the crypto market recorded a notable increase of over 25%. It is down 1.9% over the last 24 hours.

Last night, ConsenSys backtracked on the news, stating that the SEC considers Ethereum to be a commodity and not a security, contrary to the position it has maintained until now.

While Consensys welcomes today’s decision to approve ETH Spot ETFs as a step in the right direction, this seemingly last-minute approval is yet another example of the SEC’s difficult ad hoc approach to digital assets. No other sector, market or asset is subject to such deliberate regulatory abuse. It’s unfair to market participants, contrary to the rule of law and handcuffs innovation,” wrote the Ethereum unicorn.

Last month, Consensys sued the SEC with the hope of pushing back regulation of Ethereum.

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