The U.S. Securities and Exchange Commission (SEC) approved plans by the New York Stock Exchange, the Chicago Board Options Exchange (Cboe), and Nasdaq for spot Ethereum ETFs. This move removes a key obstacle to Ethereum spot trading in the United States, but the SEC has not yet issued full approval for spot Ethereum ETFs and still needs to approve the issuer's plan.

It is reported that the SEC has approved the 19b-4 forms of multiple spot Ethereum ETFs, including those from BlackRock, Fidelity, and Grayscale. Although these forms have been approved, ETF issuers need to wait until their S-1 registration statements become effective before they can begin trading. The SEC has only recently begun conversations with issuers about their S-1 forms, and it is unclear how long this process will take.

That said, issuers now need separate approval from regulators, with no deadline set for that decision.

"I think if they worked really hard it could be done in a few weeks, but history is littered with examples of this process taking more than three months," said analyst James Seyffart.

Investment firms including VanEck, ARK Investment Management, BlackRock Inc. and Fidelity Investments are vying for a crucial first-mover advantage in launching a spot Ethereum ETF. Their interest has been fueled by billions of dollars pouring into new bitcoin ETFs since the SEC approved spot bitcoin ETFs for trading in January.

Coinbase shares rose 4.1% in after-hours trading Thursday, while Robinhood shares rose nearly 3%. Cryptocurrency markets reacted relatively muted to the news, with Ethereum trading around $3,819.80 in the first moments after the announcement.

In addition to ETFs, the SEC's announcement on Thursday also has implications for U.S. financial policy. SEC Chairman Gary Gensler has been ambiguous about whether Ethereum is a security, fueling concerns that the agency is hardening its stance. Cryptocurrency enthusiasts say they worry that he is trying to subject Ethereum and potentially projects based on the Ethereum blockchain to the agency's harsh, expensive and cumbersome investor protection rules.

Meanwhile, the Commodity Futures Trading Commission (CFTC), the other major U.S. market regulator with jurisdiction over derivatives, has said it does not consider ethereum to be a security. The CFTC has allowed CME Group Inc. to trade ethereum futures for years.

Big win

Just last week, some companies were worried that the SEC would reject Cboe’s plan, and potentially other plans, before a Thursday deadline. While issuers still have to get additional SEC approval, this is a major win for the industry.

Supporters hope that the listing of a spot Ethereum ETF will attract retail and institutional investors who are interested in cryptocurrencies but prefer to invest in ETFs rather than tokens, thereby bringing a new flood of funds to the asset class.

In general, many investors who retreated after the FTX exchange debacle have piled back into the cryptocurrency space. Ethereum, the native token of the Ethereum blockchain, has risen more than 60% this year alone due to the craze. Goldman Sachs and Bernstein have noted that Ethereum could have far greater upside than Bitcoin in the long run.

The rally was driven in part by optimism that a U.S. crackdown on the industry may be waning. The Republican-led House of Representatives on Wednesday advanced sweeping cryptocurrency legislation over objections from the White House and Gensler. While the Senate is not expected to approve the measure, it has support from some Democrats in the House.

On the issue of jurisdiction, Lee Reiners, policy director at Duke University's Duke Financial Economics Center, said exchanges are asking to list the products on the basis that Ethereum is a commodity, not a security. He said the SEC's decision to greenlight the plan supports the view that the SEC still believes Ethereum is not a security.

Investment firms seeking to take their products public have made concessions to win SEC approval. Fidelity Investments said it will keep the Ethereum it buys as part of the ETF out of projects that pay rewards for blockchain maintenance, known as staking. The latter has been a hot-button issue for Ethereum because it raises questions about whether tokens should be considered securities. Last year, the SEC accused Coinbase Global Inc. in a lawsuit of violating SEC rules by offering staking services.

All in all, the market is now waiting for the various Ethereum ETF issuers to make adjustments based on the latest clarifications and obtain S-1 approval as soon as possible, and finally give the green light to the transaction. VanEck is the first company to apply for a spot Ethereum ETF, and they have submitted an amendment to the S-1 document without hesitation. #以太坊ETF批准预期 #山寨币热点 #ETH #5月市场关键事件 $ETH $ETH