The crypto space is excited after the Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs resulting in such a historic decision.
Following the announcement, Ether immediately took a dip going from $3,828 to $3,777 then sprang up again and currently trades at $3,801 with an increase of 1.32% over the last 24 hours.
While SEC approval includes 19b-4 forms for offerings by mammoths like BlackRock, Fidelity, and Grayscale, those ETFs cannot begin trading until their S-1 registration statements are cleared. However, Some experts including Bloomberg Intelligence analyst James Seyffart claim this could take weeks to months as SEC interacts with issuers.
“TO BE CLEAR: This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple of weeks but could take longer. Should know more within a week or so!.” He tweeted.
This is a significant moment for crypto enthusiasts who argue that the SEC’s Ethereum ETFs approval during its final hours before the deadline may have been politically influenced.
However, anticipation is growing among them as all eyes are on the SEC’s responsiveness in finalizing the remaining requirements.
