The regulator said it will allow exchanges to list funds that buy and hold the ether cryptocurrency, following a similar move for bitcoin funds in January.
A representation of cryptocurrency Ethereum is placed on a PC motherboard in this illustration taken on June 16, 2023.The SEC approved a rule change that would pave the way for ETFs that buy and holdThe decision comes less than six months after the SEC. Those funds have proven to be a big success for the industry, with net inflows already surpassing $12 billion, according to FactSet.
Many of the companies that sponsor bitcoin ETFs — including BlackRock, Bitwise and Galaxy Digital — have also started the process of the launching an ether fund. The SEC's rule change approval does not guarantee that all the funds will launch. The approval of the ether ETFs is a sign that the SEC's stance toward crypto may be softening after a series of legal fights. The agencyThe SEC's push to regulate crypto has also come under scrutiny by politicians. The Senate last week passed a resolution to withdraw an SEC staff bulletin about accounting rules for digital assets.
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