The Securities and Exchange Commission is moving closer to approving a highly anticipated 'spot' Ethereum exchange-traded fund as soon as this week which would bolster crypto's credibility
The Securities and Exchange Commission is moving closer to approving a highly anticipated 'spot' Ethereum exchange-traded fund as soon as this week, FOX Business has learned. According to sources close to the Commission, the SEC and its Chairman Gary Gensler are taking cues from recent court rulings and prior guidance on Ethereum futures ETFs to grant nine issuers permission to offer products that track the daily price of the world's second largest cryptocurrency.
The SEC, through a spokesman, declined to comment. Potential ETF issuers who spoke on the condition of anonymity tell FOX Business they were surprised by what appeared to be a sudden change of heart by the agency.
The Biden Administration, including Senate Democrats such as majority leader, Chuck Schumer , appear worried that Republicans and GOP presidential candidate Donald Trump could seize on the growing popularity of digital assets, particularly among young voters, and use the administration's crypto crackdown to win votes and take the White House and possibly the Senate.
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