Breaking Crypto News - SEC Greenlights Ethereum ETFs
July 19, 2024 (Investorideas.com Newswire) The U.S. Securities and Exchange Commission (SEC) has just given the thumbs up to two spot Ethereum ETFs: Grayscale's Ethereum Mini Trust and ProShares' Ethereum ETF. These bad boys are set to hit the NYSE Arca on July 23, assuming the final paperwork goes through.
Here's the lowdown on this ETH-citing development:
- These ETFs will be listed on the NYSE Arca platform
- Trading is set to kick off on July 23, pending final regulatory signoff
- Fees range from 0.19% to 2.5%, with Grayscale charging the highest at 2.5%
- Other big players like BlackRock, Franklin, Bitwise, Invesco, and Fidelity are also in the mix
"This is the moment Ethereum bulls have been waiting for," says Tobi Opeyemi Amure, an analyst at Tradequotex.com. "The SEC's approval could open the floodgates for institutional money, potentially turbocharging ETH's market liquidity and price."
So, what's the big deal? Well, Ethereum will finally be available to everyday folks, allowing them to invest without the stress of crypto wallets and exchanges. Plus, it has the SEC's backing.
But the approval didn't come out of nowhere. Back in August 2023, Grayscale took the SEC to court and won. A three-judge panel of the District of Columbia Court of Appeals in Washington told the SEC, "If you're okay with Bitcoin ETFs, you can't turn your nose up at Ethereum." That was the first domino to fall.
Then in May, the SEC gave a tentative nod to these ETFs. But the crypto world was left hanging, waiting for the final green light. And boom! Here we are. The SEC dropped this approval with several others to follow in the coming weeks.
So, what's next? Well, July 23 is going to be one hell of a day. When these ETFs start trading, we'll see if Wall Street's really ready to embrace Ethereum.
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