SEC Approves Rule Change, Paving Way for Ether Exchange-Traded Funds
A Surprise Turnaround for ETH
The U.S. Securities and Exchange Commission (SEC) has approved a rule change that will allow for the creation of ether exchange-traded funds (ETFs). The decision, which comes less than six months after the SEC rejected a similar proposal, is a surprise turnaround for the agency and a major development for the Ethereum ecosystem.
Potential Impact on ETH Market
Analysts believe that the approval of ether ETFs could drive a significant rally in the price of ETH, potentially as much as 60%. This is because ETFs provide investors with an easy and accessible way to gain exposure to digital assets without having to purchase and store them directly.
Next Steps
While the SEC has approved the rule change, ETF issuers still need the agency to sign off on their specific applications. This process could take several months, but it is expected that multiple ether ETFs will be launched in the near future.
SEC Chair's Response
SEC Chair Gary Gensler has declined to comment on the specific applications that have been filed with the agency. However, he has previously stated that he is open to approving ether ETFs if they meet certain regulatory requirements.
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