The US Securities and Exchange Commission (SEC) has approved applications from Nasdaq, NYSE, and CBOE to list exchange-traded funds (ETFs) tied to the price of ether, surprising the cryptocurrency industry. This decision could pave the way for the launch of these products later this year.
Nine issuers, including VanEck and BlackRock, are hoping to launch ETFs tied to the second-largest cryptocurrency, following the SEC's approval of bitcoin ETFs in January. The approval of spot Ether ETFs is expected to drive institutional adoption of cryptocurrencies and spark renewed interest and investment in Ether and the broader decentralized finance (DeFi) and Web3 sectors.
The SEC's decision on approving or denying these ETFs will significantly impact the short-term market outlook for ether.
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