The price of Ethereum has hardly shown any changes even though the United States Securities and Exchange Commission (SEC) has approved the accelerated launch of Ether exchange-traded funds (ETFs).
On the eve of the mentioned decision of the US regulator, which is definitely significant and landmark, the price of the specified cryptocurrency showed a drop of 3.4%. Then the corresponding indicator recovered by about 5%. On Friday, May 24, Ether is trading at $3,701. The trading volume in 24 hours amounted to $47.5 billion.
On Thursday, May 23, the SEC approved 19b-4 applications from financial giants such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. This decision of the regulator provides the mentioned companies with the opportunity to list and trade spot ETFs on their exchanges. Hashdex was the only ETF issuer that did not receive SEC approval on Thursday.
At the same time, the decision taken by the regulator on May 23 is not what can be described in a generalized sense as a complete completion of the process. ETF issuers have yet to receive SEC approval for their S-1 registration statements. Only after this procedure can official trading be initiated. It may take several weeks or even months to get approval for registration applications. During the mentioned period, the regulator will conduct a detailed examination of the submitted documents for compliance with regulatory requirements. It is expected that the SEC will conduct the procedure before the end of summer. In this case, it is the longest of the possible periods.
As we have reported earlier, Hong Kong Crypto ETFs Begin Trading.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
