Regulation
SEC Seeks to Make Changes to Ether ETF Filings, Raising Approval Hopes
The U.S. Securities and Exchange Commission (SEC) is requesting revisions to applications for Ether exchange-traded funds (ETFs), sparking optimism within the cryptocurrency industry, which had previously prepared for rejection.
What happened: “The SEC is expected to decide whether to approve the applications by the end of this week,” a Reuters report said.
“Industry executives expected rejection because the SEC had not yet participated in discussions on the filings.”
However, the report reveals a change in the SEC’s approach.
“In a surprise move, SEC officials on Monday directed Nasdaq and the CBOE to quickly make updates and changes to the filings,” sources familiar with the process told Reuters.
This request for review, generally considered a precursor to approval, has raised hopes within the crypto community.
The price of ether soars following positive news:
News of the potential approval of the Ether ETF sent the price of Ether (CRYPTO: ETH) booming.
“The price of ether jumped 18% on Monday and rose another 2.5% to $3,764 early Tuesday morning,” the report details.
Read also: One-time Bitcoin ETF inflows of $241 million on Monday fuel rally above $70,000
Looking ahead: approval remains uncertain
Although the SEC’s review request suggests a more open mind toward Ether ETFs, final approval remains uncertain. “Trade requests are the first step in a two-step approval process,” the report explains.
“Even with revisions, the SEC still must approve ETF registration statements before they can begin trading.”
This additional step could take several months, meaning investors could still face a waiting game.
The Future of Crypto Regulation:
The potential approval of Ether ETFs would mark a significant milestone for the cryptocurrency sector, signifying greater mainstream acceptance.
The evolving regulatory landscape surrounding digital assets will be a key discussion topic at the next Benzinga. The future of digital assets conference on November 19.
Join the conversation and hear from industry leaders about the future of cryptocurrency regulation and investment opportunities.
Read next: Fidelity files S-1 amendment for Spot Ether ETF with SEC
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