From Investing.com: 2024-05-24 05:30:41

The SEC approved Nasdaq, CBOE, and NYSE’s applications to list ETFs linked to . The move could lead to trading later this year, surprising many in the industry. Analysts at TD Cowen expected this outcome, believing it clears the way for more crypto ETFs without changing the SEC’s overall approach to cryptocurrencies.

The SEC’s approval came earlier than anticipated and followed sanctions on crypto futures ETFs and the Bitcoin ETF, making a legal challenge unlikely. VanEck, BlackRock, Fidelity, Grayscale, and other firms received approval with the condition that Ether held in the ETFs wouldn’t be used for staking. S-1 filings approval is the next step, but analysts believe it’s not an insurmountable obstacle.

TD Cowen’s analysts believe Ether and Bitcoin ETFs are just the beginning, expecting ETFs with a basket of tokens to be approved within a year. They will monitor whether initial baskets will include other tokens besides Ether and Bitcoin. The approval opens doors for more crypto-related investments, signaling a potentially significant shift in the industry.

Read more at Investing.com: Ethereum ETF approval seen as a clearing event for more crypto ETFs By Investing.com