Ethereum
Major Change in Cryptocurrency Due to SEC Ethereum ETF Decision: VanEck CEO
VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market, linked to decisions by the U.S. Securities and Exchange Commission. Rule Change Allowing Ethereum Exchange Traded Funds Approved.
“It’s truly one of the most astonishing things I’ve seen in my career as it relates to securities regulation,” van Eck told CNBC.Advantage of ETFs” this week.
VanEck was the first to ask the SEC for permission to list his proposed Ethereum ETF. Once this first hurdle is cleared, VanEck can begin the process of bringing the product to market, although the exact timeline is unclear.
“There was a real risk that the SEC would lose any form of jurisdiction over digital assets. So the first reaction was to get the green light for the approval of the ETF and the Ethereum ETF,” a- he declared. “But I think there’s a bigger story as well.”
For van Eck, the buzz around Ethereum in May means clearer regulation on the horizon and increased investor interest in crypto. In a statement posted on its website, his company said that “the evidence clearly shows that ETH is a decentralized commodity, not a security. »
Van Eck said that Financial Innovation and Technology for the 21st Century Actor FIT21, passed the House on May 8 was another major step toward regulatory clarity for cryptocurrencies, although it is doubtful it will reach the Senate before the election.
Ether rose following the SEC’s approval of Ethereum ETF listing applications on May 23, but has been virtually stable since then.