U.S. regulators have given the final approval for spot exchange-traded funds (ETFs) that hold Ethereum's ether (ETH), providing Americans easy access to the second major cryptocurrency through these tradable vehicles. This one marks the latest after the U.S. Securities and Exchange Commission (SEC) gave the green light on Bitcoin (BTC) exchange-traded funds (ETFs) in January, a development that has boosted acceptance of the crypto market broadly. 

The approval brings the process of getting ether ETFs approved by the market regulatory agency, the SEC, to a logical end. This decision is expected to encourage tether investments into conventional investors' scope, given that such funds can be bought and sold through traditional brokers. New Bitcoin ETFs that came in early this year have already seen investment in tens of billions of dollars. 

The approval of Ethereum ETFs initially appeared uncertain, but in late May, SEC officials, who had been silent for a considerable period, began engaging with potential ETF issuers. This engagement culminated on May 23 when the regulator approved an essential filing, paving the way for the entire approval announced on July 22, 2024.

Milestones Achieved in the Ethereum ETF Era of Crypto

"We are now officially in the age of ETFs in crypto," concluded Matt Hougan, Chief Investment Officer at Bitwise." With low-cost ETPs, they can get exposure to more than 70% of the liquid crypto asset market." 

Kyle DaCruz, who currently holds the position of head of digital assets at VanEck, also gave his sentiments a thumbs up. The executive said, "We have always considered that investors should have exposure to Ethereum in a product that they are comfortable with, and that is why when we first applied for the Ethereum ETF back in 2021, we were confident that it would be approved in record time." Thus, while Bitcoin could be considered digital gold, Ethereum would be the App Store, the front door for introducing users to the thousands of applications that will interface with blockchain. 

Conclusion

The approval of Ethereum ETFs marks a significant development in the cryptocurrency market. It allows investors to access a broader range of digital assets through familiar investment vehicles, potentially driving further adoption and investment in the sector. As the crypto market evolves, these ETFs may pave the way for more innovative financial products and greater integration of digital assets into mainstream investment strategies.

The post "U.S. Regulators Approve Ethereum ETFs, Expanding Access to Crypto Investments" first appeared on 36crypto.com News.

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