Reported 5 months ago
The Securities and Exchange Commission has allowed the New York Stock Exchange and Nasdaq to list spot ether exchange-traded funds (ETFs), marking a significant move for ethereum. Bloomberg Intelligence ETF Research Analyst James Seyffart explains that an ether ETF can exist due to a federally regulated futures market like bitcoin, despite altcoins not having a shot at an ETF soon. Seyffart notes that while an ether ETF will be a "monster success," ethereum loses utility within an ETF. Despite initial doubts, the shift in political support for cryptocurrencies in Congress suggests a favorable environment for the approval of an ether ETF, which could see demand reach a fraction of that seen for bitcoin ETFs. The timeline for final approvals remains uncertain, with the potential for a launch in weeks to months.
Source: YAHOO