Ethereum ETF Explosion and US Crypto Legislation Making Waves

It’s finally here! The long-awaited Ethereum ETF has been approved by the SEC. A total of eight Ethereum ETFs, including those from Black Rock and Fidelity, have gotten the green light. However, don’t expect the price to skyrocket just yet.

“That means the eight companies that have applied for ethereum ETFs they’ve been approved so they’re now cleared for the next step.”

While this is monumental news, the actual trading of these ETFs may still be weeks to months away. This could explain the lukewarm market response following the announcement.

Why Ethereum ETF Matters

The Ethereum ETF approval signifies a major milestone for cryptocurrency mainstream adoption. According to Bitwise, Ethereum is “the foundation of crypto’s biggest real-world use cases” and serves as the primary platform for stable coins and decentralized finance (DeFi) – both worth more than $150 billion.

“Crypto’s path mainstream goes through ethereum it’s the foundation of crypto’s biggest real-world use cases many of the largest brands in the world are building projects on the ethereum blockchain today.”

What’s Next?

The next step involves the SEC’s Corporate Finance Division reviewing the funds’ amended S1 registration statements, a process that can take from a few weeks to a few months. After this, the funds can begin trading.

“Once the S1 goes effective that opens the door for the fund to begin trading.”

Could Other ETFs Be On The Horizon?

The approval of the Ethereum ETF could open the doors for other ETFs soon. A Twitter poll showed high interest in Solana, Dogecoin, XRP, and Avalanche ETFs. However, Standard Chartered Bank suggests that other crypto ETFs like Solana and XRP might not be approved until 2025.

“Standard Charter Bank by the way says other crypto ETFs like soul xrp is likely a 2025 story maybe we’ve had done enough for this year.”

Implications for the Coinbase Case

The SEC’s determination that Ethereum is a commodity might significantly impact its legal cases involving other cryptocurrencies. Coinbase’s chief legal officer remarked, “ethereum effectively deemed a commodity that’s got big implications big big implications right across the market.”

Massive US Legislation Changes

Recent legislative developments in the USA could revolutionize the crypto landscape:

A bill to ban the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) passed the House.
The FIT 21 Bill, which President Biden is expected to sign, will provide clear guidance on what makes a digital asset a security or not.
New rules will enforce customer fund segregation to ensure asset safety.

“This helps Foster more crypto Innovation Revitalize the industry when it’s currently scared to do anything the US without fear of punishment very very bullish overall.”

Overall, it’s been a monumental week for the crypto industry with major advancements and policy changes. Ethereum ETFs are “here it’s happened,” and the future looks exciting for other crypto assets and regulatory clarity in the USA.