SEC Approves Spot Ether ETFs In Major Crypto Victory

[Peter90]

"What until just a few days ago was viewed as an extremely low-probability event, has just come true, when the highly politicized Securities and Exchange Commission, headed by Liz Warren's soon to be terminated lackey Gary Gensler, has - against its desires - been forced again to approve no less than eight crypto ETFs, this time for spot Ethereum, following what was reportedly urgent political intervention from the White House.

Issuers now need a separate sign-off from the regulator, and no deadline has been set for that decision. In other words, as Bloomberg's James Seyffart explains, today's approval does not mean ethereum ETFs will begin trading tomorrow: this is just 19b-4 approval. Now the SEC will need to approve the S-1 documents which is going to take time: "We’re expecting it to take a couple weeks but could take longer. Should know more within a week or so"

Ahead of the approval, SEC boss Gary Gensler had been cryptic on his views over whether Ether is a security, stoking concerns that the agency was hardening its stance. Others, such as this website, duly noted that in the grand scheme of things it is not what Gary Gensler or "Senator Karen" want, but rather only the wishes of Larry Fink... and JPMorgan matter..."

... And while crypto enthusiasts said they were worried about Gensler trying to subject Ether — and various other projects based on the Ethereum blockchain — to the agency’s arbitrary, capricious, and onerous investor-protection rules, claiming that Ether is in fact a security despite claiming previously that it is not, the recent sharp policy stance reversal driven by an abrupt change in the political climate, revealed that the only thing that decides whether something is a security or not, is a phone call from the White House which is trailing Donald Trump in the polls by double digits.

zerohedge.com