The cryptocurrency community is once again celebrating a triumphant moment after the U.S. Securities and Exchange Commission (SEC) approved the first spot Ethereum ETF.
The SEC officially approved eight spot Ethereum ETFs on Thursday. This decision not only marks another important progress in the cryptocurrency market in 2024 after the first batch of Bitcoin ETFs were approved in January this year. At the same time, the U.S. House of Representatives also passed the 21st Century Financial Innovation and Technology Act (FIT21) on Wednesday.
Lawmakers from both parties have called on the SEC to approve a spot Ethereum ETF, insisting that these exchange-traded products should be treated the same as spot Bitcoin ETFs.
Crypto Twitter was quick to react to the news of the SEC’s approval of an Ethereum ETF. Here are a few notable responses following this historic announcement:
' 'Never give up learning'
''This day has been a roller coaster and unlike any other I've experienced. ETH is being treated as a commodity as we've always known it. I'm proud to be part of the @Coinbase team, a trusted partner and custodian for many of the issuers receiving 19b-4 approvals tonight.''
''All this fanfare and Ethereum is only up 1%''
Spot $eth ETF approved
@garygensler, the greatest cryptocurrency regulatory hero in U.S. history
''No coin maxi: "BTC spot ETF will never appear."
''Bitcoin maxi: "ETH spot ETF will never happen."
'' Ethereum maxi: "SOL spot ETF will never happen."
While most cryptocurrency stalwarts are celebrating, some are taking a more cautious approach.
''On why ETH did not perform as expected:
- Approval of only 19-4, not S-1
- Approval is based on the "authorized" trading/marketing sector
- This means the commissioner can raise questions within the next 10 days (which also suggests they are trying to hide the vote as the move is political)''
''The odds of an Ethereum spot ETF being approved have always been fifty-fifty. The SEC has really painted itself into a corner and has no choice but to approve it. However, it is important to understand that this does not fundamentally change the market outlook for Ethereum.''
Last but not least, earlier this month, the man wearing MOG sunglasses asked former President Trump about keeping cryptocurrencies in the United States — which at least some industry observers believe could have an impact on the political momentum surrounding cryptocurrencies.
