SEC Grants Permission for Ether ETFs, Signaling Softening Stance on Crypto

The SEC has given the green light for three major financial markets to list exchange-traded funds based on the spot price of ether, surprising the industry which expected a rejection. This decision allows investors to own the second-largest cryptocurrency through accessible means. Eight funds can now begin trading, joining 11 bitcoin ETFs that were approved in January and currently hold about $58 billion of assets. However, the adoption of ether ETFs may not reach the same record-setting levels as bitcoin ETFs due to factors such as the Grayscale Ethereum Trust's high expense ratio and the smaller assets of ether futures funds. The SEC's recent approval of ether ETFs suggests a softening of opposition to crypto, coinciding with broader pro-crypto momentum in Washington.