The approval of new exchange traded funds (ETFs) for Ethereum's ether (ETH) is a logical next step to the regulator previously approving spot bitcoin ETFs, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler seemed to suggest twice on Wednesday.
Despite the crypto industry's widespread belief that Gensler's SEC was planning to block the ETH spot ETF before reversing course and granting the first stage of applications, the head of the agency sped through an account of its ongoing approval process as if it were a casual matter.
Now, the underlying exchange traded products (ETPs) still need to go through a process to have the disclosure about that. That will take some time, but they're working on that right now.
His updates didn't reflect the drama associated with this major moment for the digital assets sector, which would follow the January approval of the earlier bitcoin spot ETFs that already redefined the status of (BTC) as a trading asset.
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