(Bloomberg) -- The Securities and Exchange Commission paved the way for the eventual launch of the first US exchange-traded funds investing directly in the...
-- The Sec urities and Exchange Commission paved the way for the eventual launch of the first US exchange-traded funds investing directly in the Ether token, putting the crypto industry on the cusp of a major landmark.The SEC signed off on a proposal by venues run by Cboe Global Markets Inc., Nasdaq and the New York Stock Exchange to list products tied to the sec ond-biggest digital asset — a step that had seemed unlikely through last week.
The Commodity Futures Trading Commission, the US regulator with jurisdiction over derivatives, has signaled that it doesn’t view Ether as a security. The CFTC has for years allowed trading in Ether futures by CME Group. In a note of caution, Lara Crigger of data provider VettaFi said she doubts Ether ETFs can attract the same scale of inflow as Bitcoin products. “Although Ether has more use cases, it’s a much smaller market than Bitcoin, with lower awareness and name recognition among the general investing public,” she said.
Staking is a key issue for Ether because it raises questions about whether the token should be treated as a security. Last year, the SEC in a lawsuit accused Coinbase of breaking its rules by offering staking services.
SEC Securities And Exchange Commission New York Stock Exchange Rich Rosenblum The SEC Commodity Futures Trading Commission Fidelity Investments Gary Gensler Futures Markets
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