The US Securities and Exchanges Commission (SEC) recently approved “on an accelerated basis” rule-change proposals from three exchanges looking to list spot Ethereum exchange-traded products. Most observers had expected the SEC to reject the applications on the basis that they were filed as commodity ETFs and the SEC deems Ether (or ETH, the native cryptocurrency of the Ethereum platform) to be a security.
“The approval order leverages research from Bitwise and the SEC examining the correlation between spot Ether prices and the price of regulated Ethereum futures contracts,” says Matt Hougan, chief investment officer at crypto index fund manager Bitwise.
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