VanEck CEO Jan van Eck believes that the cryptocurrency market is undergoing a major sentiment shift related to the U.S. Securities and Exchange Commission’s approval of rule changes allowing Ethereum exchange-traded funds.
“This is truly one of the most amazing things I’ve seen in my career in securities regulation,” Van Eck told CNBC’s “ETF Edge” this week.
VanEck is the first company to apply to the SEC for approval of its proposed Ethereum ETF listing. With that first hurdle cleared, VanEck can begin bringing the product to market, although a specific timeline is unclear.
“There is a real risk that the SEC will lose any jurisdiction over digital assets. So the first reaction is to give the green light to an ETF, an Ethereum ETF,” he said. “But I think there’s a bigger story going on.”
For van Eck, the buzz surrounding Ethereum this May meant clearer regulation was on the horizon and increased investor interest in the cryptocurrency. His company said in a statement on its website that “the evidence clearly shows that Ethereum It is a decentralized commodity, not a security.
van eyck says 21st Century Financial Innovation and Technology Actor FIT21, passed the House of Representatives on May 8 and is another major step forward in cryptocurrency regulatory clarity, although he doubts the bill will reach the Senate before the election.
ether The index surged after the U.S. Securities and Exchange Commission approved the Ethereum ETF’s application to list on May 23, but has since been almost flat.
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