The U.S. Securities and Exchange Commission's (SEC) approval of spot ether exchange-traded funds (ETFs) indicates that lawmakers and regulators are acknowledging American investor demands for access to Ether, according to Perianne Boring, founder and CEO of The Digital Chamber. Boring shared her statement in a July 22 press release.
"The SEC's move today is yet another sign that policymakers and regulators are responding to demands for greater access to digital assets for investors across America," said Boring. "Retail investors now have easier and more direct access to ETH through top financial institutions. The ability to invest in ETH via a trusted ETF product is transformational for millions of investors and the ETH community."
According to Investopedia, the SEC approved nine Ether (ETH) ETFs to begin trading on July 23. The approved ETFs include 21Shares Core Ethereum ETF (CETH), Bitwise Ethereum ETF (ETHW), Fidelity Ethereum Fund (FETH), Franklin Ethereum Trust (EZET), Invesco Galaxy Ethereum ETF (QETH), iShares Ethereum Trust ETF (ETHA), VanEck Ethereum ETF (ETHV), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini Trust (ETH). ETH is the cryptocurrency associated with the Ethereum network, which is the second-largest crypto network by market cap.
The Digital Chamber stated that several of the approved applications came from its members: Bitwise, Fidelity, and Invesco. According to the press release, two of its law firm members, Chapman and Cutler and Clifford Chance, assisted those issuers with their efforts. "This approval opens new doors for U.S. investors and is a significant step towards broader adoption of ETH," the Chamber said. "We look forward to a future filled with expanded opportunities and a thriving digital asset ecosystem."
Investopedia reported that the SEC previously approved eleven Bitcoin ETFs for trading in January. The first spot Bitcoin ETF application was submitted in 2013. According to Investopedia, the SEC's approval of the Bitcoin product assuaged some investor fears about engaging with the crypto ecosystem. Retail investors could previously only gain exposure to crypto by purchasing coins directly or by engaging with ETFs that traded in crypto futures.
Prior to founding The Digital Chamber, Boring was a legislative analyst in the U.S. House of Representatives and a television anchor for an international finance program, according to the Chamber's website. She has been named one of "America’s Top 50 Women in Tech" by Forbes and one of the "10 Most Influential People in Blockchain" by CoinDesk.
