The US Securities and Exchange Commission (SEC) announced the approval of the Grayscale Spot Ethereum Mini ETF, an important development that cryptocurrency investors have been eagerly awaiting. Additionally, the SEC also approved proposed rule changes for listing and trading shares in the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF.

Bitwise, which applied for the Ethereum ETF, made a statement regarding the update and stated that the fee was 0.2%.

Grayscale announced the 2.50% fee on the updated version of the spot Ethereum ETF S-3.

BlackRock announced that the updated version of the spot Ethereum ETF S-1 document offers a 0.25% fee.

Franklin introduced the updated version of the spot Ethereum ETF S-1 transaction.

Invesco & Galaxy has introduced the updated version of the spot Ethereum ETF S-1 transaction.

Might interest you: SEC Grants Preliminary Approval for Spot Ether ETFs

This approval is seen as a major step forward for Ethereum investors. Grayscale and ProShares are expected to positively impact overall market sentiment by providing new opportunities for investors looking to gain direct access to Ethereum. These developments in the crypto world mean that there is an increase in institutional players in the sector and the path to ETFs is opened in altcoin assets such as Ethereum.

Grayscale and ProShares’ ETF products will serve as crucial vehicles for investors who believe in Ethereum’s future potential. The SEC’s approval is seen as a critical step in meeting the need for regulatory clarity in the industry.

Some analysts predicted that with this expected approval in Ethereum ETFs, the price movement would increase the ATH expectation in ETH and the price would rise above $ 5000.

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Clayton said the approved listings were a positive sign for the product and said he thought trade in these products would be “inevitable.” However, he emphasized that there are still complex questions about the product that need to be resolved.

The former SEC chairman stated that the Ethereum ETF approval process consists of two stages. “There’s the listing approval, which happened yesterday, and then the approval of the product itself, which is still pending,” Clayton said in an interview with CNBC on Friday.

What needs to be done before the start of trading is whether the registration statements of the funds will be approved or not. A registration statement provides transparency about a fund’s objectives, expenses, risks, fees, management and organizational structure so that potential investors are fully informed.

Still, Clayton thinks this approval is likely to happen. “That means it’s inevitable,” he said. “We went through the same process with the Bitcoin product, where almost all the questions were decided. The question that was technically decided yesterday was whether the market was active enough for this product to be listed on the exchange. That’s what was decided, but there are other questions as well.”

This market efficiency question prevented Clayton from approving crypto ETFs when he was SEC chairman between 2017 and 2020. However, he noted that spot markets for both bitcoin and ether have improved remarkably over time. Spot crypto trading for exchanges hit all-time highs in mid-2021, with March 2024 coming in third place, according to The Block’s Data Dashboard.

In Clayton’s view, it is only a matter of time before trading of Ethereum spot ETFs begins, but there are still some technical and regulatory issues that need to be resolved. With the completion of these processes, Ethereum ETFs are expected to take their place in the market.

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“We expect that the improving political environment will see us see more victories for digital asset investors and developers to invest in bitcoin, ethereum, and other open source blockchain software through new legislation and victories in the courts,” said Matthew Sigel, Head of Digital Asset Research at VanEck. Sigel wrote in a message to X shortly after the announcement.

Along with BlackRock, Grayscale and Fidelity, VanEck is one of the firms that has applied for the right to issue spot Ethereum ETFs.

“This is a historic step forward for the second-largest cryptocurrencies,” Bitwise wrote on Invest X. The company also stated that spot Ethereum ETF transactions have been approved.

Until this week, it was widely held that spot Ethereum ETFs were unlikely to gain SEC approval, despite the recent success of spot bitcoin ETFs. Billions of articles were invested in the article after it was approved and launched in January. Traditional financial institutions such as BlackRock and Fidelity have issued spot bitcoin ETFs, and individual institutional investors have purchased shares of these funds in recent months.

Paul Grewal, Chief Legal Officer of Coinbase, which represents the largest cryptocurrency exchange in the USA, said that the SEC approval confirms something that has long been believed to exist in the crypto world.

“This week, this day, has been so different, as rollercoasters as deportations,” he wrote online. “The acceptance of ETH as a commodity is the same as we have always used it.”

Sigel agreed with Grewal’s explanation.

“The evidence clearly shows that Ethereum is a decentralized commodity, not a security,” he said. “What ETH offers as a commodity has been recognized by various holders through the CFTC’s regulation of ETH futures, the commission’s public statements, decisions by the federal courts, and now, hopefully, this ETF,” VanEck’s Sigel wrote.

Ethereum dapp maker Consensys also participated in these talks, but another point the company drew attention to was the SEC’s “problematic” situation against its digital assets.

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