The SEC has issued blanket approvals to eight ETH ETF issuers.
Just over four months after Bitcoin ETFs began trading in the United States, the Securities and Exchange Commission (SEC) has approved trading for eight exchange-traded funds backed by spot Ether.
The agency issued an “order expediting approval of proposed rule changes (including amendments) for the listing and trading of shares of Ethereum-based exchange-traded funds (ETFs).”
Exchanges that applied for rule changes to list and trade ETH ETFs, including NYSE Arca, Nasdaq and Cbose BZX Funds, have been approved to trade Grayscale Ethereum Trust, Bitwise Ethereum ETF, BlackRock's iShares Ethereum Trust, VanEck Ethereum Trust, ARK 21Shares Ethereum ETF, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund and Franklin Templeton's Franklin Ethereum ETF.
The commission said it found the proposal complied with rules enacted to “prevent fraudulent and unfair acts and practices” and “protect investors and the public interest generally.”
“Today’s approval indicates that the SEC views ETH as a commodity rather than a security, which is at odds with the position the SEC has continued to take prior to the events of this week, as stated in its recent lawsuit against the SEC,” blockchain software company ConsenSys told Defiant in an email.
ETH Price Fluctuations
It's been a volatile day for ETH, which has surged nearly 30% over the past week in anticipation of today's landmark decision. The world's second-largest cryptocurrency traded as high as $3,960 early this morning before briefly dropping below $3,600. ETH is currently trading around $3,700.

Ethereum ETFs provide ETH exposure to financial institutions that use the traditional financial system and want to avoid cryptocurrency exchanges, custody, and private keys.
Ethereum bulls will be hoping these new ETFs garner a similar level of interest from TradFi investors, who have pumped more than $13 billion into Bitcoin ETFs to date.
Before the Ethereum ETF can begin trading, the SEC must approve two forms filed by the applicant: the 19b-4 and the S-1.
Today's decision comes after a tumultuous week in which analysts' chances of approval fluctuated from 25% to 75%, a change that forced exchanges and issuers to scramble to update their filings to meet regulators' requirements.