3 Stocks to Monitor as the SEC Releases Crypto ETF Application Information
Title: SEC Seeks Public Opinion on Fidelity’s Proposed Ethereum ETF
On November 30, the United States Securities and Exchange Commission (SEC) made a significant move in the world of cryptocurrency. It called for public opinion on a proposed rule change that would allow Fidelity Investments to list and trade shares of the Fidelity Ethereum Fund on the Cboe BZX Exchange. This proposal has the potential to be a watershed moment for the crypto market.
Change in Rules for Spot Ethereum (ETH) ETF
Fidelity filed for a spot Ethereum (ETH) ETF on November 17, seeking to list and trade shares of the Fidelity Ethereum Fund. The filing pointed out the lack of an exchange-traded product (ETP) that holds spot ETH, exposing U.S. investor assets to significant risk. The SEC’s change in rules regarding this proposal could be crucial in bringing crypto into the mainstream.
Opportunities for Traditional Finance Giants
The SEC’s announcement has opened up opportunities for several traditional finance giants that have also applied for a spot in crypto ETFs. This news has led to a rally in Bitcoin, breaching the $38,000 mark, and Ethereum has also shown an increase of close to 3% in the last 24 hours.
Investor Optimism and its Impact
Investor optimism is high, and it is increasingly evident that the regulatory body might stop stalling these applications, potentially paving the way for crypto to go mainstream. Thus, the impact on traditional finance giants who have decided to explore the crypto space in recent months needs to be tracked carefully.
Notable Applicants
In the current scenario, some notable names in the traditional marketplace have decided to explore the crypto space and have applied for spot crypto ETFs. These include:
– BlackRock, Inc. (BLK)
– Invesco Ltd. (IVZ)
– WisdomTree, Inc. (WT)
These companies have applied for spot crypto ETFs and the impact of the recent news on them is something to watch closely.
Conclusion
The SEC’s call for public opinion on Fidelity’s proposed Ethereum ETF could be a turning point for the cryptocurrency market. Traditional finance giants are poised to enter the crypto space, and the regulatory body’s potential approval could change the landscape of the market. The impact of this news on the market and the key players should be closely monitored in the coming days.
Overall, the potential for a shift in the SEC’s stance on crypto ETF proposals has generated a significant level of interest from investors and industry professionals alike. This news has the potential to shape the future of the crypto market.
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I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
