The US Securities and Exchange Commission (SEC) has requested major exchanges to refine their applications for spot Ethereum ETFs, signaling a positive step towards potential approval.

Sources familiar with the matter believe that this feedback from the SEC to exchanges like Nasdaq, CBOE, and NYSE, working with asset managers VanEck and ARK Investments/21Shares, could lead to the approval of Ethereum ETFs.

Progress in Ethereum ETF Approvals

This move is seen as a positive shift by the SEC, which had been cautious about spot-based cryptocurrency ETFs, rejecting Bitcoin ETF applications previously due to concerns about market manipulation. However, the approval of Bitcoin futures and spot Bitcoin ETFs in recent months has raised hopes for similar products.

An approval for Ethereum ETFs would be a significant development for the crypto industry, offering investors a regulated way to invest in the second-largest digital asset, ETH.

Significant Impact on the Crypto Sector

The decision on the Ethereum ETF filings from the SEC is anticipated to be made by the end of this week. While the process is ongoing, the engagement between the SEC and exchanges has created optimism within the crypto community.

With Ethereum trading at $3,780 and experiencing a 22% surge in 24 hours, market expectations are high for the approval of these new ETFs by the SEC.

Image source: Shutterstock, chart source: TradingView.com