The SEC approved seven spot Ethereum ETFs in under 24 hours, with Robinhood CEO Vlad Tenev confirming readiness for listing.
The United States Securities and Exchange Commission (SEC) approved seven spot Ethereum exchange-traded fund (ETF) products in less than twenty-four hours.
After receiving this permission, Vlad Tenev, the CEO of Robinhood, verified that the product is ready for listing.An expedited procedure led to the approval of the spot Ethereum ETF product.
Robinhood CEO Hints On Ether Listing
The United States Securities and Exchange Commission (SEC) and the stakeholders named for the exchange-traded fund (ETF) communicated in a rapid manner, taking place within around four days. This faster approach has resulted in the suspension of all necessary inspections before the spot Ethereum ETF can commence trading.
According to projections made by prominent market leaders such as Jay Clayton, it is possible that the real trading of the spot Ethereum ETF product will not take place until subsequent weeks. Upon the commencement of trading, Robinhood will provide support for the product in both brokerage and retirement products, according to Robinhood CEO.
Robinhood CEO position of allowing investors to obtain cryptocurrency exposure in any manner they choose further supports the product’s increased availability. To a large extent, Robinhood is not a cryptocurrency-specific brokerage.
However, it has developed into one of the most significant channels via which one may acquire a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB), amongst others.
Because of its support for cryptocurrency, it was one of the first companies to provide spot Bitcoin exchange-traded fund (ETF) products. Retail investors benefited from the company’s free trading choices.
At this very moment, the dynamics around the spot for Ethereum ETF products are beginning to take shape. Conversely, the spot Bitcoin ETF products initiated their trading activities concurrently with the issuance of the approval.
This helped transfer the excitement that had been building up in the days leading up to the approval into the first day of trading, which was when BlackRock resumed what turned out to be an inflow streak that lasted for more than seventy days.
Wall Street Support for ETH ETF
There is a possibility that Robinhood will be one of the first brokerage house to announce their intention to list spot Ethereum ETF products; however, there is also a possibility that additional brokerage houses may quickly follow suit.
Experts have speculated on what to expect, taking into account the anticipated amount of trade, despite the fact that the precise timing for the trading restart is still uncertain.
The conservative estimation predicts that the spot ETF will capture less than half of the Bitcoin volume when trading begins in January. Other issuers have started listing their exchange-traded funds (ETFs) on the DTCC website and have disclosed their tickers while this is happening.