Jan van Eck, CEO of VanEck, sees a major shift in sentiment in the cryptocurrency market related to the US Securities and Exchange Commission’s approval of a rule change allowing Ethereum exchange-traded funds.
“This is truly one of the most amazing things I’ve seen in my career in terms of securities regulation,” van Eck told CNBC’s “ETF Edge” this week.
VanEck was the first to apply to the SEC for permission to list his planned Ethereum ETF. With this first hurdle cleared, VanEck can begin bringing the product to market, although the exact timeline is unclear.
“There was a real risk that the SEC would lose all jurisdiction over digital assets. So the first reaction was to greenlight ETF and Ethereum ETF approval,” he said. “But I think there’s also a larger narrative.”
For van Eck, the enthusiasm for Ethereum in May means that clearer regulation is on the horizon and investor interest in cryptocurrencies is increasing. In a statement on its website, his company said: “The evidence clearly shows this.” ETH is a decentralized commodity, not a security.”
Van Eck said the May 8 passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives is another important step toward regulatory clarity for cryptocurrencies, although he doubts it will happen before the election Senate will reach.
ether The surge increased when the SEC approved Ethereum ETF listing applications on May 23, but has remained virtually unchanged since then.
Disclaimer
Source link
2024-06-01 15:00:01
www.cnbc.com
