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Ether ETFs: Why Approval Speculation is Driving Cryptocurrency Prices Higher
Cryptocurrency markets have become more optimistic that U.S. securities regulators may approve exchange-traded funds that invest directly in Ether, the second-largest token after Bitcoin. The signals, including a Bloomberg News relationship on May 21, stating that the U.S. Securities and Exchange Commission had recently contacted exchanges with documentation related to the Ether spot ETF, marked a reversal of expectations. A flurry of filings followed, including for ETFs ARK 21Actions, Loyalty investments, Invesco Ltd., Franklin Resources Inc. AND VanEck.
Some fund companies were expecting pushback after private talks with the SEC seemed less optimistic than those held in the run-up to the approval of spot Bitcoin ETFs in January. The approval of equivalent Ether funds would mean that retail investors could trade the top two cryptocurrencies with greater ease.