SEC Approves 8 Ethereum ETFs Including BlackRock and Fidelity

The SEC on Thursday approved multiple spot Ethereum ETFs, including those from BlackRock, Fidelity and Grayscale. The Block reports: While the [19b-4 forms] have been approved, the ETF issuers need to have their S-1 registration statements go effective before trading can begin. The SEC has started conversations with issuers about their S-1 forms but only recently. It's unclear how long this process will take but some analysts are speculating that it could take weeks. "I think that if they work extremely hard it can be done within a couple weeks but there are plenty of examples of this process taking 3+ months historically," added Bloomberg ETF analyst James Seyffart. [...]

Since the Bitcoin ETFs were approved, they have amassed an additional 207,000 bitcoin ($14 billion) on top of the 621,000 ($42 billion) bitcoin held in the Grayscale Bitcoin Trust when it converted into an ETF. However, Ethereum ETFs may struggle to get the same level of traction. Bloomberg ETF analyst Eric Balchunas estimated that the Ethereum ETFs may get 10 to 15% of the assets that their Bitcoin counterparts received. "That would put them at like $5 to $8 billion, which, again, for any normal launch in the first couple of years. That's pretty good."

And the flood gates open

[EndlessNameless]

Now we get to hear middle managers and finance bros go crazy for crypto.

I am mentally preparing for some of the dumbest "hot takes" I'll ever hear.

As long as the demand pushes the price up, I suppose I'll survive.

Re:

[jythie]

I guess whatever bribes the bag holders used worked, and now they get a whole wave of bigger suckers to take their assets off them.

Re:

[rsilvergun]

Some of it's bribes. We have a revolving door for the top level among those who enforce law on Wall Street. We know about it but we refuse to elect people like Elizabeth Warren who will stop that because frankly people like Elizabeth Warren are insufferable and we're willing to trade comfortable feelings of good old boys for economic security...

To be fair she does come off like an obnoxious school marm and pretty much anyone with enough background in finance to properly regulate Wall Street and the will

Re:

[iAmWaySmarterThanYou]

That was a long way of telling us how you have a school teacher fetish.

Anyway, which Warren policies do you think would fix all these problems without creating worse problems?

Re:

[SinisterEVIL]

wish i had mod points! LMAO

I don't care about the hot takes

[rsilvergun]

But unless we radically reform our financial system we are going to have a depression the likes of which we have never seen.

We are about to allow large financial institutions to make up pretend money and solicit investors into that pretend money. These are going to be too big to fail companies throwing billions and billions of dollars at literal nothing. At least with the housing market crash there was a floor because the houses had value.

I really wish people understood how politics affects their li

Re:

[iAmWaySmarterThanYou]

Anyone dumb enough to put money into crypto would have lost it some other way.

A fool and his money are soon parted.

As long as there isn't a tax funded crypto bailout being on the crypto apocalypse.

That's not what's going to happen

[rsilvergun]

People you don't like aren't the ones who are going to lose the money. It's going to be enormous financial institutions with deep connections to our government and our banking systems.

These are the two big to fail financial institutions we're talking about. They've set up a horde of dominoes that all come crashing down if they go down. I'm talking about the total collapse of our banking system and with it you're savings and your retirement plan and the money needed to keep our food system functional and

Re:

[iAmWaySmarterThanYou]

A few billion dollars lost spread over multiple institutions isn't a big deal. It would be a miracle if anyone was even fired for that at any of the finance institutions much less anyone cry for a bailout. It just isn't that much money (anymore).

The reckoning will be spectacular

[khchung]

As if the Bitcoin scam bubble is not big enough already, now we are going to see a huge crater when this one bursts. Will this be worse than the 2008 bust?

Please exclude any "too big to fail" entities

[misnohmer]

There really should be special clauses in these approvals, preventing any entity which may be considered for government bailouts as "too big to fail", from ever owning or trading in this. Any organization that trades these ETF's should prove to the SEC first that they are not "too big to fail", i.e. their complete bankruptcy will not affect the economy sufficiently for the government to intervene to prevent it. Play at your own risk.

So, the real economy is fcuked ?

[Mirnotoriety]

So, the real economy is fcuked. That they're moving to this crypto snakeoil ?