Jan Van Eck, CEO of VanEck, sees a major shift in sentiment underway in the cryptocurrency market linked to the US Securities and Exchange Commission's approval of a rule change allowing Ethereum ETFs.
“This is really 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 Securities and Exchange Commission for permission to list the proposed Ethereum ETF. After clearing this first hurdle, VanEck can begin the process of bringing the product to market, although the exact timeline is unclear.
“There was a real risk that the SEC would lose any kind of jurisdiction over digital assets,” he said. “So the first reaction was to get the green light for approval by the ETF and the Ethereum Foundation.” “But I think there's a bigger story going on, too.”
For Van Eck, the hype around Ethereum in May meant clearer regulation on the horizon and increased investor interest in cryptocurrencies. “The evidence clearly shows this,” his company said in a statement on its website Ethereum “It is a decentralized commodity, not a security.”
Van Eck said the Financial Innovation and Technology for the 21st Century Act, or FIT21, which passed the House of Representatives on May 8 was another major step toward regulatory clarity for cryptocurrencies, though he doubted it would reach the Senate before the election.
ether It rose after the SEC approved listing applications for Ethereum ETFs on May 23, but has remained roughly flat since then.
Disclaimer
