The United States Securities and Exchange Commission (SEC) has approved mutual funds

The United States Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs) on May 23, but the approval process differed slightly from that of Bitcoin ETFs in January.

Unlike Bitcoin (BTC) ETFs which are approved by a vote of a five-member committee, including SEC Chairman Gary Gensler, Ethereum (ETH) ETFs are approved by the Department of Commerce and Securities Markets. and Exchange Commission.

The SEC approved 19b-4 filings from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton, but declined to comment beyond the formal ruling. The official file says:

“For the Commission, by the Department of Trade and Markets, under delegated authority.”

While many in the cryptocurrency community were curious about the difference in the approval process for the two crypto ETFs, Bloomberg ETF analyst James Seyfart said it was normal.

Things are generally done the same way for many approvals, he said, and if the SEC required “a formal vote on every decision or every document, that would be crazy.” “It was nice to see where the political lines were drawn.”

about: SEC ETF Ruling Means ETH and “Many” Other Tokens Are Not Securities

However, not everyone seems convinced by Seyphart’s analysis. A

Source: James Seyphart

Another user

Another key difference between the approvals of the two cryptocurrency ETFs is that all 11 BTC ETFs began trading the day after their approval, as they also received Form S-1 authorization.

Spot Ether ETFs could be weeks or months away from debuting on exchanges, as ETF providers have not yet obtained S-1 SEC registration.

review: Godzilla vs. Kong: SEC Faces Uphill Battle Over Legal Power of Cryptocurrencies

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