Ethereum boosted by SEC approval

Ethereum stayed steady, holding onto recent gains after the Securities and Exchange Commission (SEC) approved rule changes that will enable the creation of exchange-traded funds (ETFs) holding spot Ether (ETH).

The decision is expected to bring ETH ETFs to market soon, which would make the digital asset more accessible to financial advisors and institutional investors.

The SEC approved 19b-4 filings from major exchanges including the New York Stock Exchange and Nasdaq, allowing them to list ether ETFs.

Now, issuers including VanEck, BlackRock, Fidelity, and Invesco are among those now preparing to launch these new financial products.

But, the SEC must still approve the registration documents, or S-1s, of each ETF. Such filings outline the operational details and fees of the ETFs.

It could take several weeks to complete, so traders interested in ETH ETFs have a short while longer to wait.

Ethereum stood at $3,807, down 0.4% today and retaining most of its 30% gain over the past seven trading days.