On May 23rd, the US Securities and Exchange Commission (SEC) made a groundbreaking decision by greenlighting the launch of eight spot Ethereum ETFs. In a document recently updated on its website, the SEC expressed its approval, stating that the proposals align with the Exchange Act and relevant regulations for a national securities exchange.

Among the approved applicants are some heavy hitters in the financial realm, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust. This move comes on the heels of the FIT21 crypto bill’s passage earlier this week, marking a notable shift in the Biden administration’s approach to cryptocurrency regulation. Bloomberg even upped its odds for ETF approval from 25% to a whopping 75% on May 20, underscoring the significance of this decision.

Similar to the trajectory of spot Bitcoin ETFs, this approval is anticipated to usher in a substantial influx of institutional capital into the Ethereum market. Geoff Kendrick, the Head of Digital Assets Research at Standard Chartered, predicts that the first year could witness inflows ranging from $15 billion to $45 billion. Such a development marks a significant milestone in the integration of Ethereum and other cryptocurrencies into mainstream financial markets.