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Hi there this is faiz and I am back after a long time. You can see the summer is going on heat was not bearable for me. The crypto market is currently one of the biggest markets in which investments have given investors many times more profit. From time to time, this market has faced many investigations and restrictions due to regulatory concerns. But amidst all this, gradually the cryptocurrency market not only made its place among all the investors and other people but also received many approvals from the regulatory authorities and you can see how recently SEC has approved ETF.
The recent approval of spot Ether ETF from the SEC is also a big update in this episode, which is being seen as a big win for the cryptocurrency market. However, this is not the first time that the Security Exchange Commission has granted approval to an exchange-traded fund related to cryptocurrency.
Earlier in January, the SEC had approved the spot BTC ETF. At that time, the Security Exchange commision had approved total 11 spot BTC ETFs, which included applications from major firms such as Ark Investments/21Shares, BlackRock, Fidelity, Invesco, and VanEck.
At present, the Security Exchange Comission has approved the spot Ether ETF applications of 8 firms BlackRock, Fidelity, VanEck, Grayscale, Franklin Templeton, Invesco Galaxy, ARK 21Shares and Bitwise. This approval of the spot Eth ETF by the United States regulatory authority is a milestone. People associated with the crypto market also see it as a big victory.
Regulators have gradually softened their stance on crypto
According to reputed media platforms, the spot BTC ETF approval had raised the hope that regulators have gradually softened their stance on crypto. There was a time when the Security Exchange Commission started investigating every United States-based crypto exchange. The crypto exchanges were so upset with this investigation that they had even planned to leave the United states.
Some crypto firms had even knocked the door of the court against the SEC regulatory firm, in which Ripple Lab (XRP) also got a partial victory against the SEC. After which it was believed that the Security exchange comission would now avoid getting itself more embarrassed and after the spot Btc ETF approval, the spot Eth ETF approval is a big example of the fact that the United states regulators have softened their stance towards crypto space.
And this us good for all of ys However, SEC Chairman Gary Gensler is still not making it clear whether he considers Ether a security or not. But whatever it is, the approval of the spot Ethereum ETF is a big step towards the regulation of the cryptocurrency market.
Conclusion
So even after scams and chaos we are seeing good days in crypto space and this is what we wanted and we are getting benefit from it. Now bitcoin is already crossed it's all time high but people are waiting for the altcoins to explode. And soon we will see this scenario too. So yes spot Ether ETF approval a big win for the crypto space and we should be happyb for it. Faiz makrani signing off.
"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking." -Steve Jobs
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