VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market related to the U.S. Securities and Exchange Commission’s approval of a rule change allowing funds traded in Ethereum exchange.
“It’s really one of the most amazing things I’ve seen in my career as it relates to securities regulation,” van Eck told CNBC’s “ETF Edge” this week.
VanEck was the first to ask the SEC for permission to list his proposed Ethereum ETF. Once this first hurdle is cleared, 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 form of jurisdiction over digital assets. So the first reaction was to get the green light for the approval of the ETF and the Ethereum ETF,” a- he declared. “But I think there’s a bigger story as well.”
For van Eck, the buzz around Ethereum in May means clearer regulation on the horizon and increased investor interest in crypto. In a statement posted on its website, his company said that “the evidence clearly shows that ETH is a decentralized product, not a security.”
Van Eck said the Financial Innovation and Technology for the 21st Century Act, or FIT21, passed the House on May 8, was another major step toward regulatory clarity for cryptocurrencies, even s he doubts that it will reach the Senate before the elections.
Ether spiked following the SEC’s approval of Ethereum ETF listing applications on May 23, but has been mostly flat since then.
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