Major Cryptocurrency Shift Due to SEC Ethereum ETF Ruling: VanEck CEO

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What's next for Spot Ethereum?

VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market, coupled with the U.S. Securities and Exchange Commission’s approval of a rule change allowing Ethereum exchange-traded funds.

“This is really one of the most amazing things I’ve seen in my career regarding securities regulation,” Van Eck told CNBC’s “ETF Edge” this week.

VanEck was the first to apply to the SEC for permission to list the proposed Ethereum ETF. Now that that first hurdle has been 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 jurisdiction over digital assets. So the first reaction was to greenlight the approval of the ETF and Ethereum ETF,” he said. “But I think there’s a bigger story going on too.”

For Van Eck, the buzz around Ethereum in May means clearer regulations on the horizon and greater investor interest in crypto. In a statement on its website, his company said that “the evidence clearly shows that ETH is a decentralized asset, not a security.”

Van Eck said Financial Innovation and Technology for the 21st Century Actor FIT21, which passed the House of Representatives on May 8, was another major step toward regulatory clarity for cryptocurrencies, even if he doubts it will reach the Senate before the elections.

Ether peaked upon the SEC’s approval of applications to list Ethereum ETFs on May 23, but has remained broadly stable since then.

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