SEC Approves Eight Spot Ethereum ETFs Debuting Mid-June, Bitcoin ETFs See $1B Inflows, Dogecoin Jumps

The U.S. Securities and Exchange Commission (SEC) has approved eight spot Ethereum (ETH) exchange-traded funds (ETFs), marking a significant milestone for the cryptocurrency market. This approval is seen as a historic moment for Ethereum and its investors, potentially classifying ETH as a commodity. The approved ETFs are expected to debut in mid-June. The approval is part of a broader shift in the U.S. regulatory landscape, with lawmakers also passing the FIT21 bill to provide regulatory clarity for digital assets. Additionally, Bitcoin ETFs saw over $1 billion in net inflows, indicating strong institutional adoption. The Biden administration has expressed eagerness to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets. In related news, Dogecoin experienced a jump following a tweet by Elon Musk.