Hong Kong has now approved Ethereum ETFs but it is unlikely that they will be accepted in the US
HashKey Capital, Bosera Capital and China Asset Management are among those who received the regulatory’s approval.
According to CoinGecko, the price of Ethereum has increased by more than 5% in the last 24 hours. Bitcoin has risen by nearly 3%.
Bloomberg reported last week that products are expected to get the green light in Hong Kong by April. 15.
What about America?
Multiple spot Bitcoin ETFs have been approved by the US in January. BlackRock’s Bitcoin ETF was a smashing success, with assets worth $10 billion in just two months.
You can also read about the advantages of using Report by U.TodayBlackRock’s IBIT is now able to overtake such veteran ETFs as iShares MSCI Japan ETF(EWJ).
The U.S. Securities and Exchange Commission has so far been reluctant to approve these products, despite the fact that BlackRock and many other large names filed for spot Ethereum ETFs in 2017.
A significant backlash has occurred in the political arena to prevent future ETF approvals that are linked with other crypto currencies. The SEC is also reportedly attempting to classify Ethereum securities.
Robert Mitchnick said last month that BlackRock’s head of digital asset management, Robert Mitchnick stated there is a growing demand for digital assets. little demand Ethereum is their second priority, while Bitcoin remains the main focus.
The launch of an ETF based on a specific altcoin would not be prevented by the biggest altcoin’s recognition as a financial instrument. According to BlackRock’s Larry Fink.
Author
Alex Dovbnya, aka AlexMorris is an expert in cryptocurrency and a trader. He has extensive experience covering the industry from its price analyses to Blockchain disruption. Alex has written more than 1,000 articles for U.Today and CryptoComes, as well as other fintech-related media. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
Advertisement
TopCryptoNewsYou can also find out more about the following:You can also find out more about us on our website.Postbox
TopThe Crypto CurrencyNewsYou can also find out more about the following:You can also find out more about us on our website.Postbox