The approval by the U.S. Securities and Exchange Commission (SEC) for a rule change to allow Ethereum exchange-traded funds (ETFs) is seen as a groundbreaking moment in the world of cryptocurrency investing, according to Jan van Eck, CEO of VanEck.

Jan van Eck, who keeps a close eye on changes in the cryptocurrency market, described the SEC's decision as one of the most unexpected developments in his career related to securities regulation.

VanEck was the pioneering firm to request the SEC's permission to list its proposed Ethereum ETF. With this initial approval secured, the company can now move forward with launching the product, though the specific timeline remains uncertain.

Van Eck expressed worries about the SEC potentially losing its control over digital asset regulation. He noted that while the ETF approval was a significant step, it hinted at larger, underlying changes in the regulatory landscape.

In related news, there have been key developments concerning cryptocurrency regulations in Hong Kong, which is becoming a key entry point for crypto in China. Van Eck pointed out that the increased interest in Ethereum this May suggests that clearer regulations and greater investor interest are on the horizon. VanEck asserted on its website that "the evidence clearly shows that ETH is a decentralized commodity and not a security."

Furthermore, VanEck's CEO highlighted the passage of the Financial Innovation and Technology Act for the 21st Century (FIT21) by Parliament on May 8 as another crucial move towards regulatory clarity for digital currencies. Despite this progress, he remains doubtful that the bill will reach the Senate before the elections.

In summary, the SEC's recent approval for Ethereum ETFs signifies a significant shift in the crypto investment landscape, with broader implications for regulatory authority and market dynamics.