Jan van Eck, the CEO of VanEck, asserts that the recent approval of spot Ethereum ETFs signifies a historic milestone for the cryptocurrency market. According to van Eck, exchanges now have the regulatory green light to list Ethereum spot exchange-traded funds (ETFs), pending approval of their prospectuses by the Securities and Exchange Commission (SEC).

"We are in the process of getting comments from the SEC to get it in line with what their expectations are. I assume that it's true for all the other applicants for the spot ETF approval," stated the VanEck CEO.

The passage of the Financial Innovation and Technology for the 21st Century Act in the U.S. House of Representatives, with substantial support from Democratic lawmakers, has heightened the stakes. Van Eck warns of a "real risk" that the SEC could have lost its authority in the House, prompting the swift approval of multiple Ethereum ETFs earlier this month.

Despite this significant development, van Eck acknowledges that other factors may have influenced the SEC's decision. Notably, multiple ETF analysts and legal experts have expressed surprise at the sudden change in stance.

While excitement abounds for Ethereum ETFs, banking giant JPMorgan remains cautious about their potential inflows. The largest U.S. bank suggests that these products may attract a relatively modest $3 billion worth of inflows in 2024. However, this figure could double if staking is permitted—an outcome eagerly anticipated by market participants.