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The SEC has approved HashDex and Franklin Templeton's dual Bitcoin and Ethereum ETF, increasing institutional access to cryptocurrencies. Recent volatility in the cryptocurrency market has seen Bitcoin fall below $96,000 and Ethereum fall to $3,440.
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The SEC has approved HashDex and Franklin Templeton's dual Bitcoin and Ethereum ETF, expanding institutions' access to the two largest digital assets through spot-based investment vehicles.
The approval covers the Hashdex Nasdaq Crypto Index U.S. ETF and the Franklin Templeton Crypto Index ETF.
Franklin Templeton's latest application, filed earlier today, received accelerated approval for compliance with existing product-based trust stock standards.
The regulatory green light comes at a time of significant market turmoil, with more than $1 billion in crypto liquidations occurring within 24 hours, according to CoinGlass data.
During this period, Bitcoin has fallen more than 8% from yesterday's high of $105,000 to below $96,000.
Ethereum is down about 15% from its all-time high, trading at $3,440, while Solana is also down 15%, currently trading at $196.
This approval is in line with recent Bloomberg analyst predictions for dual ETF approval for Bitcoin and Ethereum.
Looking ahead, analysts have suggested that Litecoin could be the next candidate for ETF approval, given its status as a fork of Bitcoin and its potential to be classified as a commodity.
Meanwhile, regulatory uncertainty continues to cast doubt on the likely approval of the Solana and XRP ETFs.
A possible change in SEC leadership to Paul Atkins in 2025 could create more favorable conditions for approval of crypto ETFs.
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