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The US Securities and Exchange Commission has approved the launch of 8 spot Ethereum ETFs.

“After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange,” a document updated to its website states.

Approved applicants include VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust.

This news and the FIT21 crypto bill’s passing represent a significant shift in the Biden administration’s stance on crypto.

This is a developing story and will be updated.