VanEck CEO Jan van Eck is convinced that the approval of spot Ethereum ETF has marked a historic shift.

As noted by van Eck, the exchanges now have the green light to list Ethereum spot exchange-traded funds (ETFs).

He has added that their prospectuses still need to be approved by the 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," the VanEck CEO added.

Regulatory developments

Following 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, van Eck now says that there is a "real risk" that the SEC was going to lose its authority in the House.

According to the VanEck boss, this development prompted the SEC to swiftly approve multiple Ethereum ETFs earlier this month.

However, he also believes that there are other factors in play as well.

As reported by U.Today, multiple ETF analysts as well as legal experts have been stunned by the sudden U-turn.

Will Ether ETFs flop?

Even though there is a lot of excitement surrounding Ethereum ETFs, banking giant JPMorgan believes that these products could attract a much lower share of inflows than expected.

The largest U.S. bank believes that these ETFs will receive a relatively modest $3 billion worth of inflows in 2024. However, this amount could double if staking is allowed.