The SEC is considering approving a second Ethereum ETF.

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WisdomTree has joined VanEck in obtaining SEC approval for an ETH exchange-traded fund.

WisdomTree, an asset management specializing in investing products, has applied for an Ethereum ETF.

ETFs, or exchange-traded funds, are investment vehicles that follow the performance of an underlying asset or collection of assets. They’re a good alternative for traders who don’t want to deal with the hazards of holding the underlying investment and would rather treat it like any other stock.

Companies like WisdomTree see cryptocurrency as a suitable use case since blockchain technology is notoriously difficult to navigate: wallets may be complicated, transaction fees are high, and tax requirements are ambiguous. An Ethereum ETF would make it simpler for investors who aren’t ready to store ETH but want to participate in the market.

After VanEck, WisdomTree is the second company to register for an Ethereum ETF. Shares would be listed on Cboe’s BZX market, according to its S-1 filing.

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Brazil and Canada have just received their first Bitcoin ETFs. For years, Bitcoin supporters in the United States have been asking for a crypto ETF, but the SEC has yet to approve one. Bitcoin ETF applicants have failed to persuade the SEC that the cryptocurrency market is devoid of manipulation and safe enough for mainstream retail investors.

It’s not for a lack of trying—many businesses, including WisdomTree, have applied for Bitcoin ETFs throughout the years. In addition to WisdomTree, the SEC is now considering petitions from Fidelity, VanEck, Kryptoin, and Anthony Scaramucci’s SkyBridge Capital.

Back in 2013, the Winklevoss brothers’ cryptocurrency exchange Gemini became the first to register for a Bitcoin ETF.

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