The Securities and Exchange Commission (SEC) has taken a significant step towards mainstream acceptance of cryptocurrencies by approving the listing of eight Ether exchange-traded funds (ETFs) on the NYSE and Nasdaq. However, the SEC has yet to approve the money managers who wish to issue these new products.

This move could potentially make Ether a staple in 401(k)s, IRAs, and pension plans, granting the digital asset more mainstream acceptance. The decision comes four months after the SEC approved the listing of ETFs that invest directly in Bitcoin, the world’s largest cryptocurrency.

The cohort seeking approval for Ether ETFs includes some of Wall Street’s biggest names, such as BlackRock, Fidelity, and Franklin Templeton, as well as firms better known in the crypto world, such as Grayscale, Bitwise, and Hashdex.

The price of Ether rallied this week as investor excitement about the Ether ETF approvals mounted. Despite a 2% fall on Thursday, the digital asset is still up over 50% year to date, outperforming Bitcoin.

The SEC’s approval of Ether ETFs is a testament to the crypto industry’s success in pushing for friendlier regulation and greater freedom to launch new products. This development could potentially pave the way for other cryptocurrencies to follow suit, marking a new era for crypto investments.