Why Ethereum Jumped 5.8% Today
Blockchain-based stock trading got its first official green light. It's tiny, temporary, and Ethereum-shaped.
Overview
The Ethereum (CRYPTO: ETH) cryptocurrency is up 5.8% at 2:17 p.m. ET, floating atop a broad surge across the crypto sector. It's the kind of day where you almost expect stablecoins to rise, as the U.S. Securities and Exchange Commission (SEC) moved one step closer to permitting token-based trading of stock-type securities.
And Ethereum would benefit directly if tokenized stocks ever get the SEC's final stamp of approval. The news is a day old, but traders needed time to process the situation after a tumultuous week in which the Clarity Act failed to move forward.
Details
The SEC is allowing a new kind of venue to trade blockchain versions of regularly listed stocks without first registering as a stock exchange. It's temporary, it's capped, and it comes with strings attached.
Source
Originally published at www.fool.com.