U.S. Approves Investment Product Tied to Popular Cryptocurrency Ether

Federal regulators have approved an investment product tied to the cryptocurrency Ether. The Securities and Exchange Commission (SEC) said a group of exchanges could list exchange-traded funds (ETFs) linked to the price of Ether. This approval could boost the crypto industry by providing a simpler way for people to invest in digital currencies. The SEC previously approved similar products for Bitcoin, leading to increased investment. However, before Ether ETFs can be offered, the SEC must also approve applications from companies such as BlackRock and Franklin Templeton. Critics warn of the dangers of wider investment in a volatile market.