Crypto Exuberance Hits Overdrive as SEC Battle Over Ether Looms

Crypto exuberance is hitting overdrive thanks to the game-changing launch of Bitcoin ETFs — with seven issuers now pushing US regulators to greenlight funds tracking Ether, the world’s second-largest cryptocurrency.

Yet the exchange-traded fund crowd — including those who battled to secure US Securities and Exchange Commission Chair Gary Gensler’s approval last time around — have a sobering message for digital-currency proponents: Not so fast.

Those issuers who are, for now, staying out of the Ether-filing race cite the token’s ambiguous legal status. Others caution that the SEC is unlikely to capitulate just because it approved 10 Bitcoin spot ...