The SEC's decision on Ethereum ETFs may signal a significant turning point in the world of cryptocurrency investing.

The approval of a rule change by the U.S. Securities and Exchange Commission for Ethereum exchange-traded funds is causing a significant shift in sentiment in the cryptocurrency market, according to VanEck CEO Jan van Eck.

Van Eck stated on CNBC's "ETF Edge" that he has seen many impressive things in his career related to securities regulation, but this is truly one of the most amazing.

VanEck was the first to request SEC permission for an Ethereum ETF, and now that the first hurdle has been cleared, the company can proceed with bringing the product to market, though the timeline remains uncertain.

"The SEC faced a significant risk of losing control over digital assets. The initial response was to secure approval for the Ethereum ETF. However, there is a larger story unfolding as well."

Van Eck believes that the growing interest in Ethereum this May indicates a clearer regulatory future and increased investor interest in cryptocurrency. On its website, his company stated that "the evidence clearly shows that Ethereum is a decentralized commodity, not a security."

The Financial Innovation and Technology for the 21st Century Act, or FIT21, passed in the House on May 8, bringing another step closer to regulatory clarity for cryptocurrencies, although Van Eck is uncertain it will make it to the Senate before the election.

The SEC's approval of Ethereum ETF applications on May 23 sparked excitement, but since then, the market has remained relatively unchanged.