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All eyes are on the approval of a spot Ether ETF after VanEck’s ETF was listed by the Depository Trust and Clearing Corporation under the ticker symbol “ETHV.” The United States Securities and Exchange Commission’s alleged U-turn on spot Ether exchange-traded funds (ETFs) shifted into higher gear on May 21 after the regulator reportedly asked major exchanges to update their applications — at least five of which have now done so.
Ethereum ETF confirmed? VanEck spot Ether ETF listed by DTCC
Amid increasing speculation about the possible approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”
The DTCC is an American financial market infrastructure provider that offers clearing, settlement and transaction reporting services to financial market players. A listing on DTCC is considered a crucial step before final approval from the U.S. Securities and Exchange Commission (SEC).
VanEck’s ETF is currently designated inactive on the DTCC website, meaning it cannot be processed until it receives the necessary regulatory approvals. However, VanEck is not the first Ether
ETH $3,721 ETF listed by the DTCC. Franklin Templeton’s spot ETH ETF was listed on the platform a month ago.
5 spot Ethereum ETF bidders amend SEC filings
Five potential spot Ether ETF issuers have submitted amended 19b-4 filings after receiving last-minute feedback from the Securities and Exchange Commission.
The new filings confirm recent speculation that the SEC had been seeking final filings ahead of a May 23 deadline for VanEck’s Ether ETH application.
The show changes from asset managers Fidelity, VanEck, and Franklin Templeton along with joint applications from Galaxy and Invesco, and ARK Invest and 21Shares.
Fidelity, Franklin Templeton and ARK 21Shares notably remove provisions for ETH staking.
“Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings,” Fidelity’s amended 19b-4 filing read.
The other Chicago Board Options Exchange (CBOE)-sponsored applicants used similar language.
SEC reportedly contacts U.S. exchanges to update spot ETH applications
According to Reuters, the SEC has contacted the Nasdaq, Chicago Board Options Exchange and the New York Stock Exchange to request that they update their spot Ether ETF applications.
The request was sent mere days before the SEC is scheduled to decide on whether to approve or deny VanEck’s spot ETH applications after delaying the approval process for 240 days.
Analysts say that requesting filing updates is a strong signal that the SEC is planning to approve the products. Earlier in the week, Bloomberg ETF analysts significantly raised their bets that the SEC would approve the spot Ether ETFs this week.
The thinking is that once the SEC approves VanEck’s application on May 23, it will also approve other ETF applications from Ark 21Shares, BlackRock, Fidelity and others. However, until now, the securities regulator has not signaled publicly whether it would approve or deny VanEck’S application.
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