VanEck's Spot Ether ETF Listed by DTCC Amid Anticipation for Approval
Summary:
VanEck's spot Ether exchange-traded fund (ETF) gets listed by the Depository Trust and Clearing Corporation (DTCC) amidst increased anticipation for the approval of a similar ETF on May 23. This key pre-approval milestone, however, shows the status of the ETF as inactive, subject to regulatory clearance. Also, SEC officials have contacted key financial exchanges to modify current spot Ether ETF applications, indicating a possible positive shift towards cryptocurrency, potentially influenced by its growing political acceptance.
In light of rising predictions of potential approval for a spot Ether exchange-traded fund (ETF) on May 23, VanEck, a global investment firm, has gained a listing for its spot ETH ETF with the Depository Trust and Clearing Corporation (DTCC). The listing, under the ticker name "ETHV," signifies an important pre-approval move. DTCC is a U.S-based infrastructure provider to the financial markets offering key services such as transaction reporting, settlement, and clearing to their constituents. The spot ETH ETF of VanEck is currently classified as inactive on DTCC's website, indicating that it awaits regulatory green light to be processed. However, VanEck is not the first to have an Ether (ETH) ETF listed on DTCC – that happened a month ago with Franklin Templeton's spot ETH ETF. The institution stated that their ETF list includes both active ETFs that can be processed and ETFs awaiting activation. The recent report claims that SEC representatives have approached the New York Stock Exchange, the Nasdaq and the Chicago Board Options Exchange to revise existing spot Ether ETF applications. Crypto experts are now both excited and split as the due date approaches for decision on spot Ether ETF. A report suggests that this change in the SEC's attitude might have political connections, with previous president Donald Trump's crypto endorsement potentially influencing the stance of the current administration. The 23rd of May stands as the final date for SEC's decision about the VanEck spot Ether ETF. The SEC, after an extended period of uncertainty regarding the possibility of an ETH ETF denial, took steps this week. Initially, it requested financiers to modify and re-submit their 19b-4 filings proposing spot Ether ETFs – a motion considered a positive indication, raising the expected approval probability to 75% from the prior 25% prediction.
Published At
5/22/2024 1:02:37 PM
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