June 18, 2024
VanEck's Ether ETF Listed by DTCC, Is Ethereum ETF Approved
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VanEck’s Ether ETF Listed by DTCC, Is Ethereum ETF Approved?

VanEck’s Ether ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV,” as speculation mounts about the possible approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23. The DTCC, an American financial market infrastructure provider, offers clearing, settlement, and transaction reporting services to financial market players. A listing on DTCC is a crucial step before obtaining final approval from the U.S. Securities and Exchange Commission (SEC).

Source: DTCC

Current Status and Comparisons with Franklin Templeton

VanEck’s Ether ETF is currently marked as inactive on the DTCC website, indicating it cannot be processed until it receives the necessary regulatory approvals. Notably, VanEck is not the first Ether ETF listed by the DTCC; Franklin Templeton’s spot ETH ETF was listed on the platform a month ago. The DTCC clarified that its ETF list includes both active ETFs that can be processed and inactive ETFs that are awaiting regulatory clearance.

Potential SEC Approval and Political Influences

Reports suggest that SEC officials have contacted Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to update and revise existing spot Ether ETF applications. The significant shift in the SEC’s stance over the past week is speculated to be linked to the White House. Crypto lawyer Jake Chervinsky noted on X that policy is driven by politics, and for months, crypto has been gaining political traction. He speculated that former president Donald Trump’s endorsement of cryptocurrency might have compelled the administration of President Joe Biden to alter its policy.

Source:  Jake Chervinsky

May 23 is the final deadline for the SEC’s decision on VanEck’s Ether ETF application. After months of speculation about a probable denial of spot ETH ETFs, the SEC took action earlier this week. The SEC requested that financial managers amend and refile their 19b-4 filings on their proposed spot Ether ETFs. Some analysts viewed this move as a positive sign, increasing the potential chance of approval from 25% to 75%.

Source: Bloomberg

In summary, the listing of VanEck’s Ether ETF on the DTCC and the possible shift in SEC policy reflect the dynamic interplay of regulatory and political factors influencing the cryptocurrency market. The upcoming SEC decision on May 23 will be a pivotal moment for Ether ETFs and could significantly impact market sentiment and future regulatory approaches.

Image by WorldSpectrum from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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