Ethereum ETF Update: VanEck Spot Ether ETF Now on DTCC Listings
Crypto News– Amid growing speculation about the potential 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, an American financial market infrastructure provider, offers crucial services such as clearing, settlement, and transaction reporting to financial market participants. A listing on the DTCC is a key step before final approval from the U.S. Securities and Exchange Commission (SEC).
Currently, VanEck’s ETF is designated 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.
Confirmation for Ethereum ETF? VanEck Spot Ether ETF Gets DTCC Listing
Another report indicated that SEC officials have reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange, urging them to update and amend existing spot Ether ETF applications. This significant shift in the SEC’s stance over the past week is speculated to be influenced by the White House.
Crypto lawyer Jake Chervinsky noted in a post on X that policy is driven by politics, and for several months, cryptocurrency has been gaining the upper hand in the political arena. He also speculated that former President Donald Trump’s endorsement of cryptocurrency may have prompted President Joe Biden’s administration to reconsider and shift its policy stance.
The SEC initially requested that financial managers amend and refile their 19b-4 filings for their proposed spot Ether ETFs. Some analysts interpreted this move as a positive indicator, increasing the potential approval chances from 25% to 75%.
FAQs
What is the significance of VanEck’s spot Ether ETF appearing on DTCC listings?
The appearance of VanEck’s spot Ether ETF on DTCC listings is a crucial step toward regulatory approval. The DTCC (Depository Trust and Clearing Corporation) provides clearing, settlement, and transaction reporting services. A listing here is often a prerequisite before the U.S. Securities and Exchange Commission (SEC) grants final approval.
What does it mean for VanEck’s ETF to be designated as inactive on the DTCC website?
When VanEck’s ETF is designated as inactive on the DTCC website, it means that the ETF cannot be processed or traded until it receives the necessary regulatory approvals from the SEC. This designation is a standard procedure for new listings pending approval.
Why is the potential approval of a spot Ether ETF important for the cryptocurrency market?
The approval of a spot Ether ETF would be significant because it would provide a regulated and accessible way for investors to gain exposure to Ethereum. This could lead to increased institutional investment, greater market liquidity, and potentially higher demand for Ether, positively impacting its price and adoption.
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