The VanEck U. S. spot Ethereum exchange-traded fund (ETF) proposed by the global investment manager has been added to the Depository Trust and Clearing Corporation’s (DTCC) website. The DTCC, which is involved in post-trade activities such as clearance, settlement, custody, and information, added VanEck’s spot ether ETF to its list of ETFs.
VanEck Spot Ethereum ETF Awaits SEC Nod
Nevertheless, this listing is not the final step of the ETF’s launch, as its official promotion still requires the approval of the U.S. Securities and Exchange Commission (SEC). From the DTCC list, in the create/redeem column, VanEck’s spot ether ETF appears as “N,” implying that it is inactive. Importantly, the list includes both live ETFs and those that are still waiting for formal regulatory approval and other approvals necessary for them to be processed by the DTCC.
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VanEck’s existing Ethereum spot fund is listed under the symbol “ETHV. ”Franklin Templeton’s Ethereum ETF also finds a place on the DTCC list after it was included last month. VanEck responded to the participation of The Block, whereas DTCC did not reply to an immediate comment.
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This week, the US SEC asked US firms to resubmit and amend their 19b-4 applications regarding spot ether ETFs, which appears positive for the possibility of approval. The 19b-4 forms are the submission of a proposed rule change and, therefore, part of the important documents that need the approval of the SEC before spot ether ETFs can take effect.
Cboe BZX Updates Spot Ether ETF Forms
Cboe BZX Exchange published amended 19b-4 forms on Tuesday for spot ether ETFs from Franklin Templeton, Fidelity, VanEck, Invesco Galaxy, and ARK 21Shares. This update came in light of evidence that while both CoinShares and Valkyrie had expressed interest in creating an ether ETF, neither intends to apply for the same, as stated by Fox News reporter Eleanor Terrett.
This is a list of the current actions, illustrating how matters remain in motion towards the possible approval of spot ether ETFs. However, the process is not entirely smooth for the ETFs as they continue to go through ‘regulation’ that plays a key role in approving the instrument through decisions of the SEC. The listing of these ETFs on the DTCC website also represents a step in this direction, as it shows that the issuers are ready to start marketing their products in future markets at some point.
The fact that VanEck’s proposed new spot ether ETF appears on the DTCC website is a significant sign of the regulation’s progression. Holding a fund pending approval from the SEC means that this announcement shows a continued progression in cryptocurrency ETFs. Market participants are observing these advancements, and their effects on the markets are awaited after approval.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.