The long-awaited dream of a US spot Ethereum ETF (exchange-traded fund) has taken a dramatic turn with the listing of VanEck's "ETHV" on the Depository Trust and Clearing Corporation's (DTCC) website. Here's a deeper dive into this development:
VanEck Takes Center Stage:
Global investment manager VanEck surprised the market by getting its spot Ether ETF listed on the DTCC. This listing signifies a crucial step towards regulatory approval by the Securities and Exchange Commission (SEC).
However, the DTCC clarifies that the list includes both active and inactive ETFs. While promising, VanEck's ETF remains inactive, awaiting the official green light from the SEC.
Shifting Tides at the SEC?
Recent reports suggest a potential change of heart at the SEC. The commission reportedly contacted major stock exchanges like Nasdaq and the New York Stock Exchange, requesting updates on existing spot Ether ETF applications.
This request for updated filings is seen by some analysts as a positive sign, potentially increasing the odds of approval for VanEck's ETF. Senior Bloomberg ETF analyst Eric Balchunas even revised his approval estimate from 25% to 75% based on these developments.
Political Winds of Change?
Crypto lawyer Jake Chervinsky adds an intriguing layer to the story. He suggests that political factors could be influencing the SEC's stance. He points out that crypto has been gaining traction on the political front, with former President Donald Trump's pro-crypto stance potentially putting pressure on the current administration to reevaluate its approach.
The Countdown Begins:
May 23rd marks the critical deadline for the SEC's decision on VanEck's spot Ether ETF application. The coming days will be filled with anticipation as the crypto community awaits a definitive answer.
Beyond the Headlines:
It's important to remember that a DTCC listing doesn't guarantee approval. The SEC still holds the ultimate power to decide the fate of VanEck's ETF.
Even if approved, the arrival of a US spot Ethereum ETF could have broader implications for the entire cryptocurrency market, potentially boosting investor confidence and mainstream adoption.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Always conduct your own research before making any investment decisions.
Source: TheBlock
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