World Crypto Global
- Written by: Jared Kirui
- Thu, 23 May 2024
- Israel
The US Securities and Exchange Commission (SEC) approvedapplication from major exchanges like Nasdaq, CBOE, and NYSE to listexchange-traded funds tied to the price of ether on Thursday. This approval potentially opens the door forthese products to begin trading later this year.Issuers to Seek Regulatory ApprovalNine issuers, including VanEck, ARKInvestments/21Shares, and BlackRock, applied to launch ETFs tied to etherfollowing the SEC's approval of Bitcoin ETFs in January. Despite the much-anticipatedpositive feedback, ether ETF issuers must obtain approval for ETF registrationstatements, detailing investor disclosures, before the products can starttrading. Last-Minute ChangesMarket participants were prepared for a negativeoutcome, especially considering the lack of engagement from the SEC on theapplications, Reuters reported. However, in an unexpected turn of events, SECofficials on Monday requested the exchanges to make quick adjustments to thefilings, leading to a rush within the industry to meet the new requirements ina short timeframe.In the run-up towards the deadline for the decision making,the SECs Chair Gary Gensler, known for his skepticism towardscryptocurrencies, declined to comment when asked about the ether ETFs byreporters. The SEC spokesperson also stated that the agency would not providefurther comments on the matter.However, there is no set timeframe for the SEC todecide on these statements, leaving industry participants uncertain about whentrading could commence.This article was written by Jared Kirui at www.financemagnates.com.
