Ethereum ETF has blown the market today. News that the SEC would approve the applications sent the ET price soaring. The market is trying to keep up with this. In the midst of these developments, another clue regarding approval emerged. According to Reuters, the SEC has asked exchanges to fine-tune their Ethereum ETF applications. This is a positive sign for approval!
SEC asked for fine tuning from Nasdaq and CBOE!
cryptokoin.comAs you follow from , the leading atcoin Ethereum has been on the agenda of the market. ETH price rose over ‘20% to $3,780. In the background of this increase, there were rumors that the SEC would approve Ethereum ETF applications. The SEC asked Nasdaq and CBOE on Monday to fine-tune their applications to list spot Ethereum ETFs, three people familiar with the process told Reuters. Sources evaluate that this is a signal that the agency is ready to approve applications.
Exchange applications are the first step in a two-stage approval process. However, the SEC’s green light is a big surprise for the cryptocurrency industry, which was expecting a negative response. More precisely, it means a big gain.
SEC will decide on two spot Ethereum ETFs!
The SEC must decide by the end of this week whether to approve applications filed by the CBOE to list Ethereum ETFs by VanEck and ARK Investments/21Shares. The SEC did not discuss filing details with exchanges and issuers during this process. This led industry managers to expect a negative decision.
But in a surprise move Monday, SEC officials asked Nasdaq and CBOE to quickly make updates and changes to the filings. These requests usually precede approval. Meanwhile, SEC and CBOE spokespeople declined to comment. Nasdaq and ARK spokespeople have not yet responded to requests for comment.
Will Ethereum ETF products begin trading immediately?
Exchange filings are seeking SEC approval for a rule change required to list new products. However, issuers must approve ETF registration statements before they can begin trading. Unlike stock exchange filings, there is no specific time frame within which the SEC must make a decision. This means that Ethereum ETF products may take several months to trade.
The SEC approved ETFs tied to Ethereum futures last October. After this, the first issuers applied for spot Ethereum products. However, market participants expected the SEC to reject spot Ethereum ETF applications, citing discouraging and one-sided meetings with the regulator.
SEC resisted for a long time for spot Bitcoin ETFs!
The SEC, led by crypto skeptic Gary Gensler, rejected spot Bitcoin ETFs for more than a decade. He cited market manipulation concerns as the reason for this. But it was forced to approve them after Grayscale Investments won a court battle last year. These products have attracted interest from a wide range of hedge funds, asset advisors and retail investors. Within the first week, two of the new Bitcoin funds attracted more than $1 billion in assets.
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