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U.S. securities regulators on Monday asked Nasdaq, Cboe and the New York Stock Exchange to fine-tune their applications to list spot ether exchange-traded funds (ETFs), four people familiar with the matter told Reuters, in a sign that the Agencies may be prepared to approve these applications.
While the exchange application is the first step in a two-step approval process, SEC approval would mark a significant and surprising victory for the cryptocurrency industry, which had been expecting a rejection.
Ethereum prices rose 18% on Monday and rose another 2.5% to $3,764 in the early hours of Tuesday.
The SEC must decide by the end of this week whether to approve CBOE’s application to list ether ETFs offered by VanEck and ARK Investments/21Shares. The SEC has yet to engage with the exchange and issuer on the details of the filing, leading industry executives to expect a rejection.
But in a surprise move, U.S. Securities and Exchange Commission officials on Monday asked Nasdaq, Cboe and the New York Stock Exchange to quickly update and revise documents, requests that typically precede approval, the people said on condition of anonymity. said during a discussion on private regulation.
Spokespeople for the SEC and CBOE declined to comment. Spokespersons for Nasdaq, ARK and the New York Stock Exchange did not respond to requests for comment.
Exchanges apply to seek SEC approval of the rule changes needed to list new products, but issuers still need the agency to approve an ETF registration statement before they can begin trading.
Unlike exchange filings, the SEC has not set a time frame for a decision, meaning it could still be months before the Ethereum ETF is ready for trading.
After the SEC approved ETFs linked to Ethereum futures in October, the first issuers applied for spot Ethereum products. But market participants had expected the SEC to reject a large number of spot Ethereum ETF applications, citing frustrating and one-sided meetings with the regulator.
The U.S. Securities and Exchange Commission (SEC), led by cryptocurrency skeptic Gary Gensler, has blocked spot trading of Bitcoin ETFs over market manipulation concerns for more than a decade, but in Grayscale Investments The U.S. Securities and Exchange Commission (SEC) was forced to approve the projects after winning a court challenge last year. These products have attracted buying interest from many hedge funds, wealth advisors and retail investors. Two new Bitcoin funds attracted more than $1 billion in assets within the first week.
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