US SEC Requests Ether ETF Fine-Tuning, Hinting at Approval
May 23, 2024, 3:41 pm
In a surprising turn of events, the U.S. securities regulator has requested Nasdaq, CBOE, and NYSE to make adjustments to their applications for spot ether exchange-traded funds (ETFs). This move has sparked speculation that the agency may be leaning towards approving the filings, a development that has caught many in the cryptocurrency industry off guard.
According to sources familiar with the process, Securities and Exchange Commission officials have instructed the exchanges to submit their revisions by the end of Tuesday. This request for fine-tuning is often seen as a positive sign that approval may be on the horizon.
The SEC's decision to engage with the exchanges and issuers on the filing details comes as a surprise to many industry executives, who had been anticipating a rejection. The price of ether surged following the news, with the cryptocurrency jumping as much as 18% on Monday and continuing to climb on Tuesday.
If approved, the ETFs filed by CBOE to list ether ETFs provided by VanEck and ARK Investments/21Shares could mark a significant milestone for the cryptocurrency industry. The SEC's willingness to consider these applications represents a shift in attitude towards digital assets.
While the approval of the exchange applications is just the first step in a two-step process, the fact that the SEC has requested revisions is a promising sign. Typically, such requests precede approval, indicating that the agency is taking a closer look at the filings.
The road to approval for ether ETFs may still be a lengthy one, as there is no set timeframe for the SEC to decide on the registration filings. This means that it could be several months before these products are available for trading.
Overall, the SEC's decision to request fine-tuning of the ether ETF filings is a positive development for the cryptocurrency industry. It signals a potential shift in regulatory attitudes towards digital assets and could pave the way for greater acceptance and adoption of cryptocurrencies in the mainstream financial sector.
According to sources familiar with the process, Securities and Exchange Commission officials have instructed the exchanges to submit their revisions by the end of Tuesday. This request for fine-tuning is often seen as a positive sign that approval may be on the horizon.
The SEC's decision to engage with the exchanges and issuers on the filing details comes as a surprise to many industry executives, who had been anticipating a rejection. The price of ether surged following the news, with the cryptocurrency jumping as much as 18% on Monday and continuing to climb on Tuesday.
If approved, the ETFs filed by CBOE to list ether ETFs provided by VanEck and ARK Investments/21Shares could mark a significant milestone for the cryptocurrency industry. The SEC's willingness to consider these applications represents a shift in attitude towards digital assets.
While the approval of the exchange applications is just the first step in a two-step process, the fact that the SEC has requested revisions is a promising sign. Typically, such requests precede approval, indicating that the agency is taking a closer look at the filings.
The road to approval for ether ETFs may still be a lengthy one, as there is no set timeframe for the SEC to decide on the registration filings. This means that it could be several months before these products are available for trading.
Overall, the SEC's decision to request fine-tuning of the ether ETF filings is a positive development for the cryptocurrency industry. It signals a potential shift in regulatory attitudes towards digital assets and could pave the way for greater acceptance and adoption of cryptocurrencies in the mainstream financial sector.