In the midst of growing speculation surrounding the potential approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, the Depository Trust and Clearing Corporation (DTCC) has listed VanEck’s ETF under the ticker symbol “ETHV.”
The DTCC is a provider of clearing, settlement, and transaction reporting services to financial market participants in the US. Being listed on the DTCC is seen as a significant step towards receiving final approval from the US Securities and Exchange Commission (SEC).
Currently, VanEck’s ETF is marked as inactive on the DTCC website, indicating that it cannot be processed until it obtains the necessary regulatory approvals. However, it is worth noting that this is not the first Ether (ETH) ETF listed by the DTCC, as Franklin Templeton’s spot ETH ETF was listed on the platform a month ago.
The DTCC has stated that the ETF list comprises both active ETFs that can be processed and ETFs that are not yet active and therefore cannot be processed.
Additionally, reports suggest that SEC officials have reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to make updates and changes to existing spot Ether ETF applications.
The recent change in the SEC’s stance, which has been observed over the past week, is believed to be influenced by the White House. Crypto lawyer Jake Chervinsky has noted that policy decisions are driven by politics, and the cryptocurrency industry has been gaining favor in the political arena for months. He speculates that former President Donald Trump’s endorsement of cryptocurrency has compelled the Biden administration to shift its policy.
The SEC is expected to make its decision on the VanEck spot Ether ETF application by May 23, which marks the final deadline. After months of speculation about a potential rejection of spot ETH ETFs, the SEC has taken action earlier this week.
Initially, the SEC requested financial managers to amend and refile their 19b-4 filings for their proposed spot Ether ETFs. Some analysts view this move as a positive signal, increasing the likelihood of approval from 25% to 75%.
Overall, the decision from the SEC regarding the spot Ether ETFs has attracted significant attention and is eagerly awaited by market participants.