The Listing of VanEck’s Ethereum Spot ETF by DTCC Moves Approval Process Forward
The global investment manager, VanEck, has had its Ethereum Spot ETF listed on the DTCC under the symbol “ETHV,” marking a potentially promising indicator for ETF approval.
This listing by the DTCC, an American provider of financial market infrastructure offering clearing, settlement, and transaction reporting services, is considered a crucial step before final SEC approval.
The Inactive VanEck Ethereum Spot ETF
Currently, VanEck’s ETF is listed as inactive on the DTCC website, meaning that it cannot be traded until the necessary regulatory approvals have been obtained.
VanEck is not the first Ethereum ETF to be listed by DTCC, with Franklin Templeton having listed its own ETH ETF on the platform a month ago. This situation indicates that the regulatory process is still awaiting further clarification and final decisions.
SEC’s Perspective Change and Political Implications
It is reported that SEC officials have reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to update and modify existing requests for Ethereum Spot ETFs.
This significant change in the SEC’s position in recent weeks is suspected to be linked to political influences coming from the White House. This shift is also put into context by the apparent approval of former President Donald Trump for cryptocurrencies, prompting President Joe Biden’s administration to adjust its policy.
Next Steps and Expectations
May 23rd is the final deadline for the SEC’s decision regarding VanEck’s Ethereum Spot ETF application. After months of speculation about a likely rejection of Ether ETFs, the SEC took action earlier this week by asking financial managers to amend and refile their proposed 19b-4 filings for their ETH ETFs. This move has been interpreted by some analysts as a positive sign, shifting potential approval odds from 25% to 75%.
