Nasdaq and Cboe receive direction from SEC to refine Ethereum ETF applications: report – DiarioBitcoin
By Hannah Perez
More Signs of U.S. Ethereum Spot ETF Approval: Regulators Asked Exchanges to Work Out Details. Fidelity amended its application Tuesday following the SEC’s invitation.
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- US regulators ask exchanges to fine-tune Ethereum spot ETF applications
- Another sign that the SEC could be preparing to approve ETH-based funds
- Separate reports have also revealed that the SEC would be asking issuers for updates.
- ETH has soared more than 20% above USD$3,800 amid reports
Signs continue to emerge of possible approval for an exchange-traded fund (ETF) based on Ethereum in cash by the US Securities and Exchange Commission (SEC).
American stock exchanges, Nasdaq and CBOEhave apparently received direction to fine-tune the details of ongoing ETF applications Ethereum cash that involve them, as reported this Tuesday Reuters.
The report, which cites people familiar with the matter, details that the SEC officials asked the Nasdaq Yet the CBOE to quickly make updates and changes to presentationsrequests that normally precede approval.
US regulators had not finalized the details about a possible listing of products based on the second largest cryptocurrency, so experts anticipated the possibility of rejection. However, in the last few hours, there has been an unexpected change that suggests that the SEC could approve the applications.
The products proposed by VanEck, ARK and 21Shareswhich have until the end of this week for a key response from the regulator, would be traded on the stock market CBOEwhile other issuers have put Nasdaq and NYSE Arca such as trading markets for your ETFs. It is not known if the third exchange has also been contacted by the SEC.
SEC signals ETF approval Ethereum
The indications to stock exchanges come after the SEC apparently invited applicants to update their ETF applications from Ethereum in cash, reported CoinDesk on Monday. Notably, the publication reported that exchanges were being asked to update their 19b-4 filings so “accelerated“.
A separate article from Wall Street Journal reported along the same lines as the The SEC’s Division of Trading and Markets told asset managers on Monday to amend their filings and resubmit them with amendments. First thing on Tuesday, Fidelity submitted an amendment to its ongoing application.
“Issuers are asked to update their 19b4. Updates are relatively light”commented a high-ranking member of an issuer to The Blockconfirming the rumors. “It would be strange to ask people to update something, only to reject it lateralthough I guess in this market literally anything can happen“he added.
The reports coincided with comments from ETF analyst BloombergEric Balchunas, who said he was hearing rumors that the SEC had changed its mind regarding ETF approvals Ethereum.
Balchunas later said yesterday that heard that Forms 19b-4 were due back to the SEC at 10am this morning. He added that approval of these forms could occur as soon as May 22, when the response deadline for at least one of the ETF applications passes.
In the face of this surprising development, Balchunas and his colleague James Seyffart, estimate that the chances of the US Securities and Exchange Commission approving ETFs of Ethereum in cash they have increased from 25% to 75%.
Before the approval of ETFs Bitcoin spot at the beginning of the year, issuers submitted numerous amendments and were in constant dialogue with the SEC to ensure that their proposals were adapted to the regulator’s requirements. lThe SEC eventually approved Forms 19b-4, and the ETFs began trading after the registration statements became effective.
Ethereum (ETH) has soared more than 20% this Tuesday amid expectations for ETF approval. It is trading around USD $3,800 at the time of publication, its best price since March.
Article by Hannah Estefanía Pérez / DailyBitcoin
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