Breaking: SEC Greenlights Ether ETFs, Issuers Await Final Approval

The US Securities and Exchange Commission (SEC) approved applications from major exchanges like Nasdaq, CBOE, and NYSE to list exchange-traded funds tied to the price of ether on Thursday. This approval potentially opens the door for these products to begin trading later this year.Issuers to Seek Regulatory ApprovalNine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, applied to launch ETFs tied to ether following the SEC's approval of Bitcoin ETFs in January. Despite the much-anticipated positive feedback, ether ETF issuers must obtain approval for ETF registration statements detailing investor disclosures before the products can start trading. Last-Minute ChangesMarket participants were prepared for a negative outcome, especially considering the lack of engagement from the SEC on the applications, Reuters reported. However, in an unexpected turn of events, SEC officials on Monday requested the exchanges to make quick adjustments to the filings, leading to a rush within the industry to meet the new requirements in a short timeframe.In the run-up towards the deadline for the decision making, the SEC’s Chair Gary Gensler, known for his skepticism towards cryptocurrencies, declined to comment when asked about the ether ETFs by reporters. The SEC spokesperson also stated that the agency would not provide further comments on the matter.However, there is no set timeframe for the SEC to decide on these statements, leaving industry participants uncertain about when trading could commence. This article was written by Jared Kirui at www.financemagnates.com.

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May 23, 2024 - 22:30
Breaking: SEC Greenlights Ether ETFs, Issuers Await Final Approval

The US Securities and Exchange Commission (SEC) approved applications from major exchanges like Nasdaq, CBOE, and NYSE to list exchange-traded funds tied to the price of ether on Thursday. This approval potentially opens the door for these products to begin trading later this year.

Issuers to Seek Regulatory Approval

Nine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, applied to launch ETFs tied to ether following the SEC's approval of Bitcoin ETFs in January. Despite the much-anticipated positive feedback, ether ETF issuers must obtain approval for ETF registration statements detailing investor disclosures before the products can start trading. Last-Minute Changes

Market participants were prepared for a negative outcome, especially considering the lack of engagement from the SEC on the applications, Reuters reported. However, in an unexpected turn of events, SEC officials on Monday requested the exchanges to make quick adjustments to the filings, leading to a rush within the industry to meet the new requirements in a short timeframe.

In the run-up towards the deadline for the decision making, the SEC’s Chair Gary Gensler, known for his skepticism towards cryptocurrencies, declined to comment when asked about the ether ETFs by reporters. The SEC spokesperson also stated that the agency would not provide further comments on the matter.

However, there is no set timeframe for the SEC to decide on these statements, leaving industry participants uncertain about when trading could commence. This article was written by Jared Kirui at www.financemagnates.com.