Franklin Templeton’s Ethereum spot ETF ticker has appeared on the Depository Trust & Clearing Corporation (DTCC) listing, a possible sign that the U.S. Securities and Exchange Commission (SEC) may approve an Ethereum ETF.
Franklin Templeton’s Spot Ethereum ETF Listed by DTCC
On Friday, April 26, the Ethereum spot ETF proposed by American multinational investment company Franklin Templeton debuted on the DTCC official website with the code EZET.
Franklin Templeton’s new listing on the DTCC platform comes against the backdrop of the SEC’s ongoing deliberations to approve a spot Ethereum ETF. Back in January, following the approval and launch of the spot Bitcoin ETF, many analysts expected more cryptocurrency ETFs to emerge, with speculation centering on Ethereum becoming the next cryptocurrency to get an ETF after Bitcoin.
However, despite the fact that well-known financial services companies such as BlackRock, Grayscale, VanEck, Fidelity and others have submitted applications for spot Ethereum ETFs, the approval of the US SEC has been delayed.
The regulator disclosed in a recent filing on Tuesday, April 23, that it will designate a longer period to decide on its appropriate course of action regarding the spot Ethereum ETF proposed by Franklin Templeton and Grayscale. The Commission set June 11 as the new deadline to approve or reject the Ethereum spot ETF proposal.
The move appears to have been anticipated by other crypto and financial experts in the industry, as analysts at Standard Chartered Bank as well as VanEck CEO Jan Van Eck had previously expressed skepticism about the possibility of the U.S. SEC authorizing a spot Ethereum ETF anytime soon.
Does the new listing indicate imminent approval?
The recent addition of Franklin Templeton’s proposed spot Ethereum ETF to the DTCC’s listing is viewed as the first step in the transaction process and does not guarantee approval from the SEC, which has exclusive authority to approve or reject such investment products.
Prior to approving the spot Bitcoin ETF, DTCC had listed BlackRock's previously proposed spot Bitcoin ETF on its platform, sparking speculation and raising hopes that the SEC might approve it. However, the clearing company later removed BlackRock's Bitcoin ETF from its platform and clarified that the listing did not mean the SEC's approval of the spot Bitcoin ETF application.
While anticipating the approval of the Ethereum spot ETF, the U.S. SEC remains vague on its position. Bloomberg senior ETF analyst Eric Balchunas also revealed earlier in March that they only had a 25% chance of approving the Ethereum ETF, reflecting a rather pessimistic outlook.
Overall, the broader crypto market remains closely watching developments surrounding Franklin Templeton and other financial firms’ Ethereum spot ETF applications and the SEC’s final decision, acknowledging that potential approval is a significant step forward for the digital asset space. #现货以太坊ETF #DTCC
