Ethereum ETF getting approved? VanEck detail attracted attention
As rumors circulated in the US regarding the possible approval of a spot Ether exchange-traded fund (ETF) on May 23, investment manager VanEck's ETF was listed by the Depository Trust and Clearing Corporation (DTCC) under the symbol "ETHV".
DTCC is an American financial market infrastructure provider that offers clearing, settlement and transaction reporting services to financial market players. The listing on the DTCC is considered an important step before final approval by the US Securities and Exchange Commission (SEC).
VanEck's ETF is currently described as inactive on the DTCC website. In a sense, the Ethereum ETF cannot be processed until it receives the necessary regulatory approvals.
VanEck is not the first Ether (ETH) ETF to be listed by the DTCC. Franklin Templeton's spot ETH ETF was listed on the platform a month ago
The DTCC stated that the ETF list includes both active ETFs that can be processed by them and ETFs that are not yet active and therefore cannot be processed.
Another report suggested that SEC officials have contacted Nasdaq, the Chicago Board Options Exchange and the New York Stock Exchange to update and amend existing spot Ether ETF applications.
The SEC's significant change in stance last week is speculated to be linked to the White House.
Crypto lawyer Jake Chervinsky stated in a post on X that politics is driven by politics and crypto is winning the political battle. Chervinsky claimed that former president Donald Trump's support for cryptocurrencies forced President Joe Biden's administration to change its policy.
May 23 is the deadline for the SEC's decision on the VanEck spot Ether ETF application. After months of speculation about a possible rejection of spot ETH ETFs, the SEC took action earlier this week.
The SEC first asked financial executives to amend and redraft their 19b-4 filings for their proposed spot Ether ETFs. Some analysts saw this move as a positive sign and increased the chances of potential approval from 25 percent to 75 percent.
