The U.S. Securities and Exchange Commission (SEC) is asking Nasdaq, CBOE, and NYSE to finalize their applications to offer Ethereum exchange-traded index funds.
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The U. S. Securities and Exchange Commission (SEC) is asking Nasdaq, CBOE, and NYSE to finalize their applications to offer #MemeWatch2024 exchange-traded index funds.
The move suggests that the #ETF application may be approved.
The interaction between the SEC and the exchange is unusual and shows the potential for a change in outlook.
The U. S. Securities and Exchange Commission (SEC) has asked Nasdaq and the CBOE to reconsider their applications to list Ethereum exchange-traded funds (ETFs). This unexpected request suggests that the agency may be getting closer to approving these applications, which would give a much-needed boost to the entire cryptocurrency industry.
Historically, the SEC has been cautious in approving financial instruments related to cryptocurrencies, so this development is particularly noteworthy. On the other hand, the application filed by Nasdaq and the CBOE is the first step in a two-step approval process.
By this weekend, the SEC will have to decide whether to approve the application filed by the CBOE to list the #ETH Etf submitted by VanEck and ARK Investments/21shares. An SEC official reportedly contacted Nasdaq, CBOE and NYSE out of the blue, asking them to quickly update and change their applications.
Such a request usually precedes approval, according to people familiar with the process. These exchange applications (19b-4) require SEC approval to make the necessary rule changes to list new products. However, issuers must obtain SEC approval for ETF registration statements (S-1s) before they can begin trading.
Unlike listing applications, the SEC does not set a specific timeframe within which a registration application must be filed. This means it could take months for ETH Etf's to begin trading.
The SEC review process involves several steps.
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