Nasdaq pressures SEC to approve spot listing of Ethereum ETF as soon as possible

Recently, Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for approval to list the BlackRock Spot Ethereum ETF. Nasdaq believes that the SEC should allow it to regulate Ethereum ETFs in accordance with the rules governing commodity trust shares.

Nasdaq says SEC has no reason to block spot Bitcoin or Ethereum ETF listings

Nasdaq proposed that the SEC has no reason to prevent the listing of spot Bitcoin or Ethereum ETFs because it already allows CME Group to list these two digital asset futures ETFs. Nasdaq urges the SEC to approve a spot ETF application that would allow U.S. investors to gain exposure to Bitcoin and Ethereum in a safer way.

Nasdaq further stated that it meets all requirements set by the SEC to protect investors and has surveillance protocols in place to monitor market fraud and manipulation. Nasdaq claims that, like CME, it is also a member of the Intermarket Surveillance Group (ISG), which monitors and reports illegal activities by all members. Additionally, it partners with Coinbase, which monitors the spot market.

Regarding potential issues with market monitoring, Nasdaq emphasized that the spot Bitcoin or Ethereum market monitoring mechanism is as robust as the futures market. It also stated that the CME futures market meets the SEC’s standards for a market that is sufficiently large and appropriately regulated.

BlackRock proposed that the Ethereum Trust ETF would be operated by the iShares Delaware Trust Sponsor, with Coinbase Custody serving as the “Ethereum Custodian” holding the majority of ETH. ETF NAV calculations may not conform to U.S. GAAP and are determined exclusively by iShares Delaware. ETF valuation will be based on the CMECF Ethereum USD Reference Rate.

Nasdaq’s move is similar to the arguments for using a spot Bitcoin ETF that has been applied for. It advocates that the SEC should allow spot digital asset ETFs and treat them the same as CME futures ETFs. With the SEC recently approving an Ethereum futures ETF, Nasdaq hopes an Ethereum spot ETF will also be approved.

After the spot listing of Ethereum ETF, it will attract a lot of funds to intervene, which is expected to trigger a surge in ETH. We can intervene with low-level funds in advance and wait for the next bull market to come! Newbies are advised to focus on hoarding coins and operating liquidity mining. When hoarding coins, mainly Bitcoin and Ethereum, and liquidity mining, you must operate safe, stable and reliable projects!