SEC Greenlights Exchange Applications for Ether ETF Listings in the US
The US Securities and Exchange Commission (SEC) gave the green light on Thursday to applications from Nasdaq, CBOE, and NYSE, permitting them to list exchange-traded funds (ETFs) linked to the price of ether. This decision potentially sets the stage for these products to commence trading later this year.
While the ETF issuers must still receive final approval before launching the products, Thursday’s endorsement comes as a significant surprise victory for these firms and the cryptocurrency sector. Until Monday, there was widespread anticipation within the industry that the SEC would reject the filings.
Nine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, are eyeing the launch of ETFs connected to the second-largest cryptocurrency, following the SEC’s approval of bitcoin ETFs in January, marking a pivotal moment for the sector.
Andrew Jacobson, Vice President and Head of Legal at 21Shares, remarked, “This is an exciting moment for the industry at large,” emphasizing that it marks “a significant step” towards bringing the products to market.
Thursday marked the deadline for the SEC to make a decision on VanEck’s filing. Market participants had been bracing for a rejection, given the lack of engagement from the SEC on the applications.
