VanEck, the global investment manager, has released its eagerly anticipated spot ether ETF [ETF] The Depository Trust and Clearing Corporation has added a new website. [DTCC] website. The DTCC is known for their post-trade clearing, settlement, custodial, and information services. They list both active funds and pre-launched funds.
Pending SEC approval
VanEck Ether ETF has not been operational yet, despite the listing. The U.S. Securities and Exchange Commission has yet to approve the Ether ETF. [SEC]. VanEck’s Spot Ether ETF has the ticker “VANECK” on the DTCC’s list. “ETHV.” This is indicated by the inactive column. The DTCC stated,
“This file includes both active ETFs that may be processed at DTCC and ETFs that are not yet active (“pre-launch”) and, therefore, are not able to be processed at DTCC, unless and until such securities have received all necessary regulatory and other approvals.”
Also Read: Cryptocurrency: Top 3 Coins To Buy Now In Anticipation of Ethereum ETF Approval
SEC Directives and Positive Signals
This coincides with a recent SEC directive requiring U.S.-based firms to update their forms 19b-4 for any proposed Ether ETFs. The request for a new 19b-4 form is seen by many as an indication that the SEC may be close to approving these funds. It is crucial to notify the SEC regarding proposed rule changes using 19b-4. These forms are essential to the approval procedure for spot Ether exchange-traded funds.
Cboe BZX has recently updated 19b-4 for Ether ETFs spot from many major companies. Franklin Templeton and Fidelity are among those listed. VanEck, Invesco Galaxy with Ark Invest is also included. Franklin Templeton had listed a spot Ether-based ETF with the DTCC earlier this month. CoinShares has decided to not pursue the spot Ether ETFs.
Ethereum Performance and Market Optimism
Standard Chartered also showed confidence in the potential regulatory approval for spot Ether ETFs. According to their forecast, Ethereum’s value could hit $8,000 at the end the year. Bloomberg analysts have increased their approval odds, which has contributed to a 8% price rise. It pushed altcoins above the mark of $3,500. At the time of publication, ETH’s price was $3,751.85, following a surge of 28% over the past 24 hours.
Also Read: SEC informs Exchanges It May Approve Spot Ethereum ETFs
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Source: watcher.guru