Road To Approval? The First Spot Ethereum ETF Lands On The DTCC Website

Bitcoinist
Updated Apr 28, 2024 01:10
Mitrade

Franklin Templeton’s Ethereum Spot ETF ticker has appeared on the Depository Trust and Clearing Corporation (DTCC) list, indicating a possible signal that the United States Securities and Exchange Commission (SEC) could approve Ethereum ETFs. 



Franklin Templeton’s Spot Ethereum ETF Gets Listed By DTCC


On Friday, April 26, the proposed Ethereum Spot ETF of American multinational investment firm, Franklin Templeton made its debut on DTCC’s official website, under the ticker symbol EZET. 


Franklin Templeton’s new listing on DTCC’s platform comes amidst the ongoing deliberations of the SEC regarding approving Ethereum Spot ETFs. Earlier in January, following the approval and launch of Spot Bitcoin ETFs, many analysts anticipated the emergence of additional cryptocurrency ETFs, with speculations centering on Ethereum being the next in line to receive an ETF after Bitcoin. 


However, despite prominent financial services firms such as BlackRock, Grayscale, VanEck, Fidelity and others submitting applications for an Ethereum Spot ETF, approval from the US SEC has been delayed consistently. 


The regulatory agency disclosed in a recent filing on Tuesday, April 23, that it would be designating a longer period to decide on its appropriate mode of action regarding the Spot Ethereum ETF proposed by Franklin Templeton and Grayscale. The commission had scheduled June 11 as the new deadline to approve or reject the Ethereum Spot ETF proposals.


This move appears to be anticipated by other crypto and financial experts in the industry, as analysts from Standard Chartered as well as VanEck CEO, Jan Van Eck had previously expressed skepticism about the likelihood of the US SEC authorizing Ethereum Spot ETFs soon. 



Is The New Listing A Sign Of An Imminent Approval? 


The recent addition of Franklin Templeton’s proposed Ethereum Spot ETF in the DTCC listing is seen as an initial step in the trading process and does not guarantee approval from the SEC which holds sole authority to green light or reject such investment products. 


Before the approval of Spot Bitcoin ETFs, the DTCC had listed BlackRock’s previously proposed Spot Bitcoin ETF on its platform, fueling speculations and raising hopes of possible approval by the SEC. However, the clearing and settlement company later removed BlackRock’s Bitcoin ETF from its platform, clarifying that the listing did not imply the SEC’s endorsement of Spot Bitcoin ETF applications. 


Amidst the anticipation of an Ethereum Spot ETF approval, the US SEC has remained ambiguous about its position. Senior Bloomberg ETF analyst, Eric Balchunas also revealed earlier in March that their odds for an Ethereum ETF approval was only 25%, reflecting a rather pessimistic outlook. 


Overall, the broader crypto market is still closely monitoring the developments surrounding Franklin Templeton and other financial firm’s Ethereum Spot ETF applications along with the SEC’s final decision, acknowledging a potential approval as a significant step forward in the digital asset sector. 


Featured image from Pexels, chart from TradingView

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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