Ethereum ETF is about to be approved？SEC asks 3 exchanges to amend filing documents: report
Ether's dollar value has risen more than 28% in the past 7 days。The decision deadline for CBOE's submission of applications from two issuers to list Ether ETFs is also coming.
Expectations for approval of an ethereum exchange-traded fund (ETF) were further heightened when the U.S. Securities and Exchange Commission (SEC) asked Nasdaq, the Chicago Board Options Exchange (CBOE) and the New York Stock Exchange to amend their applications for crypto instruments by the end of Tuesday, according to Reuters.
Fueling enthusiasm among cryptocurrency investors
Although there is no official confirmation, the regulator's approach to the exchange has reportedly galvanized the cryptocurrency market as the dollar value of ethereum has risen sharply over the past few days.
However, even if the SEC approves the exchange's application to list an Ether ETF it will only be the first step in the approval process. The agency also needs to approve the ETF's registration statement, a lengthy process that could take months before trading can begin.
Meanwhile, the deadline for the SEC to make a decision on the CBOE's filing to list Ether ETFs offered by VanEck and ARK Investments/21Shares is the end of this week. However, the regulator has yet to engage with the exchanges or issuers on the details of the filing, suggesting that approval has been delayed once again. Previously, the SEC delayed its decision on BlackRock's Ether ETF application.
Bitcoin ETF Clears the Way
After a decade of delays, the SEC approved 11 bitcoin ETFs at once last January. As expected, the move led to a rise in Bitcoin as it brought the cryptocurrency closer to regular retail and institutional investors.
Earlier this week, Eric Balchunas, a senior analyst at Bloomberg, also raised the chances of approval for a bitcoin ETF from 25 percent to 75 percent. His decision was based on the political pressure on the U.S. Securities and Exchange Commission (SEC) to decide on an Ether ETF. He also noted that the regulator communicated with the New York Stock Exchange and Nasdaq to revise its filings.
Interestingly, policy around cryptocurrencies has entered US party politics. Former U.S. President Donald Trump, who is running for U.S. President again, has directly criticized the anti-crypto policies of the Biden administration and SEC Chairman Gary Jansler. Trump has even started accepting cryptocurrency donations.
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