Ethereum
SEC Requests Updates to Nasdaq and CBOE Ethereum ETF Filings
According to ReutersThe U.S. Securities and Exchange Commission (SEC) has asked Nasdaq and CBOE to amend their spot listing applications Ethereum exchange-traded funds (ETFs).
Key points:
- The SEC’s request for updates to Nasdaq and CBOE filings signals a potential approval of Ethereum spot ETFs.
- The price of ETH jumped up to 22% in the last 24 hours.
- The SEC is expected to rule on the CBOE’s requests to list the VanEck and ARK Investments/21Shares ETH ETFs by the end of the week.
- Issuers still need SEC approval for ETF registration statements before trading can begin.
- Industry executives expected rejection due to the SEC’s lack of engagement on the details of the filing.
The SEC’s surprise move deviates from industry expectations, as the regulator did not engage with exchanges and issuers on the details of the filing. This led many to expect rejection.
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SEC Contacted to Make Rapid Updates to Ethereum ETF Filings
However, on Monday, SEC officials contacted Nasdaq and CBOE, requesting prompt updates and changes to their filings.
Exchange applications, which seek SEC approval for a rule change necessary for the listing of new products, are the first step in a two-step approval process.
Even if the SEC gives the green light for filings, issuers will still need the agency to approve their ETF registration statements before the products can begin trading.
News of the SEC request undoubtedly triggered a surge in ETH prices. ETH also rose above the $3,800 level for a brief period in the last 24 hours.
Early issuers filed for Ethereum spot ETFs after the SEC approved ETFs tied to Ethereum futures in October. However, market participants expected the SEC to reject ETH ETF spot applications, citing discouraging and one-sided meetings with the regulator.
Vignesh Karunanidhi
Vignesh Karunanidhi
Writer of the Milk Route
Vignesh is a seasoned professional in the crypto field since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content including news articles, long-form articles, and articles blog, all focused on sharing. the beauty of blockchain and crypto.