- Franklin Templeton lists ETH ETF (EZET) on the DTCC website.
- However, the US SEC’s chances of approval in May remain low.
that much Ethereum (ETH) The community is excited after Franklin Templeton Investments’ spot ETH ETF was listed on the DTCC website.
The Depository Trust and Clearing Corporation (DTCC) is the primary clearing house for institutional trading and securities in the United States. Therefore, the listing of Franklin’s Ethereum TR Ethereum (EZET) is a big step forward. DTCC.
Source: DTCC
However, the final decision on approval rests with the U.S. SEC. Unfortunately, the SEC did not grant Franklin Templeton such a green light.
Franklin Templeton Investments ETH ETF Delayed
On April 23, the US SEC postponed its decision on Franklin Templeton’s proposed spot Ethereum ETF and requested more time. part of the statement read,
“The committee considered it appropriate to specify a longer period. Action on proposed rule changes to ensure that there is sufficient time to consider the proposed rule. “Change and the problems it raises.”
The SEC also postponed decisions on other potential issuers such as BlackRock, Van Eck and Grayscale. As the May 2024 deadline approaches, the likelihood of your application being rejected increases.
Bloomberg ETF analysts James Seyffart and Eric Balchunas kept the odds of May approval below 30%.
In recent years interviewSeyffart reiterated the same point and suggested approval could be possible in 2025.
“I don’t think that will happen later this year. The odds are a little higher. But 2025 seems more likely, but the rejection letters will give us a better idea.”
Tron founder Justin Sun also expected rejection in May, but declaration that,
“The cryptocurrency industry, together with regulators, must prepare for long-term education focused on improving understanding of cryptocurrencies.”
Despite previous statements that Ethereum is not a security like Bitcoin, the SEC has remained silent on the status of ETH.
The lack of clarity prompted Consensys, the company behind the MetaMask wallet, to file a report. lawsuit Last week, a court filed a lawsuit against the SEC to determine the status of Ethereum.
Meanwhile, the price of ETH has been maintained below $3,300 since mid-April. Ahead of the launch of the Hong Kong spot ETH ETF, the altcoin price showed a strong recovery and hit a record high of $3357.
However, the bulls again faced rejection at the short-term resistance level of $3300. Therefore, a daily candlestick closing above $3300 could confirm further bullish intentions, especially if the bears do not breach the psychological support of $3000.