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Home»ETHEREUM NEWS»SEC accepts ProShares spot Ethereum ETF entry and approves Ark exit from 21 Shares ETF
ETHEREUM NEWS

SEC accepts ProShares spot Ethereum ETF entry and approves Ark exit from 21 Shares ETF

By Crypto FlexsJune 11, 20242 Mins Read
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SEC accepts ProShares spot Ethereum ETF entry and approves Ark exit from 21 Shares ETF
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The U.S. Securities and Exchange Commission (SEC) has acknowledged proposed rule changes for the ProShares Ethereum ETF and approved closing Ark Invest’s 21 Shares application on June 10.

The agency’s notice to ProShares acknowledges but does not endorse the proposed rule change.

The SEC must act on the proposal within 45 days of publication and can delay it for up to 90 days. At this point, the agency must approve, disapprove, or initiate additional proceedings to determine the outcome of the application.

The schedule could extend ProShares’ launch date beyond that of its competitors. Bloomberg ETF analyst James Seyffart said of the timing:

“Instinct initially said this wouldn’t launch on day one with other ETFs, but who knows?”

NYSE Arca aims to list and trade shares of ProShares funds.

21 Stocks can continue without ARK.

The SEC found that 21Shares’ proposed fund may proceed with Ark Invest removed from its ownership and sub-advisory role in the fund.

The agency waived the normal 30-day delay and made the changes effective from the date of submission. The change was allowed to be made immediately because it would not have a significant impact on investor protection or competitive burdens.

Ark and 21Shares said they would withdraw from the fund on May 31. In a statement to Bloomberg ETF analyst Erich Balchunas, Ark said it “will not proceed” with its Ethereum ETF, but did not provide a clear reason for its withdrawal. It continues to be involved in the spot Bitcoin ETF ARKB.

A spot ETH ETF has not been launched yet.

The SEC approved 19b-4 rule changes for eight spot ETH ETFs on May 23 but has not yet approved the applicants’ S-1 registration statements.

Accordingly, the applicants have not launched any products for trading, and there is no clear launch date for the various spot Ethereum ETFs.

Balchunas believes the application could be released by the end of June, with the “overflow” date being July 4.

JP Morgan believes the funds will begin trading in November.

The post SEC Accepts ProShares Spot Ethereum ETF Entry, Approvals Ark Exit from 21 Shares ETF appeared first on CryptoSlate

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