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Home»ETHEREUM NEWS»The road to approval? The first spot Ethereum ETF has landed on the DTCC website.
ETHEREUM NEWS

The road to approval? The first spot Ethereum ETF has landed on the DTCC website.

By Crypto FlexsApril 28, 20243 Mins Read
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The road to approval?  The first spot Ethereum ETF has landed on the DTCC website.
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Franklin Templeton’s Ethereum Spot ETF The ticker is Depository Trust and Clearing Corporation (DTCC) The list represents a possible sign that the U.S. Securities and Exchange Commission (SEC) could approve an Ethereum ETF.

Franklin Templeton’s Spot Ethereum ETF is listed on DTCC.

On Friday, April 26, the Ethereum spot ETF proposed by American multinational investment company Franklin Templeton was announced. debut It is located under the ticker symbol EZET on the DTCC official website.

Franklin Templeton’s new listing on the DTCC platform SEC on Approval of Ethereum Spot ETF. Following the approval and launch of the Spot Bitcoin ETF in early January, many analysts predicted the emergence of: Additional Cryptocurrency ETFsThere is speculation centered around Ethereum that it will be the next to receive an ETF after Bitcoin.

However, despite prominent financial services companies such as BlackRock, Grayscale, and VanEck; fidelity Other people submitting Ethereum Spot ETF applications; Approval from the US SEC has been continuously delayed.

Recently released by the regulator filing On Tuesday, April 23, Franklin Templeton said it would take a longer time frame to determine the appropriate course of action regarding its proposed spot Ethereum ETF. grayscale. The commission set a June 11 deadline for the new approval. We reject the Ethereum Spot ETF proposal.

This movement is as follows: expectation Analysts at Standard Chartered and VanEck CEO Jan Van Eck have previously expressed skepticism about the chances of the US SEC approving an Ethereum Spot ETF any time soon.

Ethereum is now trading at $3,120. Chart: TradingView

Does the new listing mean approval is imminent?

The recent addition of Franklin Templeton’s proposed Ethereum Spot ETF to the DTCC list is considered an early step in the trading process and does not guarantee a green light or approval from the SEC, which has the sole authority for approval. Refuse such investment products.

Before approval of spot Bitcoin ETF, DTCC listed BlackRock.previously proposed a spot Bitcoin ETF on its platform, fueling speculation and raising hopes for possible SEC approval. However, in the future, the clearing and settlement company BlackRock’s Bitcoin ETF has been removed from the platform.It was clarified that the listing does not mean the SEC will approve the Spot Bitcoin ETF application.

Amid expectations of approval of the Ethereum Spot ETF, the US SEC has remained vague on its position. Bloomberg ETF analyst Eric Balchunas also said in early March: The probability of Ethereum ETF approval was only 25%.This reflects a somewhat pessimistic outlook.

Overall, the broader cryptocurrency market is still closely monitoring developments surrounding Franklin Templeton and cryptocurrencies. Ethereum Spot ETF applications from other financial companies Together with the SEC’s final decision, it recognizes the potential approval as a significant step forward in the digital asset sector.

Featured image from Pexels, chart from TradingView

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