Franklin Templeton ethereum Spot ETF The stock symbol has been listed on the Depository Trust and Clearing Corporation (DTCC), indicating a possible sign that the United States Securities and Exchange Commission (SEC) could approve ethereum ETFs.
Franklin Templeton's ethereum Spot ETF Listed by DTCC
On Friday, April 26, the ethereum Spot ETF proposed by American multinational investment firm Franklin Templeton made its presentation. debut on the official DTCC website, under the symbol EZET.
Franklin Templeton's re-listing on the DTCC platform comes amid ongoing deliberations of the SEC regarding approval of ethereum spot ETFs. In early January, following the approval and launch of bitcoin Spot ETFs, many analysts anticipated the emergence of Additional Cryptocurrency ETFswith speculation centered on ethereum being next to receive an ETF after bitcoin.
However, despite prominent financial services companies such as BlackRock, Grayscale, VanEck, Fidelity and others submitting applications for an ethereum spot ETF, US SEC approval has been consistently delayed.
The regulatory agency revealed in a recent presentation on Tuesday, April 23, which would designate a longer period to decide its appropriate mode of action regarding the Spot ethereum ETF proposed by Franklin Templeton and Grayscale. The commission had set June 11 as the new deadline to approve or Reject the ethereum Spot ETF proposals.
This movement seems to be anticipated According to other industry cryptocurrency and finance experts, such as Standard Chartered analysts and VanEck CEO Jan Van Eck, they had previously expressed skepticism about the likelihood of the US SEC authorizing spot ETFs soon. of ethereum.
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ethereum is now trading at $3,120. Chart: TradingView
Is the new listing a sign of imminent approval?
The recent addition of Franklin Templeton's proposed ethereum Spot ETF to the DTCC listing is considered an initial step in the trading process and does not guarantee approval from the SEC, which has the exclusive authority to greenlight or ethereum/sec-anticipated-to-reject-spot-ethereum-etfs-in-upcoming-decision-eth-price-takes-5-hit/” target=”_blank” rel=”noopener nofollow”>reject such investment products.
Prior to the approval of bitcoin Spot ETFs, the DTCC had included BlackRockThe Spot bitcoin ETF previously proposed on its platform, fueling speculation and raising hopes of possible SEC approval. However, the clearing and settlement company subsequently removed BlackRock's bitcoin ETF from its platformclarifying that the listing did not imply the SEC's endorsement of the Spot bitcoin ETF applications.
Amid anticipation of the approval of an ethereum spot ETF, the US SEC has remained ambiguous about its position. Bloomberg Senior ETF Analyst Eric Balchunas also revealed in early March that his ethereum ETF Approval Odds Were Only 25%which reflects a rather pessimistic perspective.
Overall, the broader crypto market is still closely monitoring the developments surrounding Franklin Templeton and ethereum/ethereum-etf-race-gets-hotter/” target=”_blank” rel=”noopener nofollow”>ethereum Spot ETF Applications from Other Financial Firms along with the SEC's final decision, recognizing potential approval as an important step forward in the digital asset sector.
Featured image from Pexels, chart from TradingView
