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As the crypto world eagerly awaits the potential approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the United States, global investment firm VanEck has taken another step forward. The company’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”
The DTCC, a crucial financial market infrastructure provider in the U.S., offers clearing, settlement, and transaction reporting services to financial market participants. A listing on the DTCC platform is considered a vital step before receiving the final green light from the U.S. Securities and Exchange Commission (SEC).
Currently, VanEck’s ETF is marked as inactive on the DTCC website, indicating that it cannot be processed until it secures the necessary regulatory approvals. However, VanEck is not alone in this journey. Franklin Templeton’s spot ETH ETF was also listed on the platform a month prior.
The DTCC clarified that their ETF list includes both active ETFs that can be processed by the DTCC and those that are not yet active and, therefore, cannot be processed at this time.
Interestingly, reports suggest that SEC officials have been in contact with major exchanges, such as Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange, to update and modify existing spot Ether ETF applications.
The sudden shift in the SEC’s stance over the past week has sparked speculation about the White House’s influence on the matter. Crypto lawyer Jake Chervinsky noted that policy is driven by politics, and cryptocurrency has been gaining ground in the political battle. He also suggested that former president Donald Trump’s endorsement of cryptocurrency might have prompted the Biden administration to reconsider its policy.
It's hard to believe this SEC would do us any favors like approving the spot ETH ETF.
But policy is politics, and crypto has been winning the political battle for months.
Maybe the Biden camp saw how many voters Trump could win with one pro-crypto comment and decided to pivot.
— Jake Chervinsky (@jchervinsky) May 21, 2024
Ethereum ETF decision deadline
As the final deadline for the SEC’s decision on the VanEck spot Ether ETF application approaches on May 23, the crypto community remains anxious and divided. The news follows ETH recently rallying over 21% within 24 hours amid speculation that an Ethereum ETF may be approved soon.
