VanEck's Spot Ethereum ETF Listed On DTCC As SEC Decision Looms

Zinger Key Points
  • DTCC listing signifies a necessary precursor, with VanEck’s ETF currently inactive pending regulatory green light.
  • The final SEC decision on VanEck’s spot Ether ETF application is due by May 23, following months of speculation.

Amid growing anticipation about the potential approval of a spot Ether exchange-traded fund (ETF) in the United States, global investment manager VanEck's ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol "ETHV."

What Happened: This development is seen as a critical step before receiving final approval from the U.S. Securities and Exchange Commission (SEC).

The DTCC, a key American financial market infrastructure provider, offers clearing, settlement, and transaction reporting services.

A listing on DTCC is a necessary precursor to SEC approval. Currently, VanEck's ETF is designated as inactive on the DTCC website, indicating it cannot be processed until it secures the required regulatory approvals.

Notably, VanEck is not the first Ether ETF listed by the DTCC; Franklin Templeton's spot Ethereum ETH/USD ETF was listed on the platform a month ago.

The DTCC's list includes both active ETFs that can be processed and those that are not yet active.

The final SEC decision on the VanEck spot Ether ETF application is expected by May 23.

After months of speculation about a likely denial of spot ETH ETFs, the SEC took significant action earlier this week by asking financial managers to amend and refile their 19b-4 filings on their proposed spot Ether ETFs.

This move has been interpreted by some analysts as a positive indication, raising the potential approval chance to 75% from 25%.

In a parallel development, Nasdaq Stock Market LLC has filed an updated 19b-4 form for BlackRock‘s BLK spot Ethereum ETF, with other amended filings also coming in.

Nasdaq submitted the amended form for the world's largest asset manager on Wednesday, while Exchange CboeBZX filed revamped 19b-4 forms late Tuesday for five spot ETF proposals.

These amended filings followed the SEC's request for exchanges to revise their 19b-4s earlier this week.

Also Read: White House Won’t Veto Crypto Bill, But Seeks Stronger Consumer Protections

Form 19b-4s notify the SEC about a proposed rule change and need the agency's approval before spot ether ETFs can become effective.

Additionally, S-1 registration statements would need to be approved before the funds can start trading.

Nasdaq's latest filing includes language similar to other amended 19b-4s regarding staking, indicating that the Fund’s ETH cannot be staked.

“Neither the Trust, nor the Sponsor, nor the Ether Custodian (as defined below), nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust's ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings,” according to BlackRock’s filing.

Adding to the flurry of activity, Bloomberg analyst James Seyffart revealed on platform X that Grayscale GBTC has submitted a revised 19b-4 file for its Ethereum Mini Trust.

What’s Next: The implications of these developments and other regulatory trends in the digital asset space will be further explored at Benzinga’s Future of Digital Assets event on Nov. 19.

This event will bring together industry leaders, investors, and policymakers to discuss the evolving role of digital assets in the global financial landscape.

Read Next: Is Donald Trump Accepting Crypto Donations ‘Just Another Cow For Him To Milk?’

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewscrypto regulationsEthereum ETFStories That MatterVanEck
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!