Speculation has been rife regarding the potential approval of an Ethereum spot exchange-traded fund (ETF) in the United States, particularly on May 23. VanEck, a global investment manager, has taken a significant step by listing its ETF on the American Depository Trust and Clearing Corporation (DTCC) under the stock code "ETHV".
The DTCC serves as a crucial financial markets infrastructure provider in the U.S., offering clearing, settlement, and trade reporting services to participants in the financial markets. Listing on the DTCC is widely regarded as a pivotal milestone preceding the final approval from the U.S. Securities and Exchange Commission (SEC).
Although VanEck's ETF is presently marked as inactive on the DTCC website, implying that processing cannot commence until regulatory approvals are secured, it is not the first Ethereum ETF listed on the platform. Franklin Templeton's spot ETH ETF was listed a month prior. The DTCC distinguishes between active ETFs, which can be processed, and inactive ones awaiting activation.
Recent reports indicated that SEC officials reached out to Nasdaq, Cboe, and the New York Stock Exchange to review and amend existing spot ether ETF applications. The notable shift in the SEC's stance over the past week has been attributed by some to potential political influences, possibly stemming from the White House.
Cryptocurrency lawyer Jake Chervinsky, in an article, highlighted the interplay between policy and politics, suggesting that cryptocurrencies have been gaining favor in political circles for months. He speculated that former President Donald Trump's vocal support for cryptocurrencies may have compelled President Joe Biden's administration to reassess its stance. With May 23 marking the SEC's deadline for a decision on VanEck's spot ether ETF application, the regulatory body's recent actions, including requesting amendments to the filing, have led some analysts to raise the odds of approval from 25% to 75%.
