Franklin Templeton Ethereum Spot ETF a ticker appeared on the Depository Trust and Clearing Corporation (DTCC), indicating a possible signal that the United States Securities and Exchange Commission (SEC) may approve Ethereum ETFs.
Franklin Templeton’s Spot Ethereum ETF listed by DTCC
On Friday, April 26, the Ethereum Spot ETF project of the American multinational investment company Franklin Templeton made its beginning on the official DTCC website, under the symbol EZET.
Franklin Templeton’s new listing on the DTCC platform comes amid ongoing deliberations of the SEC regarding approval of Ethereum Spot ETFs. Earlier in January, following the approval and launch of Spot Bitcoin ETFs, many analysts anticipated the emergence of Additional Cryptocurrency ETFswith speculation centering on whether Ethereum would be next to receive an ETF after Bitcoin.
However, despite major financial services companies such as BlackRock, Grayscale, VanEck, loyalty and others submitting applications for an Ethereum Spot ETF, approval from the US SEC has been constantly delayed.
The regulatory agency revealed in a recent deposit Tuesday, April 23, that it would designate a longer period to decide its appropriate course of action regarding the Spot Ethereum ETF proposed by Franklin Templeton and Shades of grey. The commission had set June 11 as the new deadline to approve or reject Ethereum Spot ETF proposals.
This movement seems to be anticipated Per other crypto and financial industry experts, like Standard Chartered analysts as well as VanEck CEO Jan Van Eck previously expressed skepticism about the likelihood of the US SEC allowing Ethereum Spot ETFs any time soon.
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 a first step in the trading process and does not guarantee approval from the SEC, which has sole authority to give the go-ahead. green or reject such investment products.
Prior to the approval of Spot Bitcoin ETFs, the DTCC had listed BlackRockThe Spot Bitcoin ETF previously offered by Google on its platform, fueling speculation and raising hopes of possible approval by the SEC. However, the clearing and settlement company later removed BlackRock’s Bitcoin ETF from its platformclarifying that the listing did not imply SEC approval of the Spot Bitcoin ETF applications.
Pending approval of the Ethereum Spot ETF, the US SEC has remained ambiguous about its position. Eric Balchunas, senior analyst at Bloomberg ETF, also revealed earlier in March that their the chances of an Ethereum ETF being approved were only 25%reflecting a rather pessimistic vision.
Overall, the broader crypto market is still closely monitoring developments surrounding Franklin Templeton and Ethereum Spot ETF apps from other financial companies as well as the SEC’s final decision, recognizing a potential approval as a significant advancement in the digital assets sector.
Featured image from Pexels, chart from TradingView
