2024-4-28 22:53 |
Franklin Templeton’s proposed spot Ethereum exchange-traded fund (ETF) has been listed on the Depository Trust & Clearing Corp.’s website with the ticker symbol EZET. This development indicates a possible signal that the U.S. Securities and Exchange Commission (SEC) could greenlight the ether ETFs.
Franklin Templeton’s Ether ETF Launched On DTCCThe Franklin Ethereum TR Ethereum ETF (EZET) is now listed on the DTCC — a key platform for securities transactions in the United States.
The Depository Trust & Clearing Corp.’s website’s “Create/Redeem” column lists EZET, signifying its availability for creation and redemption. The listing marks a preliminary step in the trading process, but it does not guarantee that the SEC will approve the spot Ethereum ETF.
Franklin Templeton submitted its Form S-1 to the SEC in mid-February, joining other industry giants like BlackRock, Fidelity, Grayscale, VanEck, and ARK Invest in the ether ETF race. If granted the regulatory nod, the asset manager’s ETF would be listed as “Franklin Ethereum ETF” on the Chicago Board Options Exchange.
The SEC delayed deciding on Franklin Templeton’s ETF proposal on April 23.
Spot ETH ETF Approval Anticipation BrewsNotably, the outlook for Ethereum spot-based ETFs is not as optimistic as it was for Bitcoin-based predecessors. The SEC approved nearly a dozen spot BTC ETFs back in January, allowing them to trade after years of denials. The groundbreaking investment vehicles now trade on stock exchanges and allow traditional investors to purchase shares that track the price of the premier cryptocurrency without the complexities of storing the asset.
Bloomberg ETF analyst Eric Balchunas believes the odds of the SEC approving spot ether ETFs remain infinitesimally low. He cites a noticeable absence of active engagement from SEC officials, contrasting with the approval process of spot Bitcoin ETF. Balchunas says this radio silence with prospective fund issuers could be a bad sign for those hoping for Ether ETF approvals by May.
Similarly, JPMorgan strategists expect a delay in the regulatory approval of the spot ETH products. However, they suggest that approval could eventually follow a court tussle similar to Grayscale’s lawsuit, which forced the SEC to reevaluate spot Bitcoin ETF applications.
That being said, experts and investors alike will be closely watching the developments surrounding Franklin Templeton and other companies’ spot Ether ETF proposals along with the impending SEC decision, recognizing a potential approval as another watershed moment for the crypto industry.
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