Amid growing speculation surrounding the potential approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, global investment manager VanEck’s ETF has been listed as “ETHV” by the Depository Trust and Clearing Corporation (DTCC).
The DTCC is a provider of clearing, settlement, and transaction reporting services to financial market participants in the US. Being listed on the DTCC is seen as a crucial step before receiving final approval from the US Securities and Exchange Commission (SEC).
Currently, VanEck’s ETF is classified as inactive on the DTCC website, meaning it cannot be processed until it obtains the necessary regulatory approvals. However, VanEck is not the first to have an Ether (ETH) ETF listed on the DTCC. Franklin Templeton’s spot ETH ETF was listed on the platform a month ago.
The DTCC has stated that the ETF list includes both active ETFs that can be processed by the DTCC and ETFs that are not yet active and therefore cannot be processed.
In addition, there have been reports that SEC officials have reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to update and modify existing spot Ether ETF applications.
The recent significant change in the SEC’s position is believed to be influenced by the White House. Crypto lawyer Jake Chervinsky has suggested that policy is driven by politics, and for months, the cryptocurrency industry has been gaining political support. He also speculated that former President Donald Trump’s endorsement of cryptocurrency has compelled President Joe Biden’s administration to shift its policy.
The SEC has until May 23 to make a decision on VanEck’s spot Ether ETF application. After months of speculation about possible rejections of spot ETH ETFs, the SEC has taken action earlier this week. Initially, the SEC requested financial managers to amend and refile their 19b-4 filings for their proposed spot Ether ETFs. Some analysts view this move as a positive sign, increasing the potential approval chance from 25% to 75%.