Cboe’s BZX exchange has taken a step towards the launch of the first spot Ether exchange-traded funds (ETFs) within the United States through the submission of the paperwork for products tied to Ark 21Shares and VanEck.
The exchange filed paperwork formally kicking off a review process. The U.S. Securities and Exchange Commission (SEC) will now acknowledge the filings, kicking off a 240-day period for a decision to be made on the product.
Historically, the SEC has maximized the allocated window for assessing such applications, although intermediate decision points are available to the regulator.
Nasdaq-listed cryptocurrency exchange Coinbase is set to act as the surveillance-sharing partner for both products, a similar role it plans on playing with various spot Bitcoin ETF applications.
The exchange will also act as the custodian for the Ether tokens held by the Ark 21Shares trust, while VanEck did not disclose the name of its custodian. If one of these applications is to be approved, it will be a watershed moment for the U.S. market, which currently does not have spot crypto ETFs.
Traditional financial behemoths including BlackRock and Fidelity have, however, filed for spot Bitcoin ETFs with the SEC. The regulator has so far rejected every spot Bitcoin ETF application.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/sept/07/
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