Cboe’s BZX exchange is planning to launch the first Ethereum spot ETF product in America tied to Ark 21Shares and VanEck.
Ethereum Spot ETF is an open-end fund that can issue or redeem shares based on demand. So far to the date no Bitcoin or Ethereum spot ETF products in existence, as the United States Securities & Exchange Commission (SEC) believes that trade price of these products can be easily manipulated.
On 6 Sep 2023, ARK Invest submitted its Ethereum Spot ETF application with the SEC. For this initiative, Ark invest partnered with 21Shares.
This spot ETF product is planned to list on the Cboe’s BZX exchange. For now this application is kicking off a review process and once the US SEC will acknowledge the filings, it will start a 240-day clock for a final decision.
To ensure the price manipulation activities away, Coinbase crypto exchange will act as a monitoring & custodian body.
So far to date, no crypto ETF application has been approved by the US SEC and people are thinking that the SEC will not give the green signal for this application.
The current situation is very different for the crypto-associated products in the US jurisdiction, as crypto companies are winning against the SEC’s unfair arguments & charges in the court.
Just a week ago, the Grayscale fund manager won the case against the SEC body. The court judge ruled that the SEC should treat Bitcoin spot ETF & Bitcoin futures ETF products like similar products. So here we can say that the current situation is very different & friendly for the crypto sector and now there are huge chances that the SEC will face very high pressure to give the green signal for the Bitcoin spot ETF products.
Following this good news, the trade price of Ethereum remained unfazed with a very small pump, as we can see in the trade price graph.
Read also: Three top execs left Binance, CZ says ignore FUD
Ethereum (ETH) trade price unfazed, following ARK Ethereum spot ETF news
https://bitcoinik.com/ethereum-eth-trade-price-unfazed-following-ark-ethereum-spot-etf-news/feed/
https://bitcoinik.com/ethereum-eth-trade-price-unfazed-following-ark-ethereum-spot-etf-news/feed/
