Key Points
Franklin Templeton’s Ethereum Spot ETF Appears on DTCC List
The ticker for Franklin Templeton’s Ethereum Spot ETF has surfaced on the Depository Trust and Clearing Corporation (DTCC) list.
This could be a signal that the United States Securities and Exchange Commission (SEC) might approve Ethereum ETFs.
Franklin Templeton’s Spot Ethereum ETF Gets Listed By DTCC
On April 26, the proposed Ethereum Spot ETF of Franklin Templeton, an American multinational investment firm, made its debut on DTCC’s official website.
The ticker symbol for this ETF is EZET.
The listing of Franklin Templeton’s new ETF on DTCC’s platform is happening amidst the ongoing discussions of the SEC about the approval of Ethereum Spot ETFs.
Earlier in January, after the approval and launch of Spot Bitcoin ETFs, many analysts expected the emergence of additional cryptocurrency ETFs.
Ethereum was speculated to be the next cryptocurrency to have an ETF after Bitcoin.
However, despite applications for an Ethereum Spot ETF from major financial services firms such as BlackRock, Grayscale, VanEck, Fidelity and others, approval from the US SEC has been consistently delayed.
The regulatory agency disclosed in a recent filing on April 23, that it would be designating a longer period to decide on the Spot Ethereum ETF proposed by Franklin Templeton and Grayscale.
The commission has set June 11 as the new deadline to approve or reject the Ethereum Spot ETF proposals.
This move was anticipated by other crypto and financial experts in the industry.
Analysts from Standard Chartered and VanEck CEO, Jan Van Eck had previously expressed skepticism about the likelihood of the US SEC authorizing Ethereum Spot ETFs soon.
Is The New Listing A Sign Of An Imminent Approval?
The recent addition of Franklin Templeton’s proposed Ethereum Spot ETF in the DTCC listing is seen as an initial step in the trading process.
However, it does not guarantee approval from the SEC which holds sole authority to green light or reject such investment products.
Before the approval of Spot Bitcoin ETFs, the DTCC had listed BlackRock’s previously proposed Spot Bitcoin ETF on its platform.
This raised hopes of possible approval by the SEC.
However, the clearing and settlement company later removed BlackRock’s Bitcoin ETF from its platform.
This clarified that the listing did not imply the SEC’s endorsement of Spot Bitcoin ETF applications.
Amidst the anticipation of an Ethereum Spot ETF approval, the US SEC has remained ambiguous about its position.
Senior Bloomberg ETF analyst, Eric Balchunas also revealed earlier in March that their odds for an Ethereum ETF approval was only 25%.
This reflects a rather pessimistic outlook.
The broader crypto market is still closely monitoring the developments surrounding Franklin Templeton and other financial firm’s Ethereum Spot ETF applications.
They are also keeping an eye on the SEC’s final decision.
A potential approval is acknowledged as a significant step forward in the digital asset sector.
