The U.S. Securities and Exchange Commission on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds tied to the price of ether, potentially paving the way for the products to begin trading later this year.
“This is an exciting moment for the industry at large,” said Andrew Jacobson, vice president and head of legal at 21Shares, noting it was “a significant step” towards getting the products trading. The exchange applications had sought SEC approval for a rule change required to list new products, but the issuers still need the SEC to approve ETF registration statements detailing investor disclosures before they can start trading.
Sui Chung, CEO of CF Benchmarks, the index-provider for several of the bitcoin and ether ETFs, said ether is more complex than bitcoin and it could take months for the SEC to review the statements. But since the bitcoin ETFs offer an established template, “there’s only so much slow rolling” the SEC can do, he said.
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