Franklin Templeton's Ethereum spot ETF listed on DTCC
04/27/2024 08:11
Franklin Templeton's spot Ethereum ETF, EZET, is now listed on the DTCC, awaiting the SEC's decision amidst growing frustration.
The listing represents a preliminary step in the trading process, yet it does not ensure that the SEC will grant approval for the fund.
Franklin Templeton’s proposed spot Ethereum ETF has appeared on the Depository Trust and Clearing Corporation’s (DTCC) new securities list with the ticker EZET. This development occurred just a day following reports of the SEC’s probable rejection of spot Ethereum ETF applications.
The DTCC listing represents a preliminary step in the trading process, yet it does not ensure that the SEC will approve the Ether Spot ETF. The SEC’s decision on the fund remains pending.
Franklin Templeton filed for spot Ethereum ETF in February, joining other industry giants like BlackRock, Grayscale, VanEck, and ARK Invest, in the race. However, the outlook for Ethereum-based funds is not as promising as it was for Bitcoin-based predecessors.
Bloomberg ETF analyst Eric Balchunas estimates there is only a 25% chance of SEC approval for a spot Ethereum ETF. He cites a noticeable absence of engagement from the SEC, contrasting with the Bitcoin ETF approval process. Balchunas interprets this silence as a deliberate ‘tactical’ decision rather than mere ‘procrastination.’
JPMorgan analysts anticipate a protracted delay in the regulatory approval of the spot Ethereum ETF, though they suggest that approval could eventually follow a legal challenge similar to Grayscale’s lawsuit, which compelled the SEC to reassess spot Ethereum ETF applications.
Meanwhile, Ethereum’s market performance has stagnated post-Bitcoin’s fourth halving, with its price staying between $3,100 and $3,200, according to CoinGecko. At press time, Ethereum is trading at around $3,100, down 1% in 24 hours.
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