According to a Reuters story, US Securities and Exchange Commission requested both Nasdaq and Chicago Board Options Exchange to update their applications for listing Spot Ethereum ETFs.
In fact, this request is made amid high expectations about the approval of Ether-based investments. The request was made earlier this week. Bloomberg Ethereum ETF now has a 75% approval rate, up from the previous 25%.
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SEC requests Nasdaq and Cboe to provide an update on ETH ETF filings
In the beginning of 2024, the SEC granted the first ever Spot Bitcoin Exchange Traded Funds (ETFs) in the United States. This led to a huge success for BTC, which reached an all-time peak of $73,000 in just a few months.
The digital asset market has been watching closely to see which assets could follow. All eyes naturally turned to the second biggest digital asset: Ethereum. But the SEC was reluctant to give it a clear security rating.
The agency’s request for revisions to the product has shown that something is different. The SEC sent a request to Cboe and Nasdaq to update their application to list Ethereum spot ETFs.
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It was a surprise that the talks took place, since these exchange requests are usually made before an approval. In fact, this appears to be the first step in securing approval. Nasdaq & Cboe were the only two exchanges contacted.
Requests have definitely changed the narrative. Expectations for investment products have risen dramatically. The price of Ethereum responded by increasing as much as 22 percent in just 24 hours. CoinMarketCap.
The crypto is trading at a price above $3,770, and its volume grew by 300% in anticipation of the market. As the SEC’s talks with issuers are taking an interesting turn, the focus is now on the timing of the product approval, not if.
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Source: watcher.guru
