- Franklin Templeton has listed the ETH ETF (EZET) on the DTCC website.
- However, the odds of approval by the US SEC in May remain low.
of Ethereum [ETH] The community was excited after Franklin Templeton Investments’ Spot ETH ETF was listed on the DTCC website.
DTCC (Depository Trust and Clearing Corporation) is the primary clearing house for institutional trading and securities in the United States.So this is a great step for Franklin’s Ethereum TR Ethereum [EZET] be listed on DTCC.
Source: DTCC
However, the final decision regarding approval rests with the U.S. SEC. Unfortunately, the SEC hasn’t given Franklin Templeton that green light.
Franklin Templeton Investments ETH ETF Delays
On April 23, the US SEC postponed its decision on Franklin Templeton’s Spot Ethereum ETF proposal, requesting more time.Part of the statement read,
“The Committee determined that specifying a longer period was appropriate. Take action on proposed rule changes so that you have enough time to consider the proposed rules Change and the issues it raises. ”
The SEC has also delayed decisions on other potential issuers, including BlackRock, VanEck, and Grayscale. As the May 2024 deadline approaches, there is an increasing likelihood that the application will be rejected.
Bloomberg ETF analysts James Seifert and Eric Balchunas peg the probability of approval in May at less than 30%.
recently interviewSeifert reiterated the same point, suggesting that approval is likely in 2025.
“I don’t think it will happen later this year. The odds are slightly higher. But 2025 seems more likely, but after seeing the rejection letter we’ll have a better idea. I guess.”
Tron founder Justin Sun also expected a May rejection. Says that,
“The crypto industry still needs to prepare for long-term education with regulators and focus on helping regulators understand cryptocurrencies.”
Despite previous statements that Ethereum is not a security like Bitcoin, the SEC has remained silent on the status of ETH.
Due to the lack of clarity, Consensys, the company behind the MetaMask wallet, lawsuit Last week, the SEC asked the court to decide on Ethereum’s status.
Meanwhile, ETH price has remained below $3,300 since mid-April. A strong rally ahead of the launch of the Hong Kong Spot ETH ETF saw the altcoin hit a high of $3,357.
However, the bulls once again faced short-term resistance at $3,300. Therefore, a daily candlestick close above $3,300 could confirm further bullish intent, especially if the bears do not break above the psychological support of $3,000.
