Ethereum

Spot

The United States Securities and Exchange Commission (SEC) has taken a significant step by adding a spot Ether (ETH) exchange-traded fund (ETF) application from asset manager ProShares.&nbsp;
This move comes roughly three weeks after the SEC approved similar applications from eight other investment firms, signaling a growing acceptance and interest in cryptocurrency investment vehicles.
<h2 id="span-style-font-weight-400-proposed-rule-change-by-the-sec-span">Proposed Rule Change by the SEC</h2>
In a filing dated June 10, the SEC <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-100307.pdf" rel="noopener noreferrer nofollow">announced</a> that the New York Stock Exchange (NYSE) Arca had proposed a rule change to allow it to list and trade shares of the ProShares Ethereum ETF.
The SEC is now <a href="https://thecoinrise.com/sec-approval-of-spot-ether-etfs-hinges-on-issuer-responsiveness-says-gensler/" rel="noopener noreferrer nofollow">seeking public comments on this ETF application</a> for a 21-day period following its publication in the Federal Register. The commission has 45 days to either approve, disapprove, or extend the timeline for its decision.
<h3 id="span-style-font-weight-400-approval-of-spot-eth-etfs-span">Approval of Spot ETH ETFs</h3>
This development follows the SEC’s approval on May 23 of 19b-4 filings from eight asset management firms that applied to list and trade spot Ether ETFs on U.S. exchanges for the first time. These approvals marked a milestone in the crypto investment landscape, potentially paving the way for more mainstream acceptance of digital assets.&nbsp;
However, final approval requires the SEC to sign off on S-1 registration <a href="https://thecoinrise.com/21shares-updates-etf-etf-application-ends-partnership-with-ark-invest/" rel="noopener noreferrer nofollow">statements for the spot Ether ETFs</a> before they can officially begin trading. This process, according to some experts, could take months but is expected to conclude sometime in July.
<h2 id="span-style-font-weight-400-james-seyffart-shared-his-thoughts-span">James Seyffart Shared His Thoughts</h2>
James Seyffart, an ETF analyst, shared his thoughts on the ProShares application in a June 10 post on X (formerly Twitter). “Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows. This is interesting,” Seyffart <a href="https://x.com/JSeyff/status/1800254012224049199" rel="noopener noreferrer nofollow">remarked</a>. His comment highlights the uncertainty surrounding the launch timeline for the ProShares ETF compared to other approved ETFs.
ProShares is not new to the cryptocurrency ETF space. In October 2023, the firm was one of the first asset managers to receive SEC approval to list and trade shares of a spot investment vehicle tied to ETH futures. The company also offers a Bitcoin Strategy ETF on NYSE Arca, trading under the ticker BITO. The approval of these products underscores ProShares’ leading role in the rapidly evolving crypto investment market.
<h3 id="span-style-font-weight-400-the-sec-yet-to-approve-spot-eth-etf-span">The SEC Yet to Approve spot ETH ETF</h3>
Despite the SEC approval, it remains uncertain whether the commission will ultimately give the green light to ProShares’ spot Ether ETF offering. The current filing indicates that the commission will consider the application, but it does not guarantee final approval.
The actions of the SEC reflect a broader trend of increasing regulatory engagement with the cryptocurrency market. The approval and <a href="https://thecoinrise.com/franklin-templeton-fires-first-shot-in-ether-etf-fee-war/" rel="noopener noreferrer nofollow">pending applications of spot Ether ETFs</a> represent a significant shift in how digital assets are perceived and regulated. 
The post <a href="https://thecoinrise.com/sec-adds-proshares-spot-eth-etf-application-amid-growing-interest-in-crypto-vehicles/" rel="noopener noreferrer nofollow">SEC Adds ProShares’ Spot ETH ETF Application Amid Growing Interest in Crypto Vehicles</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

SEC Adds ProShares’ Spot ETH ETF Application Amid Growing Interest in Crypto Vehicles

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