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VanEck's spot Ether ETF has been classified as inactive on the DTCC website. It needs SEC approval to proceed.
Comprehensive ETF Listings on DTCC
As a pivotal infrastructure provider for the American financial markets, the DTCC provides clearing, settlement, and transaction reporting services to market participants. A DTCC listing is a prerequisite for obtaining final Securities and Exchange Commission (SEC) approval.
Regulatory Approval Process for ETFs
Cointelegraph reports that the DTCC website currently classifies VanEck's ETF as inactive, indicating that it is only eligible for processing once it obtains the requisite regulatory approvals. VanEck is not, nevertheless, the initial Ether ETF to be listed by the DTCC. A month ago, Franklin Templeton's spot ETH ETF, was added to the platform.
The DTCC's ETF list is comprehensive, encompassing active and inactive ETFs. This categorization indicates the DTCC's processing capabilities, with active ETFs ready for processing and inactive ETFs requiring further regulatory approvals.
According to another report, SEC officials contacted the New York Stock Exchange, Nasdaq, and Chicago Board Options Exchange to modify and update existing spot Ether ETF applications.
Cryptocurrency and Political Shifts
As Jake Chervinsky pointed out in a post on X, politics holds the reins of policy, and in recent months, cryptocurrency has been gaining ground in this political arena. Furthermore, he suggested that President Joe Biden's administration was compelled to alter its course due to former President Donald Trump's vocal support for cryptocurrencies.
This is supported by earlier reports today, which state that the former president's campaign would accept cryptocurrencies, including Bitcoin, Ether, Dogecoin, Ether, and Shiba Inu, according to Trump's website (via EconoTimes).
The SEC's ultimate determination regarding the VanEck spot Ether ETF application is due May 23.
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