SEC Implies Possible Approval by Requiring Updated Application for Ethereum ETF

In an unexpected move, officials from the U.S. Securities and Exchange Commission (SEC) requested Nasdaq and the Chicago Board Options Exchange (CBOE) to promptly update the listing application documents for the Ethereum ETF. This request, which typically occurs prior to approval, indicates that the SEC may be preparing to approve the applications from these two companies. The SEC must make a decision on the VanEck and ARK Investments/21Shares ETF listing applications submitted to the CBOE by the end of this weekend. The exchange requires SEC approval for its modified rules in order to list the product, while the issuer needs SEC approval for the ETF registration statement to commence trading. Unlike the exchange’s submission, the SEC does not have a set timeframe for making a decision, which could mean that it may take several more months before the Ethereum ETF can commence trading.