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Haider Jamal

Apr 29, 2024

Ethereum ETF Gets Listed On DTCC By Franklin Templeton

Asset management firm Franklin Templeton has listed its Ethereum exchange-traded fund (ETF) with the ticker EZET on the Depository Trust and Clearing Corporation (DTCC) website. The ETF, named the Franklin Templeton Ethereum TR Ethereum ETF, appears in the create or redeem section on the DTCC website. However, approval by the U.S. Securities and Exchange Commission (SEC) is still pending.

 

Franklin Templeton Awaits Approval

On February 12th, Franklin Templeton became the latest asset manager to submit a spot Ethereum ETF application to the SEC, joining a list of others such as BlackRock, Fidelity, Grayscale, VanEck, Invesco, Galaxy, Ark Invests, and 21Shares.

Last week, the SEC announced a postponement in its decision regarding Franklin Templeton&rsquos proposed spot Ethereum ETF, extending the deadline to June 11th. This news, disclosed through a public filing, leaves the fate of this financial product uncertain for now.

The proposed ETF aims to mirror the price of ether and would employ Coinbase Custody Trust Company and the Bank of New York Mellon as custodians. In March, the SEC deferred a decision to endorse the BlackRock spot Ethereum ETF. The SEC now has until May 23rd to approve or reject the VanEck ETF application for an Ethereum ETF tracking the world&rsquos second-largest cryptocurrency.

 

Doubts Linger

Bloomberg Intelligence analyst James Seyffart has voiced doubts, suggesting that the current round of Ether ETF applications might ultimately face rejection. Tron CEO and founder Justin Sun also expressed skepticism, stating that it is improbable for an Ethereum ETF to be approved in May, emphasizing the need for long-term education with regulators regarding the cryptocurrency.

In any case, the classification of Ethereum remains uncertain. Presently, ETH is not labeled as a security by the SEC, but this could change rapidly. Reports suggest that several U.S.-based companies have been served subpoenas attempting to categorize ETH as a security.

Ethereum is perceived as a decentralized cryptocurrency, not a security. Nonetheless, regulatory bodies like the SEC continue to monitor the cryptocurrency realm and may issue further guidance or sudden alterations in the future. It&39s crucial to stay informed about regulatory developments.

 

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