The Securities and Exchange Commission (SEC) has given the green light to applications from CBOE, Nasdaq, and NYSE to list exchange-traded funds (ETFs) linked to the price of ether.
These approvals come with the condition that the ETFs will be subject to the exchanges’ rules governing “Commodity-Based Trust Shares.” In its Order, the SEC defined ether as a digital asset that is native to, and minted and transferred via, the distributed, open-source protocol used by the peer-to-peer computer network through which transactions are recorded on a public transaction ledger known as ‘Ethereum.’
The SEC stated that the approval of the ether trust listings on exchanges is in line with rules aimed at preventing fraudulent and manipulative acts and practices, as well as protecting investors and the public interest. The Commission noted that by approving all the proposals simultaneously, it hopes to encourage competition and provide investors with a variety of spot ether-based ETPs to choose from.
However, it is important to note that the shares of any Trust will not be able to begin trading on their respective Exchanges until their registration statement becomes effective.
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