VanEck’s Spot Ether ETF Awaits SEC Approval Amid Speculation

VanEck's ETF is currently marked as inactive on the DTCC website, indicating it cannot be processed until it secures the necessary regulatory approvals. Amid growing speculation about the potential approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol "ETHV."

The DTCC, a key American financial market infrastructure provider, offers clearing, settlement, and transaction reporting services to financial market participants. Being listed on the DTCC is considered a crucial step before final approval from the U.S. Securities and Exchange Commission (SEC).

Although VanEck's ETF is currently inactive on the DTCC website, this status means it cannot be processed until it receives the necessary regulatory approvals. Notably, VanEck is not the first Ether ETF listed by the DTCC; Franklin Templeton’s spot ETH ETF was listed on the platform a month ago. The DTCC clarifies that its ETF list includes both active ETFs that can be processed and those that are not yet active and, therefore, cannot be processed.

Another report suggested that SEC officials reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to update and revise existing spot Ether ETF applications. The significant change in the SEC's stance over the past week is speculated to be linked to the White House.

May 23 marks the final deadline for the SEC’s decision on the VanEck spot Ether ETF application. After months of speculation about a probable denial of spot ETH ETFs, the SEC took action earlier this week. The SEC first asked financial managers to amend and refile their 19b-4 filings for their proposed spot Ether ETFs. Some analysts interpreted this move as a positive sign, raising the potential chance of approval to 75% from 25%.