tl;dr
VanEck, a prominent New York fund group managing around $100 billion in assets, is advocating for the Securities and Exchange Commission (SEC) to prioritize the approval of spot Ethereum exchange-traded funds (ETFs) based on the order of filings. The firm, which filed for a spot Ethereum ETF in 2021...
Vaneck Advocates for SEC Approval of Spot Ethereum ETFs Vaneck Advocates for SEC Approval of Spot Ethereum ETFs
VanEck, a prominent New York fund group managing around $100 billion in assets, is advocating for the Securities and Exchange Commission (SEC) to prioritize the approval of spot Ethereum exchange-traded funds (ETFs) based on the order of filings.
The firm, which filed for a spot Ethereum ETF in 2021, argues that the SEC should follow a "first-come, first-serve" basis for approving ETFs. VanEck's head of crypto research, Matthew Sigel, emphasizes the importance of honoring the filing queue, citing fairness and orderly market practices.
The SEC's 240-day review period for VanEck's latest ether ETF bid is concluding, coinciding with upcoming decisions on similar proposals by Ark Invest and 21Shares. Despite initial expectations of rejection, the odds of approval for spot Ethereum ETFs have recently increased, with analysts and prediction platforms showing more favorable outlooks.
Furthermore, the SEC's request for revisions to spot Ethereum ETF proposals from Nasdaq and Cboe indicates a potential shift in regulatory stance toward Ethereum ETFs.
Matthew Sigel, VanEck’s head of crypto research, has voiced concerns about the SEC’s current approach. The SEC currently permits multiple firms to launch their financial product, such as ETFs, simultaneously, regardless of when they filed.
Moreover, Sigel contends that respecting the filing queue is a matter of fairness and essential for maintaining orderly market practices.
This issue comes to a head as the SEC’s 240-day review period for VanEck’s latest ether ETF bid concludes today. This is just a day before the commission is scheduled to make a decision on similar proposals by Ark Invest and 21Shares.
However, the tides have changed since the beginning of the current week. Bloomberg ETF analysts Eric Balchunas and James Seyffart recently upgraded the chances of approval for spot Ethereum ETFs from 25% to a hopeful 75%. Similarly, prediction platforms like Polymarket have shown a significant increase in the odds of approval, which rose from 10% to 58% last week.
Additionally, the SEC has requested revisions to the spot Ethereum ETF proposals from Nasdaq and Cboe, a move seen as a crucial step towards potential approval. This development indicates a possible reconsideration of the regulatory stance towards Ethereum ETFs.