Jay Clayton, former chairman of the US Securities and Exchange Commission (SEC), says it is inevitable that a spot Ethereum (ETH) exchange-traded fund (ETF) will go live on US stock exchanges.
In a new interview on CNBC television, Clayton notes that the SEC has already approved the product itself and will likely move on to approving actual trading of the ETF products.
“There are two approvals for one of these types of products. There is the approval of the listing and that is what happened [on May 23rd], and then there’s the approval of the product itself, which is still pending. This is called the registration statement. We have to find out.
TAlways say ‘This product is eligible for listing’, but it will not be commercialized until the registration statement is approved…
So it’s a step in that direction [of ETH ETFs trading].
I think it means it’s inevitable. We went through the same process with the Bitcoin product, answering almost all or all of the questions. The question that was decided [on May 23rd]to speak technically, this market is effective enough to get this product listed on the stock exchange, but there are other questions.
Last week, the SEC simultaneously approved Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
Although the products have received almost the full green light, the SEC must approve the companies’ S-1 registration filings before trading can begin.
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