Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton says it is inevitable that a spot Ethereum (ETH) exchange-traded fund (ETF) will trade on U.S. stock exchanges.
In a new interview with CNBC, Clayton noted that the SEC has already approved the product itself and will likely move on to approving the actual trading of ETF products.
“There are two approvals for this type of product: listing approval. [on May 23rd]And the product itself is still pending approval, which is called a registration statement. We'll have to look at that.
TThey always say, “This product is eligible to be listed,” but it won't actually trade until the registration statement is approved…
This is a step in the direction [of ETH ETFs trading].
I think it's inevitable. We went through the same process with the Bitcoin product and almost all doubts were answered. [on May 23rd]Technically speaking, the market is strong enough to allow the product to be listed on an exchange, but other questions remain.”
Last week, the SEC simultaneously approved Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
While the products are nearly fully approved, the SEC must approve the companies' S-1 registration filings before they can begin trading.
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