- Eight other issuers’ comparable bids were approved by the U.S SEC recently.
- In September, Hashdex filed its first SEC filing, outlining its plans to establish a fund.
Officially, Hashdex is pulling the plug on their planned spot Ethereum ETF. This withdrawal came only one week after eight other issuers’ comparable bids were approved by the U.S SEC.
On Tuesday, Nasdaq announced a change in strategy by withdrawing the Hashdex Nasdaq Ethereum ETF. Following the SEC’s approval of 19b-4 forms for eight Ethereum ETFs by well-established firms, this decision was made. The market could see changes as a result of the authorized ETFs bringing a new transparency and activity level to Ethereum investments.
Moreover, in September, Hashdex filed its first SEC filing, outlining its plans to establish a fund that would purchase Ether, Ether futures contracts on the CME, and other liquid assets. Toroso Investments, a licensed commodities pool operator, was to manage the ETF with the goal of providing investors with a regulated opportunity to profit from fluctuations in the price of Ethereum.
Few Weeks for Commencement of Trading
Prior to the approval of the 19b-4 forms, the proposed ETF was the subject of several public comments, some of which came from lawmakers. Senators from the Democratic Party voiced their disapproval of spot Ethereum ETFs and urged the SEC to reject them. In contrast, a letter from Republican reps French Hill (Ark.), Tom Emmer (Minn.), and Josh Gottheimer (N.J.) pleaded for ratification.
The SEC’s decision to approve eight additional Ethereum ETFs demonstrates a change in stance toward treating Ethereum as a commodity. Before these issuers may trade, however, their S-1 registration statements need to be approved. Although the approval timeline is still up in the air, the SEC has begun communicating with issuers about their S-1 forms. It could take these ETFs a few weeks to start trading, according to some experts.
Highlighted Crypto News Today:
Hong Kong’s SFC to Enforce Licensing Compliance for Crypto Firms
