The United States Securities and Exchange Commission (SEC) has opened the floor for public commentary on a proposed rule change that could greenlight the listing and trading of Fidelity’s spot Ether exchange-traded fund (ETF) on the Cboe BZX Exchange. This move follows Fidelity’s filing for approval on November 17, positioning itself among a growing number of firms vying for a spot in the U.S. market for a regulated cryptocurrency ETF.
In its filing, Fidelity highlighted the absence of a U.S.-regulated, exchange-traded vehicle for Ether, leaving American investors with limited and riskier options for gaining exposure to the cryptocurrency. The SEC emphasized that “interested persons” have a 21-day window to provide comments on the proposed rule change, creating an opportunity for public engagement.
Has been long known that Fidelity entered the spot ETF race but this filing *essentially* starts the ~240+ day clock for their spot #Ethereum ETF. Just another step in the process. Will have definitive deadline dates in the coming weeks https://t.co/0C6NKcxNNz pic.twitter.com/gdW9ZQDgs9
— James Seyffart (@JSeyff) November 30, 2023
The filing noted the success of similar offerings in other countries like Germany, Switzerland, and France, underlining the pressing need for a regulated Ether investment vehicle in the U.S. The SEC, despite approving Bitcoin futures ETFs in 2021, has yet to greenlight any spot cryptocurrency exchange-traded product or fund for U.S. markets. Analysts speculate that this potential approval could signify a pivotal moment for mainstream crypto adoption. As of now, no spot Bitcoin or Ether investment vehicle has received the SEC’s approval.
