The US Securities and Exchange Commission (SEC) acknowledged a proposed rule change for ProShares Ethereum ETF and approved Ark Invest’s exit from 21 Shares’ application on June 10.The agency’s notice on ProShares recognizes but does not approve the proposed rule change.The SEC must act on the proposal within 45 days of publication, with an option to delay up to 90 days. At that point, the agency must approve, disapprove, or institute additional proceedings to determine the applications’ outcomes.The timeline could extend ProShares’ launch date beyond its competitors’ launch date. Bloomberg ETF analyst James Seyffart commented on the timing, stating:“Instinct initially says this [won’t] launch on day 1 with the other ETFs whenever that is but who knows.”NYSE Arca aims to list and trade shares of ProShares’ fund.The SEC affirmed that 21Shares’ proposed fund could proceed with Ark Invest absent from the fund’s title and free from its sub-adviser role.The agency waived its usual 30-day operative delay, making the change effective upon the filing date. It permitted the change to occur immediately because it does not significantly affect investor protection or burden competition.Ark and 21Shares revealed they would part ways on the fund on May 31. In a statement to Bloomberg ETF analyst Erich Balchunas, Ark said it “will not be moving forward” with an Ethereum ETF but provided no apparent reason for its exit. It remains involved in the spot Bitcoin ETF ARKB.Although the SEC approved 19b-4 rule changes for eight spot ETH ETFs on May 23, the agency has yet to approve applicants’ S-1 registration statements.Accordingly, the applicants have not launched the products for trading, and there is no definite launch date for the various spot Ethereum ETFs.Balchunas believes the applications could launch by the end of June, with an “over-under” date of July 4.JP Morgan believes the funds will begin trading by November.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Get the latest crypto news and expert insights. Delivered to you daily.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.Crypto trading volume jumps 55% as inflows hit second-longest streak since SEC approval.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
