The US Securities and Exchange Commission (SEC) has reportedly requested that both Nasdaq and the Chicago Board Options Exchange (Cboe) make appropriate updates to their applications to list Spot Ethereum ETFs, according to a Reuters report.
Indeed, the request arrives amid a surge in expectations regarding the potential approval of the Ether-based investment product. Earlier this week, Bloomberg increased the odds of Ethereum ETF approval from its previous 25% to a remarkable 75% chance.
Also Read: Fidelity Amends Ethereum ETF, Eliminates ETH Staking
SEC Request ETH ETF Filing Update From Nasdaq, Cboe
The start of 2024 saw the SEC issue landmark approval for the inaugural Spot Bitcoin ETFs in the United States. That development led to immense success for the leading crypto, with BTC ascending to an all-time high of $73,000 just months later.
Since that took place, the digital asset market carefully observed which asset could soon follow suit. Naturally, all eyes turned toward the second-largest digital asset, Ethereum. However, the prospects seemed to wane amid the SEC’s reluctance to clarify its security status.
Conversely, something has certainly shifted as the agency has called on revisions for the investment product. One such request from the SEC was delivered to both Nasdaq and Cboe, calling for updates to their applications to list spot Ethereum ETFs.
Also Read: SEC Asks Exchanges To Update 19B-4 filings For Spot Ethereum ETFs
The talks were certainly surprising, as these requests for exchanges usually precede approval. Indeed, it certainly appears to be a step toward an approval that is looking all the more inevitable. Currently, Nasdaq and Cboe are the only exchanges to have been contacted.
The requests have certainly shifted the narrative and have seen expectations for the investment product skyrocket. Subsequently, the price of Ethereum has responded to the speculation, increasing by as much as 22% in the last 24 hours, according to CoinMarketCap.
The cryptocurrency is currently trading above the $3,770 level, with its volume catapulting 300% amid market-wide anticipation. Now, with talks between the SEC and issuers taking a turn, all eyes are on when the investment product could be approved, rather than if.