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Franklin Templeton places Ethereum exchange-traded ETF under “EZET” tag at DTCC

The new investment product allows investors to easily gain exposure to Ethereum through traditional financial instruments, which can help increase accessibility and liquidity.

Date: 2024-04-30 Author: Łukasz Michałek
Franklin Templeton places Ethereum exchange-traded ETF under “EZET” tag at DTCC

Asset management firm Franklin Templeton has listed its Ethereum ETF under the EZET tag on the Depository Trust and Clearing Corporation (DTCC) website .

“Franklin Templeton Ethereum TR Ethereum ETF” is listed in the creation or redemption column on the DTCC website. The product has yet to be approved by the US Securities and Exchange Commission (SEC).

Franklin Templeton awaits approval

on Feb. 12, Franklin Templeton was the next asset manager to file for an Ethereum ETF with the SEC, joining a long list of asset managers such as BlackRock, Fidelity, Grayscale, VanEck, Invesco and Galaxy, as well as Cathy Wood’s Ark Invests and 21Shares, all of which have filed for Ethereum ETFs.

Last week, the SEC announced a delay in making a decision on Franklin Templeton’s proposed Ethereum ETF, extending the deadline to June 11. The news comes after a published proposal, leaving the future of the financial product uncertain for now.

The proposed ETF aims to track the price of ether and would use Coinbase Custody Trust Company and Bank of New York Mellon as depositories.

In March, the SEC delayed its decision to approve the BlackRock Ethereum ETF. The commission now has until May 23 to approve or reject VanEck ‘s ETF application for an Ethereum ETF tracking the world’s second largest cryptocurrency.

Bloomberg Intelligence analyst James Seyffart expressed skepticism, suggesting that the current round of ETF applications may ultimately be rejected.

Tron CEO and founder Justin Sun said it was unlikely that an Ethereum ETF with the cryptocurrency requiring “long-term education with regulators” would be approved in May.

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Ethereum’s status is in limbo – currently ETH is not considered a security by the US Securities and Exchange Commission (SEC) – but things could change very soon. It has been widely reported that several US-based companies have received subpoenas attempting to label ETH as a security.

Ethereum is seen as a decentralized cryptocurrency rather than a security. However, regulatory agencies such as the SEC continue to monitor the cryptocurrency space and may provide further guidance and sudden changes or new rulings in the future. It is important to stay abreast of regulatory changes.

Consensys files a lawsuit against the SEC over Ethereum

It emerged on Thursday that Ethereum developer Consensys, managed by Joe Lubin, filed a lawsuit against the SEC on April 25 over “overzealous regulation” around the Ethereum blockchain.

In a statement on social media platform X, Lubin said that Consensys has taken an important step to “protect access to ethereum, and by extension, the Ethereum blockchain in the US. We are suing the SEC and fighting against its overzealous regulatory overreach.”

In a blog post, Consensys said the SEC’s reckless approach is causing chaos for developers, market participants, institutions and nations that are building or already managing critical systems running on Ethereum, the world’s largest decentralized application platform.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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