Nasdaq Backs Blackrock’s Push for Spot Ethereum ETF Approval by SEC
Blackrock, the world’s largest asset manager, is advocating for the approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Nasdaq, which filed with the SEC to list and trade Blackrock’s spot ether ETF, emphasizes that approval would be a “major win for the protection of U.S. investors” in the crypto space. The lack of an exchange-traded product holding spot ETH exposes investors to significant risks, according to Nasdaq. The filing argues that the SEC’s approval of Ethereum futures ETFs suggests a need for approval of spot ETH ETFs like the proposed “Ishares Ethereum Trust.”
Nasdaq contends that the differences between regulatory acts and surveillance-sharing do not pose meaningful obstacles in this context. The move aligns with Blackrock’s broader efforts, including an application for a spot bitcoin ETF, reflecting the growing demand and interest in crypto. CEO Larry Fink sees crypto as transcending currencies and views BTC as a hedge against inflation and currency devaluation.
Clever Robot News Desk 14th November 2023
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