The U.S. Securities and Exchange Commission (SEC) is asking the public what they think of financial services firm Fidelity’s potential spot market Ethereum (ETH) exchange-traded fund (ETF).
In a new notification, the regulator says so to ask the public for their thoughts on Fidelity’s submission of an offer to create an Ethereum-based ETF on the Chicago Board Options Exchange (CBOE).
“Given that Cboe BZX Exchange, Inc. filed with the Securities and Exchange Commission (SEC) on November 17, 2023 the proposed rule change described in Items I, II and III below, which items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comment on the proposed rule change from interested persons… Interested persons are invited to submit written submissions, views and arguments regarding the foregoing, including whether the proposed rule change complies with the law .”
Fidelity says the approval of its ETH ETF would be a big win for US crypto traders as it would be even more secure than buying the top altcoin on centralized exchanges.
“To date, the approval of a Spot ETH ETP (exchange traded product) would represent a major win for the protection of US investors in the crypto asset space.
The Trust, like all other series of Commodity-Based Trust shares, is designed to protect investors against the risk of losses due to fraud and insolvency arising from holding digital assets, including ETH, on centralized platforms. ”
Fidelity, which has more than $4 trillion in assets under management, first announced earlier this month that it would apply to create an ETH ETF, along with other financial firms such as BlackRock and Hashdex.
In August, the SEC also asked the public for their thoughts on the potential of a Bitcoin (BTC) ETF.
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Featured image: Shutterstock/ValDan22/VECTORY_NT
