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- Hashdex withdraws its Ethereum Spot ETF application from the SEC.
- Nasdaq issued a withdrawal notice just a week after SEC approved 19b-4 forms for eight other Ethereum ETFs.
- “On May 24, 2024, the Exchange withdrew the proposed rule change,” the filing stated.
Hashdex withdraws its unique Ethereum Spot ETF application from the SEC, raising questions about future regulatory approvals.
Hashdex Withdraws Ethereum Spot ETF Application
In a surprising move, Hashdex has withdrawn its application for an Ethereum Spot ETF. The withdrawal notice was issued by Nasdaq, just a week after the SEC approved 19b-4 forms for eight other Ethereum ETFs. The filing stated, “On May 24, 2024, the Exchange withdrew the proposed rule change.” This development has raised questions about the future of Ethereum ETFs and the regulatory landscape.
Nasdaq’s Role and SEC’s Approval
Nasdaq had initially filed for the Hashdex Nasdaq Ethereum ETF in September, aiming to list and trade its shares. The fund, managed by Toroso Investments, was registered as a commodity pool operator with the Commodity Futures Trading Commission and was a member of the National Futures Association. Unlike other ETFs that solely invest in ETH, the Hashdex ETF planned to invest in Ethereum futures contracts listed on the CME, cash, and cash equivalents. This unique structure may have contributed to the withdrawal following discussions with the SEC.
Public and Regulatory Feedback
Over the past few months, the proposed fund received numerous public comments, including from lawmakers. The feedback highlighted various concerns and perspectives on the ETF’s structure and its potential impact on the market. The withdrawal suggests that these comments, along with regulatory considerations, played a significant role in Hashdex’s decision.
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Conclusion
The withdrawal of Hashdex’s Ethereum Spot ETF application underscores the complexities and challenges of navigating the regulatory landscape for cryptocurrency-based financial products. As the market continues to evolve, stakeholders will closely watch how future applications are handled and what this means for the broader adoption of Ethereum and other cryptocurrencies in traditional financial markets.
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