The Securities and Exchange Commission on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds tied to the price of ether, potentially paving the way for the products to begin trading later this year.
While the ETF issuers also have to get the green light before the products can launch, Thursday’s approval is a major surprise win for those firms and the cryptocurrency industry, which until Monday had expected the SEC to reject the filings.
Nine issuers including VanEck, ARK Investments/21Shares and BlackRock hope to launch ETFs tied to the second-largest cryptocurrency after the SEC in January approved bitcoin ETFs in a watershed moment for the industry.
This is an exciting moment for the industry at large,” said Andrew Jacobson, vice president and head of legal at 21Shares, noting it was “a significant step” towards getting the products trading.
Thursday was the deadline for the SEC to decide on VanEck’s filing. Market participants were bracing for the thumbs-down because the SEC had not engaged with them on the applications.
But in a surprise move, SEC officials on Monday asked the exchanges to quickly fine-tune the filings, sending the industry scrambling to complete weeks of work in just days, sources said.
Reuters could not ascertain why the SEC appeared to have a change of heart.
The introduction of spot bitcoin ETFs has already demonstrated significant benefits for the digital assets and ETF space, and we believe that spot ether ETFs will similarly provide safeguards for US investors,” said Rob Marrocco, global head of ETP listings at Cboe Global Markets.
Nasdaq and NYSE declined to comment.
When asked about the ether ETFs by reporters at an industry event earlier on Thursday, SEC Chair Gary Gensler – a crypto skeptic – declined to comment. An SEC spokesperson said in an email announcing the approval that the agency would not comment further.
The exchange applications had sought SEC approval for a rule change required to list new products, but the issuers still need the SEC to approve ETF registration statements detailing investor disclosures before they can start trading.
Unlike the exchange filings, there is no set time frame in which the SEC has to decide on those statements. Industry participants said it was unclear how long that would take. Two sources familiar with the process said many issuers are ready to launch, but the corporate finance division of the SEC has indicated it is likely to request changes and updates in the coming days and weeks.
The SEC rejected spot bitcoin ETFs for more than a decade over market manipulation worries but was forced to approve them after Grayscale Investments won a court challenge last year.
Sui Chung, CEO of CF Benchmarks, the index-provider for several of the bitcoin and ether ETFs, said ether is more complex than bitcoin and it could take months for the SEC to review the statements. But since the bitcoin ETFs offer an established template, “there’s only so much slow rolling” the SEC can do, he said.
An array of investors, including hedge funds, wealth advisors and retail investors, have poured more than $30 billion into the crypto ETFs.
Thursday’s decision is another tailwind for cryptocurrency industry efforts to push into mainstream finance. This week the UK regulator also approved listed cryptocurrency products while the House of Representatives passed a landmark bill seeking to provide regulatory clarity for cryptocurrencies.
While that bill still needs to pass the Senate, its extensive bipartisan support marks a major endorsement for the industry.
A parade marking the US Army’s 250th anniversary – and President Trump’s 79th birthday – is under way.
You can watch the event in the livestream above.
President Trump said it was going to be a “big day” and admitted: “We want to show off a little bit.”
Today is the first time in more than 30 years that tanks have rolled through the US capital.
Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.
However, it appears far fewer have turned out – possibly due to the poor weather – and the president has warned any protesters who interfere “will be met with very big force”.
Image: Pic: AP
Image: Pic: AP
Image: Pic: AP
Image: Pic: Reuters
Mr Trump is watching alongside the first lady and defence secretary as troops and military hardware file past – accompanied at times by up tempo rock music.
The event started half an hour early due to forecasted heavy rain, with cloud forcing the cancellation of a flypast by fighter jets.
Helicopters such as Apaches, Chinooks and Black Hawks are still taking part however.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
Military parachutists from the Golden Knights began the parade by swooping in, and some of the soldiers are parading in historic uniforms, complete with horses and wagons.
Vehicles from the Second World War era are also taking part.
President Trump stood and saluted many of the passing soldiers. He is said to have got the idea for the parade after being impressed with France’s Bastille Day celebrations during a visit in 2017.
Metal plates have been put down on some of Washington’s streets to protect the tarmac against the heaviest tanks – the 60-ton M1 Abrams.
Even so, the US Army has set aside several million dollars in case of any damage.
The last time such a major display took place in the US was 1991 when tanks and troops paraded to celebrate the ousting of Saddam Hussein’s army from Kuwait.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
The event has been criticised by some for being something more associated with a dictatorial regime such as Russia or North Korea.
An estimated cost as high as $45m (£33.33m) has also raised eyebrows given the administration’s efforts to slash the budget of many federal departments.
Among the critics is California governor Gavin Newsom, who has been trading barbs with Mr Trump since the outbreak of riots in LA.
“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.
Image: Pic: AP
Image: Pic: Reuters
Image: Pic: Reuters
The show of military might also comes as more than 1,500 protests against the Trump administration, organised under the slogan ‘No Kings’, have been planned across the US on Saturday.
Los Angeles is the scene of one demonstration, with police firing tear gas to disperse people and US Marines stationed outside the city’s federal building.
Unless Bitcoin upgrades its core cryptography in the next five years, the trust it has built over 16 years could be wiped out by a single quantum attack. Urgent upgrades are needed to protect the world’s leading cryptocurrency.
The son of an Air India plane crash victim, who was sitting one row behind the man who survived, has told Sky News he will relive “her last moments” until the day he dies.
Manju Mahesh Patel, 79, was on the London Gatwick-bound plane when it crashed in Ahmedabad shortly after take-off on Thursday.
In an interview with Sky News, Chirag Mahesh Patel, Manju’s son, said he hopes his mother’s death was “instant” and “painless”.
“To the day I die I will think, ‘what were her last moments?’,” he said.
Pointing to a framed family photograph of Ms Patel at the family home, he added: “I want to remember mum like this.
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“I don’t want to have to go and identify a burnt corpse, your own parent. How does someone, how do you ever get over that? That will be with me, that’s with me for life.”
Ms Patel had been staying in Ahmedabad for the past few months doing charity work at a temple. She was due to be picked up by her son at Gatwick on Thursday night.
Image: A family photo of Chirag Mahesh Patel with his mother
In tears, Mr Patel described his mother as “very strong” and a woman “who really loved her family”.
“The thing about my mum,” he said, “is her bond with her faith. It’s unbreakable.
“She had ultimate faith… and in times of stress she would always say God’s name… So, I know that upon take-off, I know that she was saying his name.”
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1:57
What could have caused the India plane crash?
Mr Patel said that when he realised his mother was on the flight it was just “a normal day” and “it didn’t seem real”.
He said the last time he had spoken to her he had reminded her to take her diabetes medicine and had then missed a call from her at 4am to say she had arrived at the airport.
He described “the most heartbreaking thing” was how much Ms Patel was looking forward to seeing her grandchildren, saying “it was everything to her”.
She had told him she packed her suitcase with lollipops for her six-year-old grandson, and special crisps for her 15-year-old older grandchild.
Image: Ms Patel with her six-year-old grandson
“It’s unimaginable even in my worst nightmare,” he said. “And the thing that kills me… is she was so looking forward to seeing us… she kept saying I bought this for you, I bought that, I bought the things for the kids.”
Mr Patel and his wife are due to fly to India on Saturday night to provide a DNA sample to help identify his mother’s remains.
He expressed his anger at what he called a “disgusting” and “appalling” lack of communication from Air India – which he said passed his details to a hospital but never contacted him personally.
He described feeling “neglected” by the airline, which he said would only offer him an Air India flight – and no help organising accommodation.
Mr Patel said he refused to get on the Gatwick flight back to Ahmedabad and has booked with another provider to travel to India instead.
Image: Ms Patel with her elder grandchild
“I said [to the airline] all of this happened on Thursday, you’re telling me on Friday afternoon, do you want that flight this evening? That one crashed? The one coming back where 172 goes out? They asked do you want Air India 172? I said how can you ask me that. My mum just died on Air India.”
Mr Patel said he wanted “answers” and transparency in any air accident investigation.
Air India said in a statement: “Air India stands in solidarity with the families of the passengers who tragically lost their lives in the recent accident. Our teams on the ground are doing everything possible to extend care and support during this incredibly difficult time.
“As part of our continued efforts, Air India will be providing an interim payment of ₹25 lakh or approximately £21,000 each to the families of the deceased and to the survivor, to help address immediate financial needs. This is in addition to the ₹1 crore or approximately £85,000 support already announced by Tata Sons.
“All of us at Air India are deeply saddened by this loss. We mourn with the families, loved ones, and everyone affected.”
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3:24
Families in India wait for bodies of relatives
The company’s chief executive and managing director Campbell Wilson said in a video message posted on social media that over 200 “trained caregivers” were now in place to offer dedicated assistance to families, along with counselling and other services.
He said Air India was in the process of completing precautionary safety checks on Boeing 787 aircraft as directed by regulator the Directorate General of Civil Aviation (DGCA), which would “be completed within the timelines prescribed by the regulator”.
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Mr Wilson said he had also visited the crash site and said other members of the management team would remain present “for as long as it takes”.
The aircraft’s data recorder, often referred to as a black box, has been recovered and will form part of the investigation into the worst aviation crash in a decade.
‘He was too young’: Families grieve those lost in Air India crash
It was an emotional service at Derby’s Geeta Bhawan Hindu temple, as dozens of friends, colleagues and neighbours gathered to remember Dr Prateek Joshi, his wife Komi, their daughter Miraya, and twin sons Nakul and Pradyut.
Some wiped tears from their eyes, as a colleague was asked spontaneously to pay tribute to Dr Joshi, who had been bringing his family to live in the city, when the Air India flight they were on crashed seconds after take-off.
“He was too young, too much still to give, too much still to be done, too much to offer,” his friend told worshippers.
“He was taken from us in a very cruel and abrupt way, and his family as well, and we all think about his family back in India who is missing a son, missing a daughter-in-law and missing all their grandchildren who they’ll never see growing up.”
Derby South MP Catherine Atkinson said Dr Joshi, who was a radiologist at the Royal Derby hospital, had been “contributing to our NHS and the health of so many in our city and beyond”.
She said his wife was a pathologist who had resigned from her job in India.
“I won’t forget the photograph of them on the plane, full of optimism about their new adventure,” she said, as her voice broke.
“The losses make us all hug our families and loved ones a little closer and remind us how precious our time together is.”
Dr Joshi was described as a “warm, smiling man, full of joy” who enjoyed walking in the Peak District and who had discovered “a love of fish and chips”.
His neighbour and colleague Manoj Ramtohal told Sky News Dr Joshi always had time for people.
“He was very caring and very polite, very friendly, you couldn’t meet a better man than Prateek,” he said.