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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.

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Entertainment

Father Ted co-creator Graham Linehan denies harassing transgender woman

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Father Ted co-creator Graham Linehan denies harassing transgender woman

Father Ted co-creator Graham Linehan has pleaded not guilty to harassing a transgender woman and damaging her phone.

The Bafta-winning writer, who also came up with TV sitcoms The IT Crowd and Black Books, appeared at Westminster Magistrates’ Court on Monday to deny the charges of harassing Sophia Brooks on social media and damaging her mobile in October.

Linehan, 56, who created the three-season sitcom Father Ted in the 1990s with fellow Irish writer Arthur Mathews, said in a post on X in April that the allegations were related to an incident at the Battle of Ideas conference in London on 19 October.

Court documents show Linehan is charged with harassing the alleged victim, a transgender activist, by posting abusive comments about her on social media between 11 October and 27 October, and damaging her phone to the value of £369 on the day of the conference.

Outside court after the short hearing, he wore a T-shirt with a picture of a Daily Telegraph front page with the headline ‘Trans women are not women’, and said: “For six years, ever since I began defending the rights of women and children against a dangerous ideology, I have faced harassment, abuse and threats.

“I’ve lost a great deal, but I am still here, and I will not waver in my resolve.”

Read more from Sky News:
Green Party co-leader denies split over trans rights
Thousands attend trans rights protests following Supreme Court ruling

Deputy District Judge Louise Balmain told Linehan his trial would take place on 4 September this year at the same court.

Linehan has become a strong vocal critic of the trans rights movement in recent years.

He was freed on bail with the condition not to contact the complainant directly or indirectly.

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Sports

1st female Grand National champ Blackmore retires

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1st female Grand National champ Blackmore retires

Rachael Blackmore, the first female jockey to win the Grand National, announced her retirement from horse racing with immediate effect on Monday.

Blackmore, 35, confirmed the decision on social media saying her “days of being a jockey have come to an end.”

In 2021, Blackmore made history by becoming the first female to win the Grand National in the race’s 182-year history.

She rode the Henry de Bromhead-trained Minella Times to the trailblazing victory at Aintree which came 44 years after Charlotte Brew became the first woman to ride in the world’s most famous steeplechase.

The Irishwoman was also the first female jockey to win the Champion Hurdle, doing so aboard Honeysuckle, the same year as her Grand National triumph.

She then clinched another historic first when she guided A Plus Tard to the Cheltenham Gold Cup in 2022.

“I feel the time is right,” Blackmore said in a post on social media.

“I’m sad but also incredibly grateful for what my life has been for the past 16 years. I just feel so lucky, to have been legged up on the horses I have, and to have experienced success I never event dreamt could be possible.”

Blackmore won 575 of her 4,566 career races. Her last victory came aboard Ma Belle Etoile in Cork on Saturday.

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UK

London Underground stations shut and lines suspended as power cut hits Tube

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London Underground stations shut and lines suspended as power cut hits Tube

A power outage caused major travel disruption on London’s Tube network on Monday, stretching into rush hour.

The Elizabeth, Bakerloo, Jubilee and Northern lines were among the routes either suspended or delayed, with several stations closed and passengers forced to evacuate.

A spokesman for Transport for London (TfL) said there was an outage in southwest London for “a matter of minutes” and “everything shut down”.

National Grid confirmed a fault on its transmission network, which was resolved in “seconds”, but led to a “voltage dip” that affected some supplies.

The London Fire Brigade said the fault caused a fire at an electrical substation in Maida Vale, and it’s understood firefighters destroyed three metres of high-voltage cabling.

Piccadilly Circus
Image:
The scene in Piccadilly Circus as passengers were evacuated

That came just weeks after a fire at the same substation, which saw elderly and vulnerable residents among those moved from their homes.

But today’s fire – between Cunningham Place and Aberdeen Place – is understood to have involved different equipment to the parts in the 29 April incident.

TfL’s chief operating officer Claire Mann apologised for the disruption, adding: “Due to a brief interruption of the power supply to our network, several lines lost power for a short period earlier this afternoon.”

Passengers told Sky News of the disruption’s impact on their plans, with one claiming he would have had to spend £140 for a replacement ticket after missing his train.

He said he will miss a business meeting on Tuesday morning in Plymouth as a result.

Another said she walked to five different stations on Monday, only to find each was closed when she arrived.

Lines suspended and stations shut – as it happened

“Only on the last station did I find out it was a power outage affecting the entire Underground, after I approached ticketing staff,” she said.

“Again, no announcement made. So I looked for bus alternatives. In total, I spent two hours stranded in central London. Horrible experience.

“I feel bad for people who possibly missed their flights.”

TfL staff have said they are working to restore the entire network, with some disruption extending into Monday night.

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