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The planned Chainlink ETF (ticker CLNK) from Bitwise has appeared on the pre-launch list at the DTCC exchange.
The listing often indicates that approval is imminent, although approval from the U.S. Securities and Exchange Commission is still pending.
The Bitwise exchange-traded fund (ETF) planned for Chainlink has taken another step this week as it appeared in a significant regulatory database. The Bitwise Chainlink ETF has been registered in the records of the Depository Trust and Clearing Corporation, indicating that approval is near. This comes at a time when dozens of cryptocurrency investment products are awaiting regulatory approval, while government funding hurdles continue.
The addition of the DTCC record indicates imminent approval.
On Tuesday, the Bitwise Chainlink ETF began trading on the active DTCC (Depository Trust & Clearing Corporation) list and prior to launch, under the ticker symbol CLNK. DTCC does not guarantee U.S. Securities and Exchange Commission (SEC) approval simply because the record appears on the list, but it is known that this often leads to significant momentum toward product adoption. DTCC is important post-trade infrastructure responsible for clearing, settling, and recording transactions in financial markets. Notably, Bitwise has not yet submitted the 8-A form, which is the regulatory filing required before trading any securities on any exchange.
The asset manager submitted the S-1 registration statement for this product to the U.S. Securities and Exchange Commission (SEC) last August. The planned trading fund will track the original Chainlink token, which supports a decentralized oracle network providing real-time information for smart blockchain contracts. Grayscale has also sought to obtain a similar investment product focused on Chainlink, which includes features in its version that may subject it to further scrutiny.
The approval process has significantly slowed due to the federal government shutdown, which has entered its forty-second day. There is some hope that the Senate will pass a funding bill, meaning the market may soon see a resumption of operations, potentially accelerating the approval process for cryptocurrency investment products still pending. Asset managers are submitting numerous applications for funds tracking various digital assets, anticipating interest from investors.
Market watchers expect broader approval now that the U.S. Securities and Exchange Commission has implemented public listing standards for cryptocurrency products last September, eliminating the need to review each case individually and significantly streamlining the approval process. Unfortunately, the government shutdown began shortly after its publication, limiting the practical application of those standards thereafter.$FTT
