Financial giant Franklin Templeton is ready to launch its "Franklin Ethereum TR Ethereum ETF" (EZET), according to a listing on the Depository Trust and Clearing Corporation (DTCC) website. This move positions them alongside industry leaders vying for a piece of the Ethereum ETF market. However, getting the green light from the Securities and Exchange Commission (SEC) remains a hurdle.

The DTCC listing allows for creation and redemption of EZET shares, a key factor in maintaining its market price. But it doesn't guarantee the SEC's approval of Franklin Templeton's application, submitted in February. The regulatory body is taking its time, extending the review period until June 11th.

This cautious approach by the SEC contrasts with the quicker approval process for Bitcoin ETFs. Analyst Eric Balchunas estimates a 35% chance of SEC approval for EZET, citing the regulator's less active stance on Ethereum compared to Bitcoin. Additionally, SEC Chair Gary Gensler's silence on whether Ethereum qualifies as a security adds another layer of uncertainty.

Despite the wait, Franklin Templeton's move indicates growing confidence in the Ethereum ETF market. While SEC approval remains the final step, the industry is poised for a potential surge in Ethereum-based investment options.