SEC to Grant Approval for Ethereum Futures-Based ETFs
The United States Securities and Exchange Commission (SEC) is reportedly on the verge of granting approval to the first Ethereum Futures-based exchange-traded funds (ETF). The SEC has not made an official comment, but sources familiar with the matter have shared the news. It is unlikely that the SEC will block the approval process for these ETFs, which would be based on futures contracts for the second-largest cryptocurrency.
Main Points:
– Several firms could receive approval to launch an Ether-Futures ETF by October.
– The SEC is not likely to hinder the approval process.
– The specific firms that will receive approval have not been announced.
– Regulatory approval is pending for six Ether-Futures filings, including those from Ether Strategy ETF, Bitwise Ethereum Strategy ETF, and VanEck’s Ethereum Strategy ETF.
– Bitcoin ETFs are still awaiting a response from the SEC, with several firms eagerly waiting for the decision.
Bitcoin ETF Decisions Still Pending
While Ethereum Futures-based ETFs are making progress, the decision on Bitcoin ETFs is still up in the air. Cathie Wood, CEO of Ark Invest, believes that the SEC will not grant approvals for individual Bitcoin ETFs and may approve multiple ones simultaneously. The SEC previously expressed dissatisfaction with the transparency and information presented in filings for Bitcoin ETFs.
Hot Take:
The potential approval of Ethereum Futures-based ETFs by the SEC is a significant development for the crypto industry. It opens up new investment opportunities and further legitimizes cryptocurrencies as financial assets. However, the SEC’s stance on Bitcoin ETFs remains uncertain, creating anticipation and uncertainty among market participants. Overall, this news highlights the evolving regulatory landscape surrounding cryptocurrencies and their growing acceptance in traditional finance.
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