SEC Delays Deadline for Ethereum Spot ETF Filings
The U.S. Securities and Exchange Commission (SEC) has granted an extension to the deadline for approving Ethereum spot exchange-traded fund (ETF) applications by Ark Invest and VanEck. The original deadline of November 11 has been pushed back to December 26, 2023. Ark Invest submitted its proposal on September 6, while VanEck renewed its efforts on the same day.
The SEC cited the need for additional time to review the proposals as the reason for the extension. The agency also published the proposals in the Federal Register on September 27, 2023, to seek public input.
Optimism Surrounding Ethereum Futures Products
While the approval timelines for Ethereum spot ETFs remain uncertain, there is growing optimism about the approval of futures-based ETH products. Spot ETFs provide direct exposure to an asset, while futures ETFs use futures contracts to speculate on future prices.
Bloomberg’s ETF experts, Eric Balchunas and James Seyffart, suggest that an Ethereum futures ETF could be approved as early as next week. Balchunas mentioned that his sources indicate that the SEC wants to accelerate the launch of Ether futures ETFs and has requested filers to update their documents by Friday for a potential announcement next week.
This rush is motivated by the possibility of a U.S. government shutdown starting October 1, which would suspend services and agencies like the SEC. Currently, there are fourteen pending proposals for an Ethereum futures ETF from firms including Bitwise, Grayscale, Valkyrie, and VanEck.
Hot Take: SEC Extends Deadline for Ethereum Spot ETF Approvals
The SEC has granted more time for reviewing Ethereum spot ETF proposals from Ark Invest and VanEck, extending the original deadline to December 26, 2023. The agency cited the need for additional review as the reason for the extension. Meanwhile, optimism grows for the approval of futures-based ETH products, with Bloomberg’s ETF experts suggesting that an Ethereum futures ETF could be approved as early as next week. This rush is motivated by concerns about a potential government shutdown that could disrupt SEC services. Currently, there are fourteen pending proposals for Ethereum futures ETFs from various firms.
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