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Ethereum Futures ETFs Given Thumbs Up Approval By SEC

2 mins
Updated by Kyle Baird
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In Brief

  • The SEC is reportedly close to approving Ethereum Futures-based ETFs, with several firms possibly approved by October.
  • The specific funds to be approved remain uncertain, with a dozen companies awaiting the green light.
  • This development comes amid anticipation for the SEC's decision on multiple spot price Bitcoin ETFs.
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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 didn’t comment, but those familiar with the matter shared the news.

SEC Unlikely to Block

An Aug. 17 report, citing familiar sources, discloses that several firms could receive approval to launch an Ether-Futures ETF by October.

The SEC is reportedly not likely to hinder the process in any way.

“The regulator isn’t likely to block the products, which would be based on futures contracts for the second-largest cryptocurrency, according to people familiar with the matter,” the report states.

It remains uncertain which firms will receive the approval. The sources have provided limited information as the SEC has not announced it yet.

“It couldn’t immediately be determined which funds would get green lights. Officials have indicated that several might by October, said one of the people, who asked not to be identified discussing information that hasn’t been made public.”

To learn more about staking Ethereum, read BeInCrypto’s guide: 9 Best Places To Stake Ethereum in 2023

On Aug 2, a report stated that regulatory approval is pending for six Ether-Futures filings.

The companies seeking approval include Ether Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and the Grayscale Ethereum Futures ETF.

Ethereum Price Chart 7 Days. Source: BeInCrypto
Ethereum Price Chart 7 Days. Source: BeInCrypto

Spot Bitcoin ETF Decisions Still in the Air

This news comes amidst a standstill with Bitcoin ETFs. Several firms are eagerly waiting for the SEC’s response regarding the decision on ETFs directly linked to Bitcoin.

Cathie Wood, the CEO of Ark Invest, believes the SEC will not grant approvals for firms’ Bitcoin ETFs individually. Ark Invest is currently awaiting a decision on its own spot price Bitcoin ETF.

She opined that if the SEC “is going to approve a Bitcoin ETF, will approve more than one at once.” 

On June 30, reports indicated that the SEC was not satisfied with the transparency and information presented in several filings submitted by asset managers seeking to launch a Bitcoin ETF.

The SEC reportedly declared that the documents were not “clear and comprehensive.”

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.