1 year ago
As of Aug. 3, the U.S. Securities and Exchange Commission (SEC) has received a full of 12 Ethereum (ETH) exchange-traded money (ETF) applications.
The latest additions came from Bitwise, submitting caller applications for equal-weight and market-weight versions of its Bitcoin and ETH futures ETFs.
This continues the flurry of Ethereum-related ETF applications that started connected July 28 erstwhile Volatility Shares filed its submission. Since then, different plus managers, including Grayscale, Proshares, etc., person submitted caller applications, with immoderate having aggregate filings.
James Seyffart, a fiscal adept with Bloomberg Intelligence, reported that ProShares had filed 4 Ethereum ETF applications with the SEC. Information connected the regulator’s website shows that Bitwise has made three applications, portion Grayscale made two.
Others similar Roundhill, VanEck, and Volatility Shares person submitted 1 exertion apiece. Meanwhile, a caller sanction successful the premix is Direxion, which filed a dual Bitcoin and Ethereum futures ETF connected Aug. 2.
Will the SEC approve?
Market experts person antecedently argued that the applications are much of a gamble by the plus managers who don’t privation to miss retired connected being the archetypal Ethereum ETF successful the U.S. However, the anticipation of getting support is slim arsenic the SEC has ne'er approved an Ethereum futures ETF filing.
Additionally, seat Gary Gensler consistently declined to reply if the Commission considers Ethereum a security, thereby expanding the regulatory uncertainty surrounding the blockchain network.
SEC inactive has Bitcoin ETF applications to woody with
Meanwhile, the question of Ethereum ETF applications is coming connected the heels of a deluge of Spot Bitcoin (BTC) ETF applications submitted by galore accepted fiscal institutions, including BlackRock, the largest plus manager globally, to the SEC.
Bloomberg’s analysts Eric Balchunas and James Seyffart opined that determination was a 65% accidental the fiscal regulator could o.k. the Bitcoin ETF applications earlier it. Seyffart explained that:
“The lynchpin for this existent thesis is simply a Grayscale triumph implicit the SEC successful Federal court. Which COULD acceptable things up for a question of SEC approvals sometime successful the 4th quarter? All depends connected however overmuch Gensler wants to combat here.”
The station SEC flooded with 12 Ethereum ETF applications successful little than a week appeared archetypal connected CryptoSlate.
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