SEC Set To Approve Ethereum ETF?• August 18, 2023 5:55 pm • Comments
For years, crypto firms have sought to gain regulatory approval for various ETF products in the United States.
The wait time for approval of Ethereum futures ETF applications has taken 2 years, yet now the Securities and Exchange Commission (SEC) seems to have good news for those patiently waiting. …
According to leaked documents, the SEC is set to approve applications for an Ethereum futures ETF soon—as early as October 2023, sources familiar with the matter claim.
Whale Chart appeared to take a jab at the SEC’s criteria for classifying assets: “Ethereum is not a security. Bloomberg reporting SEC is to approve an ETH futures ETF.”
Ethereum is not a security. Bloomberg reporting SEC is to approve an ETH futures ETF.
— Whale (@WhaleChart) August 18, 2023
WhaleWire provided a current price analysis: “ETH surges over 10% after SEC green-lights first-ever U.S approval of Ethereum Future ETFs.”
— WhaleWire (@WhaleWire) August 17, 2023
Daily Hodl explained:
Anonymous sources familiar with the matter say that the SEC won’t block the ETH-based futures products, but notes that they aren’t sure which exact bids will be approved.
Companies who filed for them include Volatility Shares, Bitwise, Roundhill and ProShares, according to the report.
James Seyffart provided details on potential approval dates and fee structures for an Ethereum Futures ETF.
Seyffart explained: “This is what the dates look like as far as we’re aware for Ethereum Futures ETFs. Valkyrie should be first ETF with ETH futures on Oct 3 or 4 but will be Bitcoin & Ethereum. Vol Shares looks to be first pure ETH Futures ETF on ~Oct 12. (Including past failed launch attempts.)”
This is very low compared to BTC futures ETFs like Proshares' $BITO's 0.95%. And is still drastically lower than VanEck's $XBTF which at 0.76%. Fee war already starting in crypto ETFs https://t.co/toBBGkPpZd pic.twitter.com/5Fk34F2qAN
— James Seyffart (@JSeyff) August 18, 2023
Popular crypto influencer The Crypto Lark took a different perspective on the news of an Ethereum futures ETF approval:”Rumor is that the SEC is going to approve Ethereum Futures. Literally nothing to celebrate here. These are garbage contracts. Just paper garbage. GARBAGE”
Rumor is that the SEC is going to approve Ethereum Futures.
Literally nothing to celebrate here.
These are garbage contracts.
Just paper garbage.
— Lark Davis (@TheCryptoLark) August 18, 2023
Decrypt reported on Ethereum’s recent price action:
The world’s second-largest cryptocurrency last night experienced a significant price drop to its lowest levels since mid-June.
Amid the latest market sell-off, which also saw Bitcoin (BTC) plunge below $26,000, ETH dropped to as low as $1,576 before recovering to $26,533 at the time of writing.
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