Good news for ETH? Last June, Blackrock filed for a Spot Bitcoin ETF with the SEC. Shortly after, from many other applications were filed for Bitcoin, then for Ethereum ETFs. Now, it looks like Ethereum ETFs are on the right track.
Ethereum ETF soon to be approved by the SEC?
The United States SEC is notorious for being tough on cryptocurrencies. However, for several months, requests for the creation of crypto ETFs have been raining down on the SEC.
Although this has not yet been decided, rumors from people familiar with the matter suggest that the institution is in passes to accept the creation of several Ethereum ETFs by October.
Indeed, this is what our colleagues from Bloomberg revealed on the morning of last Friday:
“The regulator should not block these products, which would be based on futures contracts for the second largest cryptocurrency, according to people familiar with the matter. Nearly a dozen companies, including Volatility Shares, Bitwise, Roundhill and ProShares, have filed applications to launch ETFs. »
In practice, it would be an ETF on Ethereum futures contracts, also called future contracts. However, no information has leaked regarding the companies that will see their request accepted. Indeed, many of them have applied for an ETF. Among them, we find Volatility Shares, Bitwise, Roundhill, VanEck, Valkyrie and ProShares.
“It was not immediately clear which funds would get the green light. Authorities said several of them could get it by October, said one of those people, who asked not to be identified while discussing information that has not been made public. »
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No reaction from ETH side
As surprising as it may seem, this news had no effect on ETH, the native asset of Ethereum.
In fact, he recorded a 6% drop in the last 24 hours. In practice, ETH followed the BTC crash flash recorded tonight.
Thus, the price of ETH went from $1,716 to $1,576 in minutesin parallel with the fall of the BTC from $27,600 to $25,600.
However, the SEC is currently more cautious about Bitcoin ETFs. This has once again kicked into touch for the ETF of Ark Invest and has postponed its deliberations to March 2024. At the same time, the former SEC official believes that it is unlikely that the latter will be accepted. Wait and see.
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