[NEWS] US SEC to approve Ethereum futures ETF as early as October

It has been reported that the US Securities and Exchange Commission (SEC) is expected to approve an Ethereum (ETH) futures ETF. Bloomberg reported on the 18th.

According to reports, citing sources familiar with the matter, the SEC has no intention of blocking the launch of an Ethereum futures ETF.

Especially this year, the SEC has argued that many altcoins qualify as securities. However, it has not made its position clear on whether Ethereum qualifies as a security.

Currently, more than a dozen companies, including Volatility Shares, Bitwise, Roundhill, and ProShares, have applied for approval of Ethereum futures ETFs. At this time, it is unclear which ETFs will be approved.

Discussions on undisclosed information will be held by October, and approval may occur as early as the same month.

The SEC will approve ProShares' Bitcoin (BTC) futures ETF in October 2021. This was the first cryptocurrency ETF in the United States. Bitcoin hit a new record high the following month.

The birth of the Bitcoin Futures ETF had raised hopes for the emergence of an Ethereum Futures ETF, but so far no approval has been achieved.

The SEC has approved Bitcoin Futures ETFs, but has continued to reject spot ETFs.

Nevertheless, the situation is changing, with the Bitcoin Spot ETF applied for by asset management giant BlackRock in June this year said to have a relatively high chance of being approved.

In terms of Bitcoin Spot ETF trends, a ruling is expected soon in a lawsuit over the application of Grayscale, a major cryptocurrency management company.

Grayscale's application was to convert its investment trust "GBTC" into an ETF. However, the SEC rejected the application, stating that it "does not meet the requirements for investor protection, such as preventing market manipulation and fraud." Grayscale filed a lawsuit in protest.

Source:Bloomberg
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