Aaryamann Shrivastava
FXStreet
- Ethereum Futures ETFs are likely to be available for trading as early as October 3, per Eric Balchunas.
- The Bloomberg analyst cited SEC wanting to "getting it off their plate" as the reason for the accelerated approval.
- All applicants have been asked to update their filings before the weekend in order to be approved by October 2.
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC), which has been targetting spot BTC ETFs for months now, is most likely to approve the trading of ETH ETFs in the next seven days.
Read more - Breaking: Ark Invest 21Shares Bitcoin Spot ETF filing delayed
Ethereum Futures ETF to begin trading in October
According to Bloomberg Senior ETF analyst Eric Balchunas, the SEC is likely to go easy on Ethereum Futures ETFs and fastrack their approval. Balchunas took to X, formerly Twitter, to share the update highlighting that the ETH ETFs are most probably going to be approved by October 2, Monday and available for trading for investors by the next day - October 3, Tuesday.
Balchunas stated that the SEC wants to accelerate the launch of the ETH ETFs only in order to get them off their plate. This is surprising since when it comes to Bitcoin spot ETFs, the SEC has been attempting to hold out their approval for as long as they can.
UPDATE: Hearing the SEC wants to accelerate the launch of Ether futures ETFs (bc they want it off their plate bf shutdown) so they've asked the filers to update their docs by Fri pm (no small task to jam into 48hrs, esp for indie issuers), so they can go eff Mon and trade Tue. https://t.co/gKyQFK12aM
— Eric Balchunas (@EricBalchunas) September 28, 2023
In order to be approved, though, ETH ETFs' applicants have been asked to update their filings before the end of Friday. If everything goes as planned and the SEC swiftly approves the applications, Valkyrie's BTF will become the first Ethereum Futures ETF to be launched in the United States. This could be followed by other ETFs since over nine issuers have proposed 15 ETH ETFs in the country.
Spot Bitcoin ETF continues to be a headache
Even though the Ethereum Futures ETFs' approval has been accelerated, the SEC is not likely to change its stance on spot Bitcoin ETFs. This is because, in just the last couple of days, the SEC has delayed the decision on another spot BTC ETF application from Ark Invest 21Shares.
This was in spite of the US House Financial Services Committee (FSC) asking the regulatory body to immediately approve the spot BTC ETFs in a letter this week. The lawmakers called the SEC's standards of denial of spot ETFs "inconsistent and discriminatory" and urged to fast-track the approval.
Read more - Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
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