The worth of Ether (ETH) surged round 11% to $1,700 following information that the United States Securities and Alternate Fee is ready to permit the primary exchange-traded funds (ETFs) primarily based on Ether Futures.
In accordance with an Aug. 17 report from Bloomberg — which cited nameless sources conversant in the matter — the regulator doesn’t look as if it is going to block the functions of practically twelve firms, together with ProShares, Volatility Shares, Bitwise and Roundhill, which have filed to launch Ether (ETH) futures ETFs in current weeks.
Breaking
The SEC is predicted to inexperienced mild an ETH futures ETF
The start of one thing doubtlessly large right here… pic.twitter.com/x9KtOpCqei
— Bankless (@BanklessHQ) August 17, 2023
It stays unclear which ETF functions can be authorised by the SEC; nonetheless, officers indicated that a number of of the filings could also be authorised by as quickly as October.
ETF analyst Eric Balchunas mentioned he wasn’t stunned by the SEC’s transfer to approve Ether futures ETFs, including that the choice reveals how the regulator’s views on totally different merchandise, reminiscent of a spot Bitcoin ETF can change over time.
This not shocking to us, we had mentioned they might approve Ether Futures early on in race. Good to be validated. Now what does it imply for spot? Arduous to say past it reveals that their views/coverage/tolerance can change. https://t.co/JXCxNUpj2U
— Eric Balchunas (@EricBalchunas) August 17, 2023
The SEC has been inundated with functions for Ether futures ETFs, with more than 12 filings for such products being submitted to the regulator since late July.
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The information pushed ETH’s value again up 11% to $1,717 simply 20 minutes after the market took a tumble two hours earlier.
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