The worth of Ether (ETH) surged round 11% to $1,700 following information that the United States Securities and Change Fee is ready to permit the primary exchange-traded funds (ETFs) primarily based on Ether Futures.
Based on an Aug. 17 report from Bloomberg — which cited nameless sources aware of the matter — the regulator doesn’t look as if it can block the purposes of practically twelve corporations, together with ProShares, Volatility Shares, Bitwise and Roundhill, which have filed to launch Ether (ETH) futures ETFs in latest weeks.
Breaking
The SEC is anticipated 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 purposes can be accepted by the SEC; nevertheless, officers indicated that a number of of the filings could also be accepted by as quickly as October.
ETF analyst Eric Balchunas stated 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, resembling a spot Bitcoin ETF can change over time.
This not shocking to us, we had stated they’d approve Ether Futures early on in race. Good to be validated. Now what does it imply for spot? Exhausting 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 purposes 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 worth again up 11% to $1,717 simply 20 minutes after the market took a tumble two hours earlier.
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