Grayscale Makes Another Bid for Ethereum Futures ETF
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Grayscale recently submitted a new application for an Ethereum Futures ETF. Interestingly, they submitted it under the Securities Act of 1933, typically used for commodities and Bitcoin ETFs.
This decision marks a shift from their initial application filed under the Investment Company Act of 1940, which primarily governs securities-based ETFs. Many speculate about the underlying reasons behind this strategic move.
Grayscale’s Second Attempt at Ethereum Futures ETF
Grayscale Investments, a prominent cryptocurrency investment sector player, has again entered the world of Ethereum futures ETFs. Yes, you heard it correctly—their determination remains steadfast as they make another attempt.
Grayscale has chosen a different regulatory path for its latest application. This time, they have submitted the application under the Securities Act of 1933, deviating from their previous approach.
The Initial Ethereum futures ETF application was built on the foundation of the Investment Company Act of 1940, which serves as a common framework for securities-based ETFs. However, the approach has now shifted towards aligning with the Securities Act of 1933, typically associated with commodities and Bitcoin ETFs.
Bitcoin futures ETFs have successfully registered and obtained approval under both regulatory acts. This suggests that this alternative approach may be an effort to enhance the chances of approval.
Speculation Abounds as SEC Approaches Ethereum Futures ETF Approval
The Securities and Exchange Commission (SEC) is nearing approval for Ethereum futures-based exchange-traded funds (ETFs). Sources familiar with the matter further imply that product approval could occur early in October.
The Securities and Exchange Commission (SEC) is currently reviewing six applications for Ethereum futures-based exchange-traded funds (ETFs). These applications include the Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF. Approval of these ETFs by the SEC seems imminent.
Sources suggest that approval may be on the horizon, potentially as early as October, despite the SEC’s silence on the matter. The intense competition leaves uncertainty about which firms will secure the first approvals.
Filed under: Bitcoin - @ September 20, 2023 10:18 am