- Due to government shutdown concerns, the SEC is fast-tracking approval for an Ethereum futures ETF.
- Applicants have been asked to update documents to start trading by October 3.
- ETH’s price has surged to beyond $1,600 following this development.
The imminent approval of an Ethereum (ETH) futures exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) is in the works, with Bloomberg analysts projecting this to occur as early as next week. The urgency to greenlight Ether futures ETFs stems from looming government shutdown concerns, which have spurred the SEC into expediting its approval processes.
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Eric Balchunas, a seasoned ETF analyst at Bloomberg, recently disclosed that the regulatory body is keen on accelerating the launch of Ether futures ETFs, given the looming threat of a government shutdown by October 1. Balchunas also pointed out that the SEC has instructed several applicants to update their documentation by Friday to commence trading as soon as Tuesday, October 3.
James Seyffart, another Bloomberg analyst, lent credence to this likelihood, suggesting that the SEC seems prepared to give the green light to multiple Ethereum futures ETFs in the forthcoming week.
The SEC has received 15 applications for Ethereum futures ETFs from nine distinct issuers, including prominent entities like VanEck, BitWise, ProShares, and Grayscale. Analysts at Bloomberg speculate that Valkyrie’s Bitcoin Futures ETF might be the first to provide exposure to Ethereum by October 3, potentially sparking a notable surge in ETH’s market value.
In response to these unfolding developments, the price of ETH has already witnessed a significant upswing, surpassing the $1,600 threshold once again. This resurgence comes on the heels of ETH briefly dipping below this benchmark on September 22, and the cryptocurrency community is now eagerly awaiting the potential approval of Ethereum futures ETFs.
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