The worth of Ether (ETH) surged round 11% to $1,700 following information that the United States Securities and Trade Fee is about to permit the primary exchange-traded funds (ETFs) primarily based on Ether Futures.
In keeping with an Aug. 17 report from Bloomberg — which cited nameless sources acquainted with the matter — the regulator doesn’t look as if it is going to block the functions of almost twelve corporations, together with ProShares, Volatility Shares, Bitwise and Roundhill, which have filed to launch Ether (ETH) futures ETFs in current weeks.
Breaking
The SEC is anticipated to inexperienced gentle an ETH futures ETF
The start of one thing doubtlessly huge right here… pic.twitter.com/x9KtOpCqei
— Bankless (@BanklessHQ) August 17, 2023
It stays unclear which ETF functions can be accredited by the SEC; nevertheless, officers indicated that a number of of the filings could also be accredited 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 completely different merchandise, similar to a spot Bitcoin ETF can change over time.
This not stunning 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? 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.
Associated: Donald Trump’s Ethereum wallet holds $2.8M, new statement shows
The information pushed ETH’s value again up 11% to $1,717 simply 20 minutes after the market took a tumble two hours earlier.
Huge Questions: Did the NSA create Bitcoin?
