The U.S. Securities and Exchange Commission (SEC) is reportedly ready to approve an Ethereum (ETH) futures exchange-traded fund (ETF) nearly two years after greenlighting one for Bitcoin (BTC).
According to a new report by Bloomberg, the regulatory agency appears poised to approve the first-ever futures ETF based on the second-largest digital asset by market cap.
Anonymous sources familiar with the matter say that the SEC won’t block the ETH-based futures products, but notes that they aren’t sure which exact bids will be approved. Companies who filed for them include Volatility Shares, Bitwise, Roundhill and ProShares, according to the report.
The SEC first approved ProShares’ bid to create an ETF based on BTC futures in October 2021, the first of its kind at the time. However, the regulatory body has rejected every bid to create a spot market Bitcoin ETF thus far, citing liquidity, safety, and volatility concerns.
In September 2021, Chairman Gary Gensler said that he’d consider approving a BTC futures ETF, at the time noting that they were filed in a way that would provide “significant consumer protection.”
Earlier this month, the SEC opened up the potential creation of ARK Invest’s spot market Bitcoin ETF to public opinion, asking investors to submit their views in writing toward a proposed rule change that would allow the Chicago Board Options Exchange (CBOE) to list and trade shares of ARK’s BTC ETF.
Ethereum is trading for $1,689 at time of writing, a 6.1% decrease during the last 24 hours.
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