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The U.S. Securities and Exchange Commission (SEC) is expected to give a concurrent nod to several applications for Ether futures exchange-traded funds (ETFs), according to recent reports by the Wall Street Journal. These reports draw from insiders familiar with ongoing developments.
Several financial institutions have been keen on gaining the SEC's approval since the start of July, pouring in with proposals that combine futures strategies for both Bitcoin (BTC) and Ether. A marked shift in the SEC's approach is evident as the institution hasn't directed these firms to pull back their applications. This contrasts sharply with the scenario in 2021 when similar requests were promptly turned down. Such a change in stance leads industry insiders to speculate that the SEC could give the green light soon.
As it stands, the regulator's table has 16 applications pertaining to either Ether or combined Bitcoin-Ether futures ETFs. Ether, the Ethereum blockchain's inherent currency, facilitates peer-to-peer exchanges on this decentralized system. A crypto futures ETF isn't directly aligned with cryptocurrencies like Bitcoin or Ethereum. Instead, it pegs its value to the futures contracts associated with these digital currencies' prices.
The possibility of crypto futures approvals has only intensified the flow of applications. Just this past week, the investment firm Valkyrie presented an Ether futures ETF proposal. This was on top of their earlier submission which merged Bitcoin-Ether futures. With these moves, Valkyrie has positioned itself at the forefront of this competitive landscape, potentially setting its BTC-ETH ETF for a debut come early October.
There's a significant rush within the ETF domain to be the earliest entrant. Case in point: Data sourced from Morningstar via Wall Street Journal reveals that the pioneering Bitcoin futures ETF by ProShares amassed assets worth $1 billion since its October 2021 inception. Contrastingly, a similar offering by Valkyrie, introduced just days afterward, pulled in about $28 million.
Yet, one significant decision hangs in the balance. The SEC is still deliberating on the approval of a direct Bitcoin ETF in the U.S. Top-tier Wall Street entities, including names like Fidelity and BlackRock, eagerly anticipate this decision. Going by the procedural timeline, the SEC should reach a conclusion by January.
