According to sources, the US Securities and Exchange Commission (SEC) is unlikely to prevent the launch of Ethereum futures ETFs.
Following ground-breaking news that reverberated throughout the cryptocurrency world, Ether, a well-known cryptocurrency, rose by an astounding 11%, exploding to $1,700 in a stunning show of price dynamics. What is the center of this surge? The Securities and Exchange Commission (SEC) of the United States has indicated that it is willing to approve the introduction of the first exchange-traded funds (ETFs) based in ether futures.
SEC’s Open Stance on Ether Futures ETFs
On August 17th, Bloomberg published an article that shed light on a substantial shift in the SEC’s position. The report stressed that the regulator is prepared to adopt a more liberal attitude by drawing conclusions from unnamed persons knowledgeable about the subject. Importantly, this appears to translate into the regulator’s willingness to not block the ambitions of close to a dozen companies, including well-known names like ProShares, Volatility Shares, Bitwise, and Roundhill, who recently submitted applications to introduce Ether futures ETFs.
🚨 Breaking 🚨
— Bankless (@BanklessHQ) August 17, 2023
The SEC is expected to green light an ETH futures ETF
The beginning of something potentially massive here… pic.twitter.com/x9KtOpCqei
While the particular ETF applications that the SEC will approve are yet unknown, sources have hinted that a number of these filings may be approved as early as October, heralding a forthcoming change in the financial environment.
Related: Trump's Ethereum Wallet Reveals Over $2.8 Million in Crypto Holdings
The Ripple Effect on Crypto Perceptions
A renowned ETF expert, Eric Balchunas, commented on the significant development and expressed his lack of surprise at the SEC’s propensity to approve ether futures ETFs. Balchunas underlined that the regulator’s deliberate action shows how its viewpoint on various goods within the crypto industry is evolving. He emphasized how, over time, the SEC’s perspective on products like a spot Bitcoin ETF may change fundamentally, following the development of the digital asset market.
This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views/policy/tolerance can change. https://t.co/JXCxNUpj2U
— Eric Balchunas (@EricBalchunas) August 17, 2023
The SEC is at the center of this financial tide after receiving a flood of applications for Ether futures ETFs. With over a dozen registrations for these ground-breaking products since late July, the regulatory response has had a significant impact on the cryptocurrency market.
The revelation was a powerful catalyst, causing ETH’s value to soar by an impressive 11% and recover $1,717 in 20 minutes after a market decline that occurred two hours earlier. This dynamic price trend eloquently demonstrates how regulatory winds of change can instantly alter the market’s trajectory for cryptocurrencies, fueling investor passion and confidence.
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Related: Factors Holding Back Ether Price from Surpassing $1,900