August 18, 2023 5:28 AM | 1 min read
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The U.S. Securities and Exchange Commission (SEC) is set to approve Ether (CRYPTO: ETH) futures-based ETFs, Bloomberg reports.
While there has not been any official confirmation from SEC, insiders hint that several might get the nod by October. This will be a major victory for firms that have long pursued such offerings.
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Sources reveal that the regulator won’t oppose these products, which will be grounded on futures contracts of the world’s second-largest cryptocurrency. Companies like Volatility Shares, Bitwise, Roundhill, and ProShares are among nearly a dozen that have applied to introduce these ETFs.
While it remains uncertain which funds will receive approval, the SEC has previously greenlit trading in a fund associated with Bitcoin futures contracts on the Chicago Mercantile Exchange (CME). Speculation suggests that an Ether futures product, also trading on CME, could follow suit.
As of Thursday, Bitcoin is trading around $26,000, while Ether stands at $1,600, marking an 11% decline this month.
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