• The U.S. Securities and Exchange Commission (SEC) is reportedly set to approve the debut of Ethereum futures ETFs.
• This news has caused the price of Ether (ETH) to surge 11% to $1,700.
• The SEC has received more than 12 applications for Ether futures ETFs since late July.
SEC Set to Approve Ethereum Futures ETFs
The United States Securities and Exchange Commission (SEC) is reportedly set to approve the debut of Ethereum futures exchange-traded funds (ETFs). According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that have filed to launch Ether (ETH) futures ETFs in recent weeks.
Impact on ETH Price
This news has caused a surge in the price of Ether (ETH), pushing its value up 11% from $1,531 to $1,717 within 20 minutes after market stumbled two hours earlier.
Applications for Ether Futures Surge
The SEC has been inundated with applications for Ether futures ETFs, with more than 12 filings for such products being submitted to the regulator since late July. It remains unclear which ETF applications would be approved by the SEC; however, officials indicated that several of the filings may be approved by as soon as October.
Expert Comments
ETF analyst Eric Balchunas said he wasn’t surprised by the SEC’s move to approve Ether futures ETFs, adding that the decision shows how the regulator’s views on different products — such as a spot Bitcoin ETF — can change over time.
Conclusion
Overall this news signals an optimistic future for cryptocurrency adoption as a whole and could potentially open up new opportunities for investors looking into digital assets such as Ethereum or Bitcoin in particular.