A leading economic daily stated how the SEC could approve multiple applications for an Ether Futures ETF filed by investment firms in the US.
A reputed economic daily in the United States has raised eyebrows with one of its recent articles. The article bodes well for the crypto industry since it claimed the US could soon see an Ether Futures ETF. Investment firms had earlier filed several applications for the crypto ETFs. The final authority for approving the requests lies with the Securities and Exchange Commission (SEC).
“The Securities and Exchange Commission is likely to allow multiple exchange-traded funds tracking ether futures to launch at roughly the same time, according to people familiar with the matter,” said the article.
The SEC has received a slew of requests for crypto ETFs since July. Since it has not asked any of the investment firms to withdraw their requests, the industry has been optimistic.
The article also described how first-mover advantage was essential for such ETFs. It highlighted data which indicated the first Bitcoin futures ETF had already garnered $1 billion in assets. The reports of the Ethereum ETFs have already led to a rise in ETH prices, which shot past $1600.
The crypto market could also benefit if the ETFs go live. Capital inflows into the market could increase, with higher liquidity. The market has traded in a tight range in the last few weeks.
On the other hand, Europe has already made significant progress in this space. It saw the debut of its first spot Bitcoin ETF a few days ago.