According to James Seyffart, the launch of ETH futures exchange-traded funds can happen next week
Bloomberg analyst James Seyffarth said the SEC is ready to expeditiously approve the launch of ETFs on Ethereum. The expert is confident that in the coming week the commission may approve several applications to launch futures exchange-traded funds on ETH.
Seyffart noted that the acceleration of the approval process is due to the anticipation of the US government shutdown. The analyst has “heard” that companies that have filed applications need to update previously filed documents by mid-day Friday. In this case, Ethereum ETFs could launch next Tuesday.
A shutdown may occur in the United States if Congress fails to agree on the budget for 2024. Both financial regulators and other government agencies will be forced to temporarily suspend work.
As of today, the US Securities and Exchange Commission has received applications to launch ETH ETFs from 9 companies. Experts estimate the likelihood of futures exchange-traded funds appearing in October 2023 at 90%.
As for the Bitcoin ETF, it previously became known that the SEC postponed consideration of the issue of applications from ARK Invest and 21Shares until January next year. In addition, the regulator postponed the decision on the exchange-traded fund from the Global X Bitcoin Trust to the end of November this year.
“The SEC considers it appropriate to set a longer period for issuing orders to approve or reject applications so that it has sufficient time to review the documents,” the regulator emphasized.
In connection with the actions of the Securities and Exchange Commission, several American congressmen immediately appealed to the head of the SEC demanding “immediate” approval of the Bitcoin ETF. Politicians, citing legal precedent with Grayscale Investments, said that the regulator “discriminates against spot crypto products.”
According to the congressmen, there is “no reason to continue to reject” applications for ETFs after the court’s decision, which found the SEC’s arguments “arbitrary and capricious” in connection with already agreed upon investments that are tied to Bitcoin futures.
“Regulated spot Bitcoin ETPs will provide increased investor protection by providing more secure and transparent access to investment instruments,” the policymakers said in a statement.