Bloomberg estimates chances of SEC approving Ethereum-ETF futures applications

Bloomberg: SEC ready to approve Ethereum-ETF futures applications

The regulator is unlikely to disapprove products that would be based on futures contracts on the second-largest cryptocurrency, sources familiar with the situation said

The U.S. Securities and Exchange Commission (SEC) is poised to approve the first applications for futures-based Ethereum-ETFs, a big win for a number of companies that have long wanted to bring such products to market, Bloomberg reported.

According to people familiar with the situation, it is unlikely that the regulator will not approve products that would be based on futures contracts on the second-largest cryptocurrency, the publication said.

That said, it was initially impossible to predict which funds would get the green light. By October 2023, there could be several of them, suggested the official, who wished to remain anonymous when discussing the information, the publication writes. At the same time, the SEC has not yet commented on the situation.

British company Jacobi Asset Management in August launched Europe's first spot bitcoin-ETF almost two years after approval.

Earlier, the SEC postponed a decision on Katie Wood's ARK 21Shares fund ARK 21Shares' bitcoin-ETF application. The SEC is now reviewing more than 12 applications for spot bitcoin ETFs.

On Aug. 8, Wood said she expects several bitcoin ETFs to be approved by the SEC at once. In June, her ARK Invest reported that the company was first in line for potential bitcoin-ETF approval, as it had submitted an application to the SEC before others.