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According to a report from Bloomberg, the U.S. Securities and Exchange Commission (SEC) is nearing the approval stage for futures products linked to ethereum (ETH). An inside source familiar with the matter has hinted that a small number might gain approval by October.
Confidential Informants Suggest SEC Could Soon Authorize Ethereum Futures Products
Over the past several weeks, a group of firms, such as Valkyrie, Roundhill, Proshares, Grayscale, Vaneck, Volatility Shares, and Bitwise, have lodged applications to introduce ethereum (ETH)-focused futures products. A recent article by Bloomberg’s Vildana Hajric and Allyson Versprille shares the SEC’s probable leaning towards not hindering ETH-related futures, as revealed by people who wanted to remain unnamed and are “in the know.”
Although these insiders were reluctant to disclose information about potential green lights, rumors are rife that approvals may materialize in October. Ethereum supporters have warmly embraced this expected move, viewing it as a positive development for the second-largest cryptocurrency. Ethereum proponent Adam Cochran expressed that the effects of such an announcement on ETH futures ETFs could be more significant than what appears at first glance.
Cochran further elaborated, “The SEC cannot genuinely maintain that ETH is an unregistered ‘crypto asset security’ while also approving an ETH Futures ETF. An unregistered security cannot be the basis for a futures ETF. This would require an acknowledgment that it’s either a commodity or a currency, shifting the focus solely to the transactional nature under Howey.”
However, Thursday was not entirely positive for ETH. It suffered a setback following Bitcoin’s sudden drop below the $26K threshold. ETH lost 6% against the U.S. dollar in one day and 9% throughout the week. After hitting a Thursday nadir of $1,576 per token, ETH saw a modest recovery on Friday, with each token trading at $1,681. Currently, ETH’s share in the cryptocurrency domain, worth just over $1 trillion, is approximately 18.3%, corresponding to a market capitalization close to $201 billion.
What are your views on the insider reports indicating that the SEC might endorse ethereum-based futures products? We invite you to express your thoughts and perspectives on this matter in the comments section below.
Frequently Asked Questions (FAQs) about fokus keyword: Ethereum Futures Approval
What is the U.S. SEC reportedly close to approving?
The U.S. Securities and Exchange Commission (SEC) is reportedly close to approving futures products linked to ethereum (ETH), with inside sources suggesting that a small number of these products might gain approval by October.
Who are some of the firms that have submitted applications for ETH-based futures products?
Some of the firms that have submitted applications to launch ethereum (ETH)-based futures products include Valkyrie, Roundhill, Proshares, Grayscale, Vaneck, Volatility Shares, and Bitwise.
What are the implications of the SEC’s potential approval of ETH futures, according to Ethereum advocates?
According to Ethereum advocates like Adam Cochran, the implications of the SEC’s potential approval of ETH futures ETFs could be more significant than what appears initially. It could mean that the SEC must acknowledge ETH as either a commodity or a currency, rather than an unregistered security.
How did Ethereum’s value react to the overall market conditions during the time covered in the report?
Ethereum’s value took a hit after Bitcoin’s abrupt plunge below the $26K mark, diminishing by 6% against the U.S. dollar in 24 hours and 9% over the week. However, it experienced a slight recovery, with ETH trading at $1,681 each after touching a Thursday low of $1,576.
What is Ethereum’s current market footprint in the crypto sphere, as mentioned in the report?
Ethereum’s current footprint in the cryptocurrency domain, valued just over $1 trillion, stands at approximately 18.3%, translating to a market capitalization close to $201 billion.
More about fokus keyword: Ethereum Futures Approval
- U.S. Securities and Exchange Commission (SEC)
- Bloomberg Report on Ethereum Futures
- Ethereum (ETH) Information and Statistics
- Bitcoin Market Analysis
- Overview of ETFs and Futures