The US SEC "states its position"? VanEck and ProShares both withdraw Ethereum futures ETF applications

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2021-08-22 21:35 (UTC+8)

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Some experts speculate that the sudden withdrawal may mean that the SEC has informed the two companies that the application is unlikely to be approved.

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Some experts speculate that the sudden withdrawal may mean that the SEC has informed the two companies that the application is unlikely to be approved.

This article comes fromDecrypt, original author: Jeff Benson

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Jeff Benson

Odaily Translator | Nian Yin Si Tang

secondary titleSummary:- VanEck and ProShares filed for Ethereum futures ETFs this week.

- Now, however, both parties have swiftly withdrawn those applications.

On Wednesday, shortly after filing applications for an ethereum futures exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), both VanEck and ProShares withdrew those applications.

The two investment firms made the request in a letter to the US SEC on Friday, seemingly reducing the chances of an encrypted ETF application being approved this year. Eric Balchunas, Senior ETF Analyst, Bloomberg

guess

However, the sudden withdrawal may mean that the SEC has spoken to the two companies, telling them that approval of the Ethereum ETF futures fund is unlikely.

VanEck filed an application for an ethereum-based ETF with the SEC on Wednesday, and the fund will seek to circumvent U.S. regulators' crypto ETF block by trading ETH indirectly. The Ethereum Strategy ETF (Ethereum Strategy ETF) will invest in Ethereum futures contracts, Canadian-approved Ethereum ETFs, Ethereum private equity funds and exchange-traded Ethereum products. According to the application documents, it will not directly purchase the digital asset ETH.expressProShares also filed with the SEC on Wednesday for its ETF futures application, dubbed the "ProShares Ether Strategy ETF."

The VanEck and ProShares ETFs plan to invest in ETH futures contracts, not Ethereum itself. A futures contract is a derivative instrument that sets the price of an asset in advance. For example, if you think the price of ETH will rise to $3000, you might be happy to buy a futures contract for $2500.But the SEC has not yet approved any crypto ETFs. The agency has received a growing number of applications for a bitcoin ETF. VanEck, WisdomTree, and Kryptoin have all filed applications for Ethereum ETFs (different from Ethereum futures ETFs), pending SEC approval.Earlier this month, SEC Chairman Gary Gensler

express, he is more open to ETFs tied to bitcoin futures, such as the CME ETF, than to bitcoin itself. Futures trading is regulated by the SEC's sister agency, the Commodity Futures Trading Commission (CFTC).This signal has made relevant parties who have been poised to act quickly.

VanEck Submits a Bitcoin Futures ETF Application to the SEC in Second Week

. It was filed under the Investment Company Act of 1940, similar to the ETF application that asset manager Invesco filed with the SEC last week, and will include bitcoin futures and other bitcoin funds.