SEC Contemplates Simultaneous Approval for Multiple Ethereum Futures ETFs as Volatility Shares Aims for October 12 Debut
Crypto News – Volatility Shares is gearing up for the launch of an Ethereum futures ETF on October 12, with the SEC potentially permitting the listing of multiple such ETFs concurrently. Since its initial filing in July, Volatility Shares’ application has remained untouched by the SEC, hinting at a lack of pushback from the regulatory body.
According to reports from the Wall Street Journal, the Securities and Exchange Commission (SEC) is in deliberation over the possibility of greenlighting several exchange-traded funds (ETFs) that track Ethereum futures, all poised for a simultaneous market introduction. Among these, Volatility Shares is poised to pioneer the arena by presenting its ETF linked to the futures of the second-largest cryptocurrency by October 12, following the established regulatory protocol.
The concept of the first-mover advantage holds considerable weight within the ETF realm, as evidenced by the remarkable performance of the ProShares Bitcoin Strategy ETF. Since its inauguration in October 2021, this ETF has successfully amassed a substantial $1 billion in assets under management. In a similar vein, the Valkyrie Investments bitcoin futures ETF, launched just a few days subsequent to ProShares, has secured over $28 million in assets. Pertinently, the SEC has refrained from offering any commentary on the ongoing situation.
The landscape of Ether futures ETFs began to take shape in late July as asset managers submitted documentation to the SEC, signaling their intent to introduce ETFs that mirror Ethereum futures. This surge in filings ensued after the SEC indicated its preparedness to scrutinize such submissions, a stance that diverged from its earlier recommendation for several asset managers to withdraw comparable filings made in May.
Remarkably, the subsequent months following the July filings have seen the SEC abstain from requesting asset managers to retract their applications. This notable development suggests that the regulatory body is unlikely to impede the forthcoming launch of these funds in the approaching autumn season. Yet, sources intimate that an element of uncertainty still envelops the introduction of an Ethereum futures ETF. This uncertainty persists despite the downward trajectory of Ethereum’s price, which has experienced a decline of 16% in the last week, according to data sourced from CoinMarketCap.