SEC requests suspension of ETH futures ETFs

Grayscale Investments and Bitwise Asset Management purportedly halted their plans to launch ETH futures exchange-traded funds (ETFs) at the request of the U.S. Securities and Exchange Commission (SEC), according to sources with knowledge of the situation.

SEC requests suspension of ETH futures ETFs
SEC requests suspension of ETH futures ETFs

Grayscale Investments and Bitwise Asset Management purportedly halted their plans to launch ETH futures exchange-traded funds (ETFs) at the request of the U.S. Securities and Exchange Commission (SEC), according to sources with knowledge of the situation.

Concerns have been raised regarding the liquidity of ETH futures and the classification of ETH as either a security or a commodity.

Grayscale, well-known for its sizable Grayscale Bitcoin Trust, has abandoned its plans to list an ETH futures product. According to SEC filings and insider information, this change in strategy has prompted competitors to adopt a similar approach.

Representatives of the SEC have suggested that the regulator is not prepared to sanction these products at this time. This indicates a reluctance to proceed until greater clarity exists in the area.

According to a recent SEC filing, Direxion, a fund manager with nearly 80 ETFs in the United States, is the latest to withdraw its proposal for an ETH Strategy ETF.

Moreover, it has been reported that the SEC has requested that potential issuers withdraw their public filings for ETH futures ETFs and instead debate the proposals privately.

Bitwise withdrew its Ethereum Strategy ETF application, which would have focused predominantly on cash-settled ETH futures contracts traded on the Chicago Mercantile Exchange (CME).

Following this, Grayscale amended its filing to indicate that it would proceed with ETF plans excluding the Ethereum Futures ETF it had previously proposed.

In addition to Valkyrie and Roundhill Investments, different firms have enrolled for ETH futures ETFs. However, these companies have remained largely silent regarding their future intentions.

Even though the SEC approved bitcoin futures ETFs in 2021, there are concerns about the ETH futures market’s preparedness for an ETF. Matthew Sigel of the investment firm VanEck expressed concern regarding the lack of liquidity in the CME ETH futures market.

In addition to liquidity concerns, the SEC may also have queries regarding ETH’s classification. According to Morningstar’s Bryan Armour, ETH’s classification as a commodity or security is a contentious issue for the SEC.

The SEC’s stance indicates a need for greater clarity in the swiftly expanding world of cryptocurrencies as it evaluates each proposal within the new frontier of cryptocurrency ETFs.


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