SEC Set to Evaluate Ethereum Futures ETFs: A Crypto Game-Changer?

• Several companies have re-submitted applications for Ether futures ETFs this week.
• The SEC is reportedly ready to review these applications, but this doesn’t guarantee approval.
• Analysts predict a 65% chance of a Bitcoin spot ETF being accepted by the SEC in 2023.

Several firms have re-introduced applications for Ether futures ETFs, with the SEC reportedly prepared to review these submissions. However, approval is not guaranteed. Meanwhile, analysts foresee a 65% likelihood of the SEC accepting a Bitcoin spot ETF in 2023.

Re-emergence of Ether Futures ETF Applications

Earlier this year, Ether futures ETF applications were presented but later withdrawn. This week, they have resurfaced, with companies such as Volatility Shares, Grayscale, Bitwise, VanEck, ProShares, and Roundhill submitting applications consecutively.

SEC’s Stance on Cryptocurrency ETFs

According to insider information from the SEC reported by Blockworks, the regulatory body is now ready to review these applications. However, one source emphasized that the readiness to review does not necessarily mean approval will be granted. Henry Jim, an intelligence analyst from Bloomberg, expressed a similar sentiment, suggesting that companies are likely submitting applications in the hope of at least getting them reviewed by the SEC.

Previous Attempts and Future Predictions

It’s worth noting that Grayscale, Bitwise, and Roundhill had previously submitted applications for Ether futures ETFs in May. However, following a warning from the SEC, these applications were sequentially withdrawn. In other news, renowned Bloomberg analysts James Seyffart and Eric Balchunas recently penned a significant report on Bitcoin spot ETFs. They predicted a 65% chance of the SEC approving a Bitcoin spot ETF within 2023.

Conclusion

While the re-submission of Ether futures ETF applications indicates a renewed push for acceptance in the cryptocurrency market, the SEC’s readiness to review these applications does not guarantee approval. The future of cryptocurrency ETFs in the US remains uncertain, but analysts are optimistic about the potential approval of a Bitcoin spot ETF in the near future.