Bloomberg Intelligence ETF analyst James Seyffart believes that Grayscale’s application to launch futures exchange-traded funds (ETFs) on ETH is needed to advance the decision to launch spot ETFs on ETH.

Grayscale’s lawyers filed a Form 19b-4 application to create an Ether futures ETF, which is used in securities exchanges. According to James Seyffart, this is a brilliant move, as it gives the company a basis to challenge the SEC’s refusal to launch spot ETFs on ether:

“It will be interesting to see how the SEC will now have to either approve the application or argue that they are different from spot ETFs. They will have to figure out why the investment products under the 1933 laws are significantly different from those under the 1940 laws. It will be difficult for the SEC to do this, I think. A brilliant move.”

The analyst said that at first he did not understand why Grayscale even needed an application for an ether futures ETF. But it seems that the company’s lawyers have started a chess game with the regulator. And Grayscale doesn’t really need the product itself – it’s just a move to get the spot ETF approved.

Let us recall that last week the largest asset management company BlackRock also filed an application to launch a spot ETF for ether.