Immediately, two American asset management companies withdrew applications for the launch of exchange-traded funds (ETF) for ether, filed with the US Securities and Exchange Commission (SEC).
VanEck withdrew its application to launch an ETF on ETH, which had been submitted back in May. It was planned that the fund’s stock price would correspond to the MVIS CryptoCompare Ethereum Benchmark Rate Index, and the value would be recalculated daily.
The second company to withdraw the application was Proshares, and the application was submitted only two days earlier, on August 18. Financial industry experts and analysts believe that the reason for the unexpected withdrawal of applications was the actions of the regulator.
“The SEC most likely held a Godfather-style conference call. Ether – you were excluded “, – wrote Eric Balchunas, Senior ETF Analyst at Bloomberg.
Several applications to launch ETFs on ether have been filed with the SEC after the Canadian regulator approved the launch of similar products. However, in America, the regulator is not yet ready to approve cryptocurrency ETFs.
However, Commission Chairman Gary Gensler recently hinted that ETF approval for Bitcoin futures is much more likely. Since then, several companies have applied for similar products, including Galaxy Digital and Valkyrie.
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