Bloomberg reports that securities regulators are poised to approve ether (ETH) futures ETFs for trading in the U.S. "The Hash" panel discusses the firms that have joined the race to list these exchange-traded funds and whether they could receive the greenlight from the U.S. Securities and Exchange Commission.
Bloomberg says that we are poised to get a US approval. According to sources, several firms have applied to list these ETF S which would hold derivatives contracts tied to Ether rather than Ether itself and approval from the SEC according to Bloomberg is imminent. We must mention that Bitcoin Futures etfs have already been approved. Zach, what do you think? I mean, yeah, why not? Right. I'm not seeing it this like, yeah, I don't know, this doesn't seem especially uh you know, uh momentous to me, right? We have um you know, Bitcoin Futures ETF S they're a bit more complicated than a spot ETF product. And that's why I think people are very excited about a spot ETF product hitting the market it, but it would make a lot of sense that youth would also uh have a product like this. It sort of, I guess further ensconces the sort of argument that e is also a commodity despite uh gary suggestions that it may not be right. Gary Ginzler famously has said everything but Bitcoin looks like a security to me. Um you know, when pressed uh under testimony in Congress to specify whether that meant E was a security, he kind of famously demur. So um the fact that uh this seems likely to happen in the eyes of these, these analysts um indicates that maybe the belief that e is also uh adequately to centralize to the point where it looks more like a commodity than a security um is positive and is, is a nice kind of tailwind uh to that argument that you should be treat, treated as such. Um So maybe that is the interesting bit in this little nugget um because that is still kind of a simmering debate, but I don't know, iii I think this is um maybe to be expected, but that's also to bend for his thoughts. Yeah, I would completely agree with that and I think it kind of adds to the idea that Bitcoin and Ethereum are different to categories of assets from the rest of the market. And if this turns out to be true as these analysts are saying, then um that kind of idea, as you say, becomes SCD and could have kind of widespread ramifications for crypto going forward if there's going to be kind of two categories of assets out there, you know, one a commodity and the other security that makes those commodity items like Bitcoin in theory are much more sort of tradable in, in, in vehicles like this. Yeah, I think you guys are right. I'm just going to point to this tweet ETF analyst Eric Balchunas who of course works at Bloomberg. He tweeted this is not surprising to us. We had said that they would approve either their futures early on in the race. Nice to be validated. Now, what does it mean for spot? He said hard to say beyond. It shows that their views, policy and tolerance can change. I think this probably comes back to like our first story, right? Views are changing. Maybe we're taking steps forward. It may not feel like a big deal to us, but a futures approval uh for an E Ether ETF is like another step in that road to boring. Um, and I must note despite the market downturn last night on this news, Ether, uh, popped up, I think just over 10%. So, a little, a little recovery there for Ether on the news. Yay Ethereum. All right. We'll look that and put it somewhere. Yeah. Yeah. The, the, the Ethereum Maxis will love it. The Bitcoin Maxis will absolutely hate it and it'll be used by both camps to prove their deep suspicions of coindesk dot com.