SEC receives applications to withdraw two separate Ether ETF proposals

SEC receives applications to withdraw two separate Ether ETF proposals
фото показано с : invezz.com

2021-8-22 11:24

The US SEC has gotten used to receiving and rejecting Bitcoin ETFs, as it simply believes that the time is not right for such products and that not a single proposal that it received so far is good enough to be approved. However, recently, it started receiving proposals for ETFs with exposure to Ether.

The twist came when, less than two days after it received two separate Ether ETF submissions — one from VanEck, and another from ProShares — both asset managers submitted applications to withdraw the proposals.

Both companies decided, seemingly with no correlation, not to proceed with their pursuit of the new exchange-traded funds exposed to Ethereum. Both companies filed their initial proposals this Wednesday, only to have them revoked by Friday. Both products were meant to provide exposure to ETH through investments in futures contracts, but also in pooled investment vehicles, and other exchange-traded products.

The reasons behind the withdrawals remain undisclosed

Neither of the two companies gave definitive reasons for making the decision, but they did point out that they did not sell any securities tied to the potential offering. The entire development seems rather unusual, although it is understandable why they were in such a rush to submit their proposals.

After all, Gary Gensler, the new SEC chair, stated earlier this month that the regulator would be more open to accepting exchange-traded funds proposals based on crypto futures than those with direct exposure to cryptocurrencies themselves. So, it is far more likely for the regulator to accept an ETF exposed to Ethereum futures than one exposed to ETH directly.

VanEck, which has been trying to get approval for a Bitcoin ETF for years now, already had both Bitcoin and Ether ETFs under review by the financial watchdog. However, the company decided to file yet another, separate prospectus for a so-called Bitcoin strategy ETF, which would be exposed to BTC futures contracts, following the SEC chair’s announcement.

The post SEC receives applications to withdraw two separate Ether ETF proposals appeared first on Invezz.

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