As a seasoned crypto investor with a keen interest in the regulatory landscape of digital assets, I find Grayscale’s sudden decision to withdraw its 19b-4 application for the Ethereum futures exchange-traded fund (ETF) surprising. Just three weeks before the Securities and Exchange Commission (SEC) was set to make a decision on it, this move raises questions about Grayscale’s strategic intentions.
Grayscale recently announced an unexpected decision to abandon its pending request for approval of an Ether (ETH) futures ETF through its 19b-4 application, less than a month before the Securities and Exchange Commission (SEC) was set to make a determination on the matter.
On May 7, the cryptocurrency asset manager submitted a withdrawal notice for the Grayscale Ethereum Futures Trust to the US Securities and Exchange Commission. (Or) The Grayscale Ethereum Futures Trust withdrawal notice was filed by the cryptocurrency asset manager with the SEC on May 7.
The SEC was scheduled to make a final decision on Grayscale’s Ether futures ETF on May 30.
As a crypto investor, I can tell you that back in September 2023, Grayscale submitted an application with the Securities and Exchange Commission (SEC) for its Ether futures Exchange-Traded Fund (ETF). If approved, this ETF would have been listed on the New York Stock Exchange. However, it didn’t get the green light from the SEC.
Initially, James Seyffart of Bloomberg’s ETF team hypothesized that Grayscale might employ its proposed Ether futures ETF as a tactic to persuade the Securities and Exchange Commission (SEC) into endorsing a spot Ether ETF.
He seemed perplexed by Grayscale’s decision to withdraw at this time, given that the SEC must reach a verdict on one or more Ether ETF applications by May 23, which is only about two weeks from now.
As a researcher following the developments of Ethereum Exchange-Traded Funds (ETFs) closely with Bloomberg ETF analyst Eric Balchunas, I’ve adjusted our earlier confidence to a 25% chance that these spot Ether ETFs will be approved on May 23. This is a significant decrease from the 70% probability we held as recently as January.
As a researcher, I’ve discovered that the Securities and Exchange Commission (SEC) is scheduled to make its ruling on VanEck’s application by May 23. On the other hand, ARK 21Shares and Hashdex have set their final deadlines for May 24 and May 30, respectively.
Applications submitted to Grayscale, Invesco Galaxy, BlackRock, and Fidelity in June, July, and August are expected to be reviewed by the securities regulator. Many industry experts predict that the regulatory body may make decisions on these applications as swiftly as they did for Bitcoin spot ETFs in January.
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2024-05-08 01:10