Ethereum

United

Bitcoin

Gary

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Mainstream financial markets assets manager VanEck has filed an application with the United States Securities and Exchange Commission (SEC) to list the Ethereum Futures Exchange Traded Fund (ETF) product. According to an&nbsp;<a href="https://www.businesswire.com/news/home/20230928967258/en/VanEck-Prepares-to-Launch-Ethereum-Futures-ETF-EFUT" rel="noopener noreferrer nofollow">announcement</a> released by the company, the new product is named VanEck Ethereum Strategy ETF (EFUT) and, it will not invest directly in spot Ethereum, after which most products under consideration by the SEC are modeled. 
According to VanEck, EFUT is designed to invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges that have registered status with the Commodity Futures Trading Commission (CFTC). Despite the diversity of the U.S. futures market, VanEck has echoed its plans to only patronize ETH futures that are solely traded on the Chicago Mercantile Exchange. 
VanEck has appointed a long-term veteran of the firm, Greg Krenzer, Head of Active Trading, as the manager of the fund that is set to be listed on the CBOE. The filing underscores the firm's&nbsp;<a href="https://u.today/vaneck-takes-another-stab-at-launching-spot-bitcoin-etf" rel="noopener noreferrer nofollow">trust in the potential</a> of crypto ETF products to draw a huge number of mainstream investors into the nascent digital currency ecosystem. 
<h2 dir="ltr" id="more-pressure-on-sec">More pressure on SEC</h2> 
VanEck's filing is projected to add more pressure to the U.S. SEC, which has been pressed by stakeholders in the industry as well as lawmakers to approve a spot Bitcoin ETF product. 
Despite the&nbsp;<a href="https://u.today/vaneck-ceo-doesnt-expect-spot-bitcoin-etf-approval-anytime-soon" rel="noopener noreferrer nofollow">growing clamor</a> for a Bitcoin spot ETF, the SEC has largely been more disposed to crypto ETFs that track the futures price of the underlying market. Riding on this, the VanEck Ethereum Futures ETF product is likely to secure approval from the Gary Gensler-led market regulator. 
One thing almost certain: that the SEC is unlikely to approve the product this year, as it has&nbsp;<a href="https://u.today/sec-delays-ark-invests-spot-bitcoin-etf-decision" rel="noopener noreferrer nofollow">postponed</a> the decision for a number of related applications in recent times.

VanEck Joins Ethereum Futures ETF Bandwagon: Details

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