The growing regulatory scrutiny has forced crypto asset managers like Grayscale and Bitwise to defer from their Ether futures ETF plans.
to the SEC’s accusation, claiming the underlying asset does not qualify as a security. The firm “intends to respond promptly to the SEC staff with an explanation of the legal basis for Grayscale’s position.”
Bitwise, on the other hand, has withdrawn its application to launch an ETH-based futures ETF altogether. In its amendmentwith the SEC on May 17, the crypto asset manager claimed that it doesn’t “intend to seek effectiveness of the fund and no securities of the fund was sold, or will be sold, pursuant to the above-mentioned post-effective amendment to the trust’s registration statement.”Bitwise didn’t respond to Cointelegraph’s request for comments on the issue by the time of publication.
A Bitcoin-based futures ETF debuted in the last quarter of 2021, making many in the crypto industry believe that a spot crypto ETF is on the way. However, after two years and a barrage of crypto carnages in 2022, regulators have grown more skeptical of such products.
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