Application for Grayscale Ethereum Futures Trust FTF was withdrawn on 3rd May 2024. The Securities and Exchange Commission had delayed decisions on spot Ethereum Exchange Traded Funds over the past months. A document filed recently indicates that a proposal for listing and trading shares of Grayscale’s Ethereum ETFs has been withdrawn. According to the Securities and Exchanges Commission information, the application was withdrawn on 3rd May 2024. The reason behind the proposal withdrawal is unknown, and NYSE Arca was not available to comment.
Grayscale did not respond to a request for comment, and the SCE had earlier delayed the decision considering Grayscale’s Ethereum ETFs. The Securities and Exchanges Commission had previously approved a batch of Ethereum-based ETFs, including ProShares, Bitwise, and VanEck. The most recent delay from the part of the Securities and Exchange Commission was on Monday, and optimism regarding the SEC approval had dwindled over the last few days. The chances for spot Ethereum Exchange Traded Fund approval are minimal, according to market analysts. It is understood that a sidestepping strategy was adopted by the Securities and Exchange Commission.
Grayscale is a top-notch crypto asset manager, and they are experts in converting disruptive technologies into investment opportunities for a better world. Their Exchange Traded Funds are providers of curated access to the digital economy of 2024 and upcoming years. Grayscale gives their customers, once in a lifetime, the opportunity to invest in their share of the future. According to a well-known ETF analyst, the new development is an exciting move. He believes the current situation will create the same circumstances that allowed Grayscale to win the legal battle.
Market analysts hope the new developments will lead to another publicized legal showdown. The possibility of Grayscale sueing anyone is very limited in the current environment. The new move comes amidst apprehension that the SEC will approve the creation of Ethereum spot Exchange Traded Funds. The SEC classified Ethereum as a regulated security the previous year, even though no public decision had been officially made. Market analysts were shocked to see the sudden shift associated with the recent development. Grayscale is believed to use Ether Futures Exchange Traded Funds as a strategic business tool.
Grayscale is engaged in pressuring the SEC to approve a spot for the Ether Exchange Traded Fund, according to industry reports. The confusion of market analysts is reflected in the broader market sentiment surrounding the recent move. ETF analysts are unsure about the Ethereum ETF approval, and the SEC’s standpoint on spot Ether ETF is unclear.
Grayscale’s application withdrawal leaves uncertainty and confusion surrounding spot Ethereum’s ETF. Invesco Galaxy, Fidelity, and Blackrock for Ethereum ETF approval will come up in the upcoming months. Market experts hope for a similar decision from America’s top financial controlling authority. Grayscale has cited multiple delays by the Securities and Exchange Commission since its initial filing in September 2023.
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