In an sudden turnaround, Valkyrie has introduced that it’s going to stop the acquisition of Ethereum (ETH) futures contracts for its Bitcoin Technique ETF till an modification to the fund’s registration assertion takes impact. Valkyrie confirmed the information in a press launch immediately.
This announcement arrived on the heels of Valkyrie’s preliminary endeavor into the Ethereum futures market, which has now been placed on maintain supply from SEC’s announcement.
Beforehand, Valkyrie had deliberate to be one of many first to offer a U.S based mostly ETF combining Bitcoin and Ethereum futures. This sudden pivot in technique comes amidst a interval of intense exercise and uncertainty for crypto ETFs as reported by CryptoSlate.
Along with Valkyrie’s abrupt determination, the SEC is reportedly getting ready to probably approve an Ethereum (ETH) futures exchange-traded fund (ETF) as early because the first week of October, in accordance with Bloomberg analysts.
ETF approval race
The SEC has additionally begun proceedings to find out the way forward for a number of spot Bitcoin ETFs. The fee is at present looking for public feedback on quite a lot of points associated to those ETFs, comparable to their vulnerability to fraud and manipulation, the inherent resistance of Bitcoin to market manipulation, and the potential effectiveness of a surveillance-sharing settlement with Coinbase in detecting and stopping fraud supply.
These latest developments underscore the more and more dynamic and unpredictable nature of the crypto ETF panorama. As regulatory our bodies just like the SEC proceed to navigate this advanced area, the destiny of varied cryptocurrency ETFs hangs within the stability. Whether or not the potential approval of an Ethereum futures ETF will set a precedent for future choices stays to be seen. Equally, the result of the SEC’s proceedings regarding varied spot Bitcoin ETFs may have a big impression on the way forward for cryptocurrency investments.
The put up Valkyrie quickly backtracks on ETH futures contracts appeared first on CryptoSlate.