Popular Crypto reporter Andrew says no chance an $ETH futures ETF will be approved

X3 founder noted that the current situation of Grayscale vs SEC is showing that there is no chance for any Ethereum Futures ETFs application approval.

Andrew is the founder of X3 and he is popularly known in the Crypto sector for his crypto news reporting habit in advance, before any big media news coverage.

On 8 April 2023, Andrew shared a note on Grayscale vs the United States Securities and Exchange Commission (SEC) legal fight over the rejection of Grayscale’s Bitcoin ETFs application.

Andrew said that the current environment, which arose because of the Grayscale vs SEC legal fight, is showing that in near future no Ethereum futures ETF product may receive approval from the US SEC agency. 

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Further crypto news insider noted that we will see Bitcoin spot ETFs in 2024 if Grayscale will win in this legal fight but the opposite of it if SEC will the case then surely the securities regulatory body may attempt to unwind approved $BTC futures ETFs.

UPDATE: Legal notes on $GBTC and @grayscale proceedings (as well as a note on $ETH) from a trusted legal source:

– “Given current environment, no chance an $ETH futures ETF is approved.”

– “Very likely we get a spot $BTC ETF in 2024 if @Grayscale wins; although others may be…

— Andrew (@AP_Abacus) April 8, 2023

A crypto Twitter user noted that the SEC agency has wide authority to decide which products can be listed & which not, as the supreme court ruled in the past.

Andrew responded to that Twitter user and said that many things have changed so far since the 1990s.

1990 case. Complexion of SCOTUS has shifted dramatically since then.

— Andrew (@AP_Abacus) April 8, 2023

Grayscale vs SEC

Through the legal challenge, Grayscale alleged that the SEC agency approved Bitcoin Futures ETFs applications but rejected Bitcoin spot ETFs, including Grayscale’s Bitcoin spot ETFs application, which was an unfair decision.

According to Grayscale, Futures ETFs are riskier than spot ETF products and both of these two financial products depend on the spot price of Bitcoin. 

Read also: New bill will legalise Bitcoin mining in American state Arkansas

Popular Crypto reporter Andrew says no chance an $ETH futures ETF will be approved

 

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