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In an surprising turnaround, Valkyrie has introduced that it’ll stop the acquisition of Ethereum (ETH) futures contracts for its Bitcoin Technique ETF till an modification to the fund’s registration assertion takes impact.
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 primarily based 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 choice, the SEC is reportedly making ready to probably approve an Ethereum (ETH) futures exchange-traded fund (ETF) as early as the primary 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 the moment looking for public feedback on a wide range of points associated to those ETFs, akin 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 current 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 complicated enviornment, the destiny of assorted cryptocurrency ETFs hangs within the steadiness. 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 numerous spot Bitcoin ETFs might have a big impression on the way forward for cryptocurrency investments.
The submit Valkyrie quickly backtracks on ETH futures contracts appeared first on CryptoSlate.
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