The U.S. Securities and Exchange Commission (SEC) May Approve Multiple Ethereum Futures Exchange-Traded Fund (ETF) Applications Simultaneously, The Wall Street Journal Reports reportciting sources familiar with the matter.

Since July, the regulator has received numerous applications from various investment firms, including requests to combine futures bitcoin (BTC) and ether strategies. As of now, the SEC has not directed the companies to withdraw their filings, which is a change from when companies were directed to withdraw similar filings in 2021.That suggests regulators won’t block the fund’s launch for weeks, according to WSJ sources.

At least 16 applications for ethereum or bitcoin-ethereum futures ETFs are awaiting regulatory approval. Ether is the native currency of the Ethereum blockchain and is used for peer-to-peer transactions in a decentralized network. Cryptocurrency futures ETFs track the performance of cryptocurrency futures contracts. For example, instead of investing directly in Bitcoin or Ethereum, a cryptocurrency futures ETF invests in futures contracts tied to the prices of those digital assets.

With the prospect of cryptocurrency futures approval looming, the SEC keeps getting requests. Earlier this week, asset manager Valkyrie submitted an application for an ether futures ETF, in addition to its previous application for a combined bitcoin-ether futures strategy. Valkyrie is number one in this race, and its BTC-ETH ETF could debut in early October.

In the ETF industry, first-mover advantage is imperative. The first futures bitcoin ETF approved by ProShares has amassed $1 billion in assets under management since it launched in October 2021, while a similar product, Valkyrie, launched a few days later, has amassed nearly $28 million, according to the Wall Street Journal, citing Morningstar. Assets in USD are under management.

In another major decision affecting the crypto industry, the SEC has yet to decide whether to approve the launch of a spot bitcoin ETF in the United States. Participants awaiting approval include Wall Street giants such as Fidelity and BlackRock. According to the filing timeline, the SEC has until January to make a final ruling.

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