Ether Futures ETFs Poised For October 3 Approval

In an unexpected turn of events, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are drawing closer to fruition, potentially becoming available for trading as early as October 3, which could be a significant catalyst for ETH price.

Renowned Bloomberg ETF expert Erich Balchunas recently shared insights indicating that the Securities and Exchange Commission (SEC) might expedite its approval process to avoid potential disruptions caused by a looming government shutdown.

SEC Considers Fast-Tracking Ether ETFs

A government shutdown, which could go into effect if Congress and President Biden fail to reach an agreement on a budget or a short-term continuing resolution by September 30, entails suspending most federal government functions. 

The implications of a shutdown extend beyond its duration, as services provided by the U.S. Department of Housing and Urban Development (HUD) may experience disruptions and delays, affecting citizens both during the shutdown and while federal agencies strive to regain momentum once it ends.

NBC reports that a government shutdown is increasingly likely if Congress does not take swift action. While Congress convened on Wednesday, progress in breaking the impasse has been limited. 

President Joe Biden expressed optimism, stating that a shutdown is not inevitable and urging House Republicans to fulfill their responsibilities by funding the government. 

In light of these developments, Erich Balchunas believes that recent actions taken by the SEC indicate its intention to expedite decision-making processes, as evidenced by the postponement of several spot Bitcoin ETFs weeks ahead of schedule. 

To potentially preempt the impact of an impending shutdown, the SEC may aim to accelerate the launch schedule for Ethereum ETFs. If this occurs, ETF issuers would likely need to submit their final prospectus this week to allow for an effective launch as early as October 2.

Supporting Balchunas’ perspective, Bloomberg Intelligence analyst James Seyffart concurred: 

Nothing yet but watching for filings to indicate Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window

These updates reinforce the notion that Ether futures ETFs are likely to receive approval immediately, aligning with a recent Bloomberg report that posited a 90% chance…