VanEck and ProShares managers remove their US ether ETFs – Money Times

Crypto ETFs would guarantee exposure to the second largest cryptocurrency on the market, but the SEC wants these products to be linked to offers already traded by the CME (Image: Unsplash/Executium)

Two broadcasters have suspended their requests to create a index fund (ETF) of ether (ETH) previously sent to the US Securities and Exchange Commission (SEC).

Yesterday (20), the VanEck suspended the request of your “Ethereum Strategy ETF” after you have started your approval process in May.

At the time, it aimed to create an investment vehicle that gave its investors exposure to ether, priced through the MVIS CryptoCompare Ethereum Benchmark Rate.

A precise mechanism for determining the price is an impasse for the SEC during discussions on the approval of exchange-traded products (ETPs) of cryptocurrencies.

THE ProShares also withdrew the request from his “ProShares Ether Strategy ETF”, sent last Wednesday (18th).

The two requests came after a wave of ether ETF approvals in neighboring Canada — which has historically proved to be a testing ground for new financial products before US approval.

It is important to remember that, in Brazil, there are five crypto ETFs — one diversified, two bitcoin and two ether — regulated by the Brazilian Securities Commission (CVM) and already listed in B3: HASH11, QBTC11, QETH11, BIT11 and ETHE11.

The sudden suspension of shipments has some speculating that the SEC had expressed its reluctance to pass an ether ETF amid the current regulatory environment.

“The SEC may have had a videoconference, in the ‘The Godfather‘. Ether, back off”, tweeted Eric Balchunas, senior ETF analyst at Bloomberg.

The US securities regulator continued to ignore the possibility of an ETF of bitcoin (BTC).

Although, Gary Gensler, the SEC chairman, said he intends to take a closer look at the product proposals sent to the committee that are more favorable to those linked The future contracts.

ProShares had proposed a bitcoin futures ETF this month. Meanwhile, VanEck is still waiting for an answer from the SEC on its bitcoin ETF proposal. The SEC extended the response period in order to get more comments on the proposal.

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