{"id":14084,"date":"2023-11-16T05:28:51","date_gmt":"2023-11-16T05:28:51","guid":{"rendered":"https:\/\/daniellalemos-com-br.builderallwppro.com\/?p=14084"},"modified":"2023-11-16T05:28:52","modified_gmt":"2023-11-16T05:28:52","slug":"grayscale-eth-futures-etf-a-trojan-horse-for-spot-ethereum-etf-analyst","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14084","title":{"rendered":"Grayscale ETH futures ETF a \u2018trojan horse\u2019 for spot Ethereum ETF: Analyst"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Grayscale Investments is using its Ether (ETH) futures exchange-traded fund (ETF) application as a \u201ctrojan horse\u201d to corner the United States Securities and Exchange Commission into approving its spot Ether ETF, says Bloomberg ETF analyst James Seyffart.<\/p>\n<p>Seyffart said in a Nov. 15 X (Twitter) post following the SEC delaying Grayscale\u2019s ETH futures ETF bid that he believes if the SEC approves Grayscale\u2019s application, then it would enable Grayscale to argue for the approval of its spot Ether ETF application.<\/p>\n<p>If the SEC denies Grayscale\u2019s bid, the asset manager could argue the SEC is treating Bitcoin (BTC) and Ether futures ETFs differently by allowing one under the Securities Act of 1933 but not the other.<\/p>\n<p>\u201cWatch [the SEC] try to either approve and argue why this is different from spot. Or Deny and argue why 1933 act products are meaningfully different from 1940 act products. Both are bad for SEC [in my opinion]. Genius move.\u201d<\/p>\n<p>Grayscale\u2019s Ether futures ETF bid was submitted via a form 19b-4 \u2014 which exchanges file to inform the SEC of a security-based swap request. Seyffart said none of the 40 or so approved Ether ETF products went through the 19b-4 approval process.<\/p>\n<p>Seyffart was initially unsure why Grayscale filed its Ether futures ETF via a 19b-4. He now believes Grayscale is playing \u201cchess\u201d with the SEC by using the Ether Futures ETF as a \u201ctrojan horse\u201d to obtain a 19b-4 order from the regulator to corner them into a lose-lose situation.<\/p>\n<p lang=\"en\" dir=\"ltr\">I was initially unsure why they would even file for this. But my thoughts have evolved over the last few weeks and they are basically this:<br \/>Grayscale is playing Chess, not checkers here. They&#8217;re likely hoping to force the SEC into issuing a 19b-4 decision on an ETH futures ETF.\u2026<\/p>\n<p>\u2014 James Seyffart (@JSeyff) November 15, 2023<\/p>\n<p>Seyffart and Scott Johnsson, General President at Van Buren Capital General, agreed Grayscale wouldn\u2019t launch the Ether futures ETF. <\/p>\n<p>\u201cDoubtful this product ever trades, but useful as a vessel to get spot ETH over the finish line,\u201d Johnsson said. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin ETFs will drive institutional adoption in 2024 \u2014 Galaxy Digital\u2019s Mike Novogratz<\/em><\/strong><\/p>\n<p>Seyffart\u2019s comments come as the SEC delayed its decision on Grayscale\u2019s Ether futures ETF on Nov. 15 \u2014 two days earlier than its Nov. 17 deadline. Seyffart said he wasn\u2019t surprised by the delay.<\/p>\n<p>Hashdex\u2019s application to convert its Bitcoin futures exchange-traded fund (ETF) into a spot product was also put on hold by the securities regulator on Nov. 15.<\/p>\n<p>BlackRock shared a similar sentiment to Seyffart last week, arguing that the SEC doesn&#8217;t have a legitimate reason to treat cryptocurrency spot and futures ETF applications differently.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/grayscale-eth-futures-etf-trojan-horse-spot-eth-etf\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Investments is using its Ether (ETH) futures exchange-traded fund (ETF) application as a \u201ctrojan horse\u201d to corner the United States Securities and Exchange Commission into approving its spot Ether ETF, says Bloomberg ETF analyst James Seyffart. Seyffart said in a Nov. 15 X (Twitter) post following the SEC delaying Grayscale\u2019s ETH futures ETF bid [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14084"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14084\/revisions"}],"predecessor-version":[{"id":14086,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14084\/revisions\/14086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14085"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}