It’s the first Ethereum ETF filing since the ProShares launch back in October. Covered: Kelly ETFs File For Ethereum ETF More On Gary Genslers Ethereum Feelings Kelly ETFs File For Ethereum ETF JUST IN: Kelly has filed for an Ether Futures ETF, the first one to try this since $BITO etc launch. We'll soon see […] The post Kelly ETF Trust Files With SEC For Ethereum ETF — Will Gary Gensler Change His Mind On ETH? appeared first on CryptosRus.

Kelly ETF Trust Files With SEC For Ethereum ETF — Will Gary Gensler Change His Mind On ETH?

It’s the first Ethereum ETF filing since the ProShares launch back in October.

Covered:

  • Kelly ETFs File For Ethereum ETF
  • More On Gary Genslers Ethereum Feelings

Kelly ETFs File For Ethereum ETF

Kelly Strategic ETF Trust filed for an Ethereum ETF with the SEC today. The ETF is intended to be futures-based like the Bitcoin ETFs that the SEC approved in October.

Despite the fact that these are futures ETFs, they still apparently are unlikely to be approved. Bloomberg analyst Eric Balchunas said that the “rough odds of approval of this ETF is about 20%.”

Recommended: Bloomberg Analyst Says Bitcoin Futures ETF Will Be Approved By October

Though Balchunas did contend that if what Ryan Selkis of Messari said is true, those odds would go down to “1%.” Selkis said last week via Twitter, “Waited until market close for this, but apparently the SEC has been calling ’40 Act Funds (mutual funds) and telling them to divest from trusts that hold crypto other than BTC.”

More On Gary Genslers Ethereum Feelings

One of Balchunas’ followers asked him, “Well what would be the difference to a Bitcoin Futures ETF? Don’t see any reason to not allow it..” Balchunas responded, “We’re with you. The reason is Genzler’s [sic] current feelings on the matter. He may just not be ready yet.”

Essentially the approval of a Ethereum futures ETF hinges on the feelings of the mercurial Gary Gensler. Crypto had high hopes for the SEC Chair because of the fact that he taught a blockchain course at MIT. Gensler did approve a bitcoin futures etf, but has refused to approve a spot ETF.

Making matters worse for Ethereum, Genlser has said publicly he believes ETH is a security. 

Oddly enough, one of Balchunas’ colleagues James Seyffart said earlier this month that he believes an Ethereum Spot ETF is likelier to come first before a Bitcoin equivalent.

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The post Kelly ETF Trust Files With SEC For Ethereum ETF — Will Gary Gensler Change His Mind On ETH? appeared first on CryptosRus.