“Grayscale Investments is using an Ether futures exchange-traded fund (ETF) as a Trojan horse to force the US Securities and Exchange Commission to approve a spot Ether ETF,” said Bloomberg ETF analyst James Seyfarth.
Seyfarth commented in his Nov. 15 X (Twitter) post after the SEC delayed Grayscale’s ETH futures ETF proposal that he believed if the SEC approved Grayscale’s application, it would give Grayscale an opportunity to argue for approval of its application for spot Ether ETF. “Watch how [SEC] tries to endorse and argue why futures is different from spot. Or if they possibly refuse to argue why the products of the 1933 act are significantly different than the products of the 1940 act. Both options are bad for the SEC [по мое мнение] – a stroke of genius.”
If the SEC rejects Grayscale’s offer, the asset manager could further argue that the SEC is treating Bitcoin and Ether futures ETFs differently, allowing one under the Securities Act of 1933 but not the other.