- U.S. issuers and other firms expect the Securities and Exchange Commission to deny their applications to launch exchange-traded funds tied to the price of ether after discouraging meetings with the agency in recent weeks, four people said.
Issuers argued in the meetings that those ETFs and ether futures-based ETFs the SEC approved in October set a precedent for the spot ether products, and have tried to address potential regulatory concerns, the people said. SEC staff listened but did not spell out specific concerns or generally ask questions, suggesting the agency will deny the filings, they added.
ARK did not return requests for comment. When asked by Reuters at an event this week about its ether application, ARK CEO Cathie Wood said only that ether could become a major asset class. Coinbase argued that the same rationale applies to the spot ether products, since ether futures and the spot market are highly correlated, according to the SEC disclosure.
Investors are ramping up their exits from Cathie Wood's ARK after an epic 72% decline in her flagship fund
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