VanEck Launch Ether Futures

Asset manager with $80 billion in AUM expands his involvement in cryptocurrencies with EFUT.A futures ETF for ETH, the second-most valuable cryptocurrency in the world, will soon be introduced by VanEck, an investment company founded in 1955 that manages $80.8B as of August.Due to the news, the price of ether has increased by almost 4% to $1,660.The ETF, which trades on the Chicago Board Options Exchange, the biggest futures and options exchange in the U.S., will hold Ether futures contracts rather than the actual asset. S. Existing Bitcoin futures ETF is provided by VanEck.ETFs are governed by the Securities and Exchange Commission (SEC), which has been hostile to crypto companies this year. This has led some to speculate that the SEC's attitude towards digital assets may be changing.The development isn't necessarily bullish, though, as VanEck's Bitcoin futures ETF launched in November 2021, just days before cryptocurrency markets peaked.The news comes as a slew of businesses have submitted applications to the SEC for spot Bitcoin ETFs, which, if approved, would make it simple for retail investors to gain exposure to the digital asset. A surge in investor interest could put significant buying pressure on Bitcoin because spot ETFs hold the underlying asset directly.In other regulatory news, the Bermuda Monetary Authority has given Coinbase, the largest cryptocurrency exchange in the United States, permission to allow trading in perpetual futures for non-U.S. citizens. S. customers. In May, Coinbase opened an exchange specifically for users outside of the United States..