US lawmakers now have less than 4 days to avert a government shutdown, with Senators still locked in a dispute over a critical funding bill.
Like other government agencies, the Securities and Exchange Commission will grind to a near halt if the government shuts down, with just a handful of critical staff remaining in their posts.
Facing that potential, the SEC is reportedly scrambling to approve an Ether Futures Exchange-Traded Fund (ETF) before the weekend.
In a tweet on Thursday, Eric Balchunas, a senior ETF analyst at Bloomberg, reported that the SEC has asked firms that have applied to list ETH futures funds to update their filings by Friday afternoon.
Adding that the agency wants the applications “off their plate” before any potential shutdown, he said the first fund could be ready to trade as early as Tuesday, October 3.
According to an analysis by Blachunus and James Seyffart, Ethereum futures ETFs have a “9o% chance of launching in October.
They said they believe Valkyrie’s Bitcoin futures ETF will be the first to hold Ethereum exposure. Pure Ether futures fund are expected to launch in the week after, they added.
Although the SEC may approve its first Ether futures ETF in the coming days, applications for Bitcoin spot ETFs remain contentious.
Nevertheless, pressure is mounting on the SEC to approve spot Bitcoin funds.
In a bipartisan letter to the agency’s Chain Gary Gensler, House Representatives Tom Emmer, Mike Flood, Ritchie Torres, and Wiley Nickel called on the SEC to approve spot bitcoin Exchange-Traded Products (ETPs) immediately.
“There is no reason to continue to delay such applications under inconsistent and discriminatory standards,” the letter stated.
It added that “a regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.”