The price of Ether (ETH) soared by more than 10% to $1,700 after the news that the United States Securities and Exchange Commission (SEC) shall allow the first exchange-traded funds (ETFs) based on Ether futures.

According to a Bloomberg report from August 17 citing anonymous sources familiar with the matter, the regulator does not appear to be blocking the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise, and Roundhill, that have filed to launch Ether futures ETFs in recent weeks.

It is uncertain which ETF applications will be authorized by the SEC; however, officials have indicated that several of the submissions might be approved as early as October.

ETF expert Eric Balchunas said the SEC's decision to authorize Ether futures ETFs was not surprising, and that it demonstrates how the regulator's opinions on different products, like as a spot Bitcoin ETF, can evolve over time.

Sources:

https://cointelegraph.com/news/sec-to-approve-ethererum-eth-futures-etf

https://finance.yahoo.com/news/bloomberg-ethereum-futures-etf-likely-030545068.html

https://www.bloomberg.com/news/articles/2023-08-17/sec-said-to-be-poised-to-allow-us-debut-of-ether-futures-etfs-eth