VanEck and ProShares are seeking withdrawal of Ethereum ETF filings from the SEC

Less than two days after submitting separate filings with the US Securities and Exchange Commission, asset managers VanEck and ProShares seem to have determined to not run any exchange-traded funds on ether.

In private filings with the SEC on August 20, authorized representatives from VanEck and ProShares mentioned the corporations have determined to not proceed registering their respective ether-based exchange-traded funds or ETFs. VanEck filed the introduction of the “Ethereum Strategy ETF” with the SEC on August 18, whereas ProShares filed for an “Ether Strategy ETF” on the identical day.

Both merchandise seem to goal to offer publicity to Ether (ETH) by investing in futures contracts in addition to different synthetic funding autos and alternate traded merchandise. It’s not clear why each asset managers selected to file and withdraw seemingly related functions for the Ether ETF on the identical day, however the two corporations mentioned they didn’t promote any associated securities as half of the potential providing.

Related: The SEC is open to touch upon the approval of the VanEck Bitcoin ETF

SEC Chairman Gary Gensler mentioned earlier this month that he would settle for ETFs primarily based on crypto futures extra brazenly than by way of direct contact. At the time, VanEck had Bitcoin (BTC) and ETH exchange-traded funds audited by the company, however the firm later filed a separate prospectus for a “strategic” Bitcoin ETF. Funds have visibility by way of BTC futures contracts.