VanEck & ProShares withdraw their application of Ethereum ETF

The two fund manager firms decided to stop their efforts to bring Ethereum ETF based Investment projects by withdrawing their application of Ethereum ETF.

VanEck fund manager’s fine came into light and got huge attention by the media when they filed their application of Ethereum ETF with sec on Wednesday. But now news is coming out that they withdrew their application. Since they didn’t clearly explain the exact reason behind this decision. But they stated 

“The Amendment relates to VanEck Ethereum Strategy ETF, a series of the Trust. No securities were sold in connection with the Amendment and the Trust has determined not to proceed with the offering of this series at this time.”

Another fund manager firm, ProShares also decided to cancel their plans to bring Ethereum ETF for their clients. They also didn’t explain clearly why they are withdrawing the application. But they said that they are withdrawing because they have elected not to proceed with the registration process.

“The Amendment relates to ProShares Ether Strategy ETF, a new series of the Trust. The Trust is withdrawing the Amendment because it has elected not to proceed with the registration process for the new series associated with the Amendment. “

This news is really shocking for the crypto industry because both of these fund manager firms came into light together for the same reason and at the same time both of them cancelled their plans, without clear reasons.

Gary Gensler, chairman of the SEC, already told the community around one month ago that they will welcome all ETF based crypto investments but they can’t give approval to the direct investment in crypto assets.

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