BlackRock: SEC has no reason to treat cryptocurrency futures and spot ETFs differently

BlackRock argues that the US Securities and Exchange Commission has no legitimate reason to treat applications for physically-backed cryptocurrency exchange-traded funds (ETFs) differently from those for futures-based cryptocurrency ETFs. After submitting a 19b-4 application to the SEC on behalf of the company on Nasdaq, BlackRock's physically-backed Ethereum (ETH) ETF called "iShares Ethereum Trust" was officially approved on November 9th. In its application, BlackRock questions the SEC's treatment of physically-backed cryptocurrency ETFs, claiming that the agency's reasons for repeatedly rejecting these applications are incorrect regarding regulatory differences between futures-based and physically-backed ETFs.