Crypto expert and YouTuber ‘Altcoin Daily’ recently suggested that the new CFTC-regulated Shiba Inu futures contracts from Coinbase Derivatives could lead to the launch of a spot ETF.
In a recent X post, Altcoin Daily highlighted the importance of these upcoming futures contracts, hinting that they might set the stage for a spot ETF.
Coinbase Derivatives’ Shiba Inu Futures Could Lead to Spot ETF, Says Expert
Last week, Coinbase Derivatives sought permission from the U.S. Commodity Futures Trading Commission (CFTC) to launch regulated futures contracts for Shiba Inu, along with Stellar (XLM), Chainlink (LINK), Polkadot (DOT), and Avalanche (AVAX). The exchange plans to list these products under a self-certification model, with a launch date set for July 15, 2024.
Source: X
In response, crypto expert Altcoin Daily highlighted the benefits of these futures contracts for U.S. investors in a recent X post. The expert pointed out that regulated futures contracts provide enhanced transparency, regulatory oversight, a compliant trading environment, and better risk management. Moreover, Altcoin Daily suggested that such futures contracts often precede the launch of spot ETFs for the assets involved.
Altcoin Daily further emphasized in a YouTube video that the SEC approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH) because they first had regulated futures contracts. “The Bitcoin [and] Ethereum ETFs only got approved because they had futures contracts first,” remarked Altcoin Daily.
Bloomberg ETF analyst Eric Balchunas shared a similar view last month regarding VanEck’s Solana spot ETF filing. Balchunas noted that his initial reaction was that the SEC might not approve a Solana ETF due to the lack of a futures contract for Solana.
Shiba Inu Community Hopes Regulated Futures Could Lead to SHIB Spot ETF
Several members of the Shiba Inu community are optimistic that the upcoming launch of a regulated SHIB futures contract on Coinbase Derivatives might pave the way for a spot ETF for SHIB.
Since the SEC approved multiple Bitcoin spot ETFs in January, there has been growing interest in a similar offering for Shiba Inu. This has led enthusiasts to petition Grayscale Investments to apply for a spot SHIB ETF.
Although Grayscale has not yet responded to these requests, the potential introduction of a regulated SHIB futures contract could boost investor confidence and strengthen the case for a spot ETF for the token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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