BlackRock has argued that the U.S. Securities and Exchange Commission has no legitimate reason to treat crypto futures exchange-traded funds differently from spot-crypto ETFs.

BlackRock’s plan for a spot-Ether (ETH) ETF called the “iShares Ethereum Trust” was officially confirmed on Nov. 9, after Nasdaq submitted the 19b-4 application form to the SEC on the firm’s behalf.

In its application, BlackRock called the SEC’s treatment of spot crypto ETFs into question, as it asserted that the agency based its justifications for continually denying these applications on incorrect distinctions between futures and spot ETFs.

BlackRock has argued that the U.S. Securities and Exchange…

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