Ethereum futures could soon be approved, ETH surges 10% over past week

Futures contracts of the second largest cryptocurrency, Ethereum, could soon be approved by the CFTC, a senior official at the regulatory body revealed.

Inside sources confirm regulators 'comfortable' with ETH futures.

When Bitcoin futures were introduced to the market, rumors about ether contracts began circulating, leaving many to wonder when the world's second-largest digital asset would be available for futures trading.

As reported by CoinDesk, a high-ranking official from the United States Commodity Futures Trading Commission revealed that the regulator is willing to approve an ether futures contract.

The main derivatives market regulator approved bitcoin futures markets back in 2017 and is now looking to oversee a similar product for ether, an unnamed source revealed.

The source noted that in order for an ether futures contract to be approved, a derivatives exchange would have to come directly to the CFTC and offer a particular product.

Regulated futures product could bring institutional investment to Ethereum.

Apart from introducing a new derivatives product to the market, approving ether futures would also give the CFTC more authority over the ethereum spot market.

Crypto and blockchain companies weren't the only ones responding positively to the rumors-the prospect of ether futures contracts pushed the coin's price up by almost 10 percent following the news.

Ethereum was trading at around $159 on Monday but climbed to a peak of $175.75 hours after the news about futures contracts broke.