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The price of Ether (ETH) surged around 11% to $1,700 following news that the United States Securities and Exchange Commission is set to allow the first exchange-traded funds (ETFs) based on Ether Futures.

According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that have filed to launch Ether (ETH) futures ETFs in recent weeks.

It remains unclear which ETF applications would be approved by the SEC; however, officials indicated that several of the filings may be approved by as soon as October.

ETF analyst Eric Balchunas said he wasn’t surprised by the SEC’s move to approve Ether futures ETFs, adding that the decision shows how the regulator’s views on different products, such as a spot Bitcoin ETF can change over time.

The SEC has been inundated with applications for Ether futures ETFs, with more than 12 filings for such products being submitted to the regulator since late July. 

Related: Donald Trump’s Ethereum wallet holds $2.8M, new statement shows

The news pushed ETH’s price back up 11% to $1,717 just 20 minutes after the market took a tumble two hours earlier.

The price of Ether jumped 11% following the news that the SEC would approve Ether futures ETFs. Source: TradingView

Big Questions: Did the NSA create Bitcoin?