The anticipation is building around the approval of Ethereum Spot ETFs by the US Securities and Exchange Commission (SEC), with positive indicators boosting the market.
Follow the news of the potential approval of Ethereum Spot ETFs live in this real-time updated article.
21/05 – 16h: Grayscale removes staking from its Ethereum Mini Trust
The titan Grayscale has just released a modified version of its 19b-4 filing for its Ethereum Mini Trust. This new filing reveals, like Fidelity, the removal of the option for ETH staking.
21/05 – 13h: Fidelity modifies its request, removes ETH staking
Fidelity recently modified its S-1 request for its Ethereum Spot ETF, removing the option for staking ETH in response to an apparent shift in the SEC’s position.
The SEC, potentially influenced by political pressure, is showing signs of a more restrictive approach towards the characteristics of Ethereum-related ETFs, including staking.
Although the prospects for Ethereum Spot ETFs are improving, the SEC is still considering the classification of staked ETH as a security. This position follows statements from Gary Gensler, the SEC’s chairman, who indicated that cryptocurrencies and their staking mechanisms could fall under the category of securities according to the Howey test.
Fidelity, anticipating these regulatory complications and the associated tax implications of staking, chose to simplify its request to expedite the approval of its ETF.
20/05 – 22h30: SEC requests accelerated updates
The SEC has expedited regulatory procedures, requesting a quick update of documents for exchanges wishing to list Ethereum Spot ETFs.
This move suggests potential imminent approval, although the final approval of S-1 requests remains uncertain. This first part of the article captures the growing optimism and sets the stage for following the live saga of the evolution of Ethereum Spot ETF approval.
20/05 – 22h: Specialists do a 180-degree turn
Bloomberg specialists have raised the approval probability to 75%, triggering a historic surge in ETH price within the first 24 hours. Market reactions can also be seen in Bitcoin and the Grayscale Ethereum Trust, which have recorded significant gains.
