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Home»BLOCKCHAIN NEWS»ARK Invest removes staking feature from Ethereum spot ETF reporting.
BLOCKCHAIN NEWS

ARK Invest removes staking feature from Ethereum spot ETF reporting.

By Crypto FlexsMay 11, 20244 Mins Read
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ARK Invest removes staking feature from Ethereum spot ETF reporting.
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ARK Invest and 21Shares have amended the Form S-1 for their proposed spot Ethereum Exchange-Traded Fund (ETF) to remove the following: staking These are the components as shown in the May 10 filing.

Last February, the two companies updated their filings with the option to stake Ethereum in addition to cash-only redemptions. Staking good How fund managers can profit from large amounts of cryptocurrency that ETFs can hold more than just management fees.

However, experts at the time said that ARK Invest’s staking The proposal for Ethereum is more of a “study” to test the reaction of the Securities and Exchange Commission (SEC) rather than a confident expectation that it will be approved by the securities body.

The SEC stated that staking could cause assets to be classified as securities, which is undesirable for a spot Ethereum ETF. Last year, the SEC fined Kraken. request Staking service will be discontinued.

Legendary trader Peter Brandt said in a recent post about will do Crack down on staking.

If the cryptocurrency community is upset about this issue @SECGov therapy $XRP, $ETH etc. with securities,

prediction:
wait until @USOCC @SECGov @UST Treasury We carry out an all-out attack on staking.

It will be a sea of ​​blood https://t.co/CnXEusSAvG

— Peter Brandt (@PeterLBrandt) May 9, 2024

The latest modifications to the ARK Invest application have fueled speculation about ongoing discussions between the SEC and a spot Ethereum ETF. applicant, proposal The application is being modified to meet SEC preferences.

The reason for ARK Invest’s recent revision has not been disclosed due to the lack of an official statement from the parties involved.

cryptocurrency analyst It is showing May is an important month that will determine the future of the spot Ethereum ETF. The SEC is expected to: make a decision This is about VanEck’s May 23 submission. The general consensus among analysts is: There is a high possibility that your application will be rejected.

Earlier this week, Grayscale, the world’s leading digital asset manager, withdrew its bid for an Ethereum futures ETF., Potentially to avoid full liability for legal issues if the SEC rejects it.

(Updated with amendments from ARK Invest in February, Kraken’s story, and remarks by Peter Brandt)

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