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Home»ETHEREUM NEWS»Fidelity is adjusting the application of Ethereum ETF and is optimistic about regulatory approval.
ETHEREUM NEWS

Fidelity is adjusting the application of Ethereum ETF and is optimistic about regulatory approval.

By Crypto FlexsMarch 19, 20243 Mins Read
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Fidelity is adjusting the application of Ethereum ETF and is optimistic about regulatory approval.
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Spot Ethereum Exchange Traded Fund (ETF) Although you may see your odds of approval decreasing, there is still optimism among several financial management companies applying for the product.

Fidelity revises Ethereum Spot ETF application form

Financial management giant amid expectations encompassing Ethereum spot ETF fidelity It recently revised its application for exchange products, demonstrating its confidence in its approval by the U.S. Securities and Exchange Commission (SEC).

Nate Geraci, Chairman and President of The ETF Store, leverages social media platform share Cryptocurrency community update today. According to Nate Geraci, the amendments include a “more thorough examination” of the links between spot and futures markets.

It is noteworthy that Fidelity entered the race to introduce an Ethereum ETF in November last year. Other backers of the ETF include Grayscale, Ark Invest, 21Shares and BlackRock.

Geraci said in an update: Spot Bitcoin ​​ETF. that He also shared a screenshot of the latest filing, pointing out that the phrase was a “money page.” This is because “the SEC will not let Ethereum ETF issuers off the hook.”

In the filing, Fidelity said, “Given the robust correlation between Ethereum and Bitcoin futures offered by the Chicago Mercantile Exchange (CME), applying the same rationale that the SEC used to approve spot Bitcoin products would “This suggests that the test for the proposition has been met,” it asserts. ”

“The SEC expects CME’s oversight will help identify potential instances of fraudulent and manipulative conduct,” the financial firm asserts:Ethereum ETFs should be identified using the same logic.”

By updating its application, Fidelity plans to allow traders and users of its proposed Ethereum fund to stake a portion of their assets. The registration statement states that “the Sponsor may, from time to time, stake a portion of the Fund’s assets through one or more reputable staking providers, some of which may be Sponsor Affiliates or Staking Providers.”

Additionally, “the fund will receive certain network rewards in the form of Ether tokens for any staking activity it may undertake.” Such compensation may be considered “income to the fund” as compensation for services rendered.

Grayscale Updates ETH ETF Proposal

Fidelity is the latest company to modify its Ethereum spot ETF application after financial giant Grayscale. grayscale on friday reported The company has updated its offering for the product, which is an important step toward listing ETHE on NYSE Arca.

Like spot Bitcoin ETFs, grayscale The case for a spot ETH ETF is equally strong, with investors demanding and finding exposure to ETH valuable in this regard.

Pursuant to the guidelines referenced in the Securities Exchange Act of 1934, as amended (Section 19(b) and Rule 19b-4), NYSE Arca intends to list and trade the following securities pursuant to NYSE Rule 8.201:

ETH is trading at $3,269 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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