BlackRock, Grayscale, and Bitwise have updated their 19b-4 filings for spot Ethereum (ETH) exchange-traded fund (ETF) applications, removing provisions related to staking.
BlackRock, Grayscale, and Bitwise have updated their 19b-4 filings for spot Ethereum (ETH) exchange-traded fund (ETF) applications, removing provisions related to staking. The approval of these filings by the SEC would pave the way for the listing and trading of spot Ethereum ETFs on exchanges.
BlackRock, in its amended filing, stated that they will not be involved in staking: “Neither the Trust, nor the Sponsor, nor the Ether Custodian [...] nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings.”
Similarly, on May 21, Fidelity, VanEck, Franklin Templeton, Invesco Galaxy, and ARK 21Shares made similar amendments to their applications, removing staking provisions. The SEC is expected to make a decision on the approval or denial of listing and trading by May 23, the final deadline for VanEck's application.
The recent shift in the SEC's stance, leading to increased speculation about the approval of spot Ethereum ETFs, is believed to be influenced by former President Donald Trump's endorsement of cryptocurrencies, which may have influenced the Biden administration's policy shift in this regard. The House of Representatives has approved the Financial Innovation and Technology for the 21st Century Act, which could provide further regulatory clarity for digital assets.
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