Toncoin

<ul>
 <li>Balchunas speculated that the new filing that removed staking might have many angles.</li>
 <li>In recent months, hope for the SEC to approve spot ether ETFs has diminished.</li>
</ul>
Staking will not be a part of the proposed spot ether exchange-traded fund (ETF) from 21Shares and Cathie Wood’s ARK Invest.
The “sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted Staking Providers.” was a staking component that ArkInvest/21 Shares disclosed in an earlier filing. The amended filing with the <a href="https://thenewscrypto.com/is-bipartisan-backing-for-reversing-sec-rule-a-turning-point-for-crypto/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> on Friday did not include that particular phrase.
In a post on X on Friday, Bloomberg ETF analyst <a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank" rel="noopener noreferrer nofollow">Eric Balchunas</a> speculated that the new filing that removed staking might have many meanings.
Balchunas stated:
<blockquote class="wp-block-quote">
 “While it may seem like this is them getting their docs in shape based on SEC comments (which would be good news) there hasn’t been any comments. So its prob either a Hail Mary or maybe trying to give SEC one less thing to use in their rejection. Not sure (yet).”
</blockquote>
<h3 class="wp-block-heading" id="h-approval-chances-diminished">Approval Chances Diminished</h3>
Moreover, spot ether exchange-traded funds (ETFs) were proposed in September by Ark Invest and 21Shares. In recent months, hope for the SEC to approve spot ether ETFs has diminished. Balchunas, who had previously estimated a 70% possibility of a spot <a href="https://thenewscrypto.com/dencun-upgrade-raises-concerns-of-ethereums-inflationary-risk/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> ETF clearance by late May, reduced that estimate to 25% last month.
After <a href="https://thenewscrypto.com/wells-fargo-latest-addition-to-list-with-spot-bitcoin-etf-exposure/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s</a> most recent block subsidy halving in April, the price of both Bitcoin and Ether fell. Some groups of investors are now at risk of seeing their holdings go negative, even if the magnitude of ETH price drawdowns is decreasing. The overall cost basis for Ethereum’s short-term holders (STHs), defined as entities owning tokens for 155 days or less, is exactly $3,000.&nbsp;
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/toncoin-ton-emerges-as-top-performer-amid-crypto-market-volatility/" target="_blank" rel="noopener noreferrer nofollow">Toncoin (TON) Emerges as Top Performer Amid Crypto Market Volatility</a>

ARK Invest and 21Shares Drop Staking from Proposed Ether ETF

Table of Contents

TheNewsCrypto

Other articles published on May 11, 2024

Slothana Surges After Successful IEO – Could These 3 Crypto Presales Follow Suit Upon Launch?

Grayscale Draws Parallel Between Crypto Growth & Canada Stock Market

SEC Says Ripple Victory Ruling for XRP Holds No Weight for Other Cases

EXCLUSIVE: Max Fu's Nyan Heroes: Pioneering the Next Frontier in Web3 Gaming

Forget XRP: Top Altcoins with Potential for Greater Market Cap By The End of 2024

Mastercard Partners with Top U.S. Banks to Explore Blockchain for Streamlined Banking Settlements

Join our free newsletter for daily crypto updates!