Ethereum

Spot

<p class="is-style-lead">Several crypto ETF issuers are reportedly scrambling to amend SEC filings as odds for approved spot Ethereum products improved in the past 24 hours.&nbsp;</p> 
<p>Wall Street titan Fidelity submitted an <a href="https://www.sec.gov/Archives/edgar/data/2000046/000119312524143277/d759655ds1a.htm" target="_blank" rel="">updated</a> spot Ethereum ETF S-1 form with the U.S. SEC and removed all staking language, signaling dialogue with the regulator.</p> 
<p>Multiple reports also <a href="https://x.com/eleanorterrett/status/1792902060754477452?s=46&amp;t=TMI07H21nqgKjjcESnhqEQ" target="_blank" rel="">emerged</a> claiming the securities watchdog has instructed other issuers and national exchanges like Nasdaq to expedite improved spot Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) ETF filings ahead of possible partial approvals.&nbsp;</p> 
<p>At press time, crypto.news had yet to hear back from exchanges and providers on the matter.&nbsp;</p> 
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<p>Fidelity’s amended S-1 form may confirm the SEC’s status quo on staking facilities tied to Ethereum’s proof-of-stake (PoS) consensus model.&nbsp;</p> 
<p>Following The Merge in 2022, the agency opened investigations into the decentralized network and sued America’s largest crypto exchange, <a href="https://crypto.news/coinbase-seeks-appeal-sec-case-crypto-classification/" target="_blank" rel="">Coinbase</a>, for allegedly offering unregistered securities via its Ethereum staking service.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/sec-has-considered-ethereum-a-security-for-extended-period/" rel=""> SEC has considered Ethereum a security for extended period </a> </p> 
<p>The news on Fidelity’s filing arrived hours before the commission’s deadline to issue a final decision on two bids from VanEck and ARK 21Shares this week.&nbsp;</p> 
<p>Grayscale Investments, whose CEO <a href="https://crypto.news/grayscale-ceo-michael-sonneshein-resigns-as-spot-btc-etf-inflows-rebound/" target="_blank" rel="">Michael Sonnenshein</a> stepped down on May 20, also filed an updated 19b-4 for its Ethereum Mini Trust product. Van Buren Capital GP Scott Johnsson noted that Grayscale still hopes to treat Ether as a commodity, aligning with industry sentiment championing the crypto as a non-security asset.&nbsp;</p> 
<p>Variant Fund Chief Legal Officer Jake Chervinsky <a href="https://x.com/jchervinsky/status/1792924835099668527" target="_blank" rel="">said</a> a green light for the fund could translate to a clearer classification for Ether and settle a year-long debate.</p> 
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   <p lang="en" dir="ltr">This means if the SEC approves the spot ETH ETF, it will have to admit that unstaked ETH is not a security.<br><br>That would be a major policy move from a Commission that has consistently refused to acknowledge any asset other than BTC as a non-security commodity.<br><br>Have we earned it? <a href="https://t.co/gJx0PDY2At" target="_blank" rel="">https://t.co/gJx0PDY2At</a></p>— Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1792924835099668527?ref_src=twsrc%5Etfw" target="_blank" rel="">May 21, 2024</a>
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<h2 class="wp-block-heading" id="etf-approval-chatter-boosts-ethereum-market">ETF approval chatter boosts Ethereum market</h2> 
<p>After filings suggesting the SEC may approve spot ETH ETFs, Ethereum reclaimed its $450 billion market cap and rose more than 22% in 24 hours, according to CoinMarketCap.&nbsp;</p> 
<p>CoinGlass data also showed a record high for Ether futures on centralized exchanges. The aggregate open interest (OI) in unsettled contracts surpassed $15 billion for the first time. Binance boasted the lion’s share of trading activity with $5.97 billion in OI.</p> 
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  Ether OI reaches new high | Source: <a href="https://www.coinglass.com/currencies/ETH" target="_blank" rel="">CoinGlass</a>
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<p> Read more: <a href="https://crypto.news/spot-ethereum-etf-approval-could-send-eth-price-to-5k-analysts-say/" rel=""> Spot Ethereum ETF approval could send ETH price to $5k, analysts say </a> </p>

Fidelity axes spot Ethereum ETF staking feature

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