James

<div class="intro-text">
 Five U.S. asset managers have <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793039305125790105?t=ZqbUz4ZtgWbIHtof6K7MlQ&amp;s=19" rel="noopener noreferrer nofollow">amended</a> their applications to issue spot Ether exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). 
</div>
Bloomberg ETF analyst James Seyffart <a href="https://twitter.com/JSeyff/status/1793043047367762405?t=DUSAr1YZAjyJskpvNZAKjA&amp;s=19" rel="noopener noreferrer nofollow">shared</a> this update late on May 21, 2024, via a post on his X account.
The asset managers involved in these 19b-4 filing adjustments include Fidelity, VanEck, Franklin Templeton, and joint applicants Galaxy/Invesco and ARK Invest/21Shares. Grayscale has also made similar amendments in its application, according to a recent proxy <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793043047367762405?t=DUSAr1YZAjyJskpvNZAKjA&amp;s=19" rel="noopener noreferrer nofollow">statement</a>.
According to Seyffart, the changes primarily revolved around “removing the staking language and adding very clear language that the Fund’s ETH cannot be staked by anyone.”
Meanwhile, the filing adjustments have sparked a flurry of reactions from the crypto community and industry analysts. Adam Cochran, partner at Cinneamhain Ventures, <a style="color: #0000ff;" href="https://twitter.com/adamscochran/status/1792964047748604171?t=QxoFoh1q6HyHOWAm05W8dA&amp;s=19" rel="noopener noreferrer nofollow">highlighted the potential impact, stating</a>, 
<blockquote class="pullquote align-center">
 “An approved spot Ether ETF without staking provisions could significantly boost staking returns, as it would increase demand for Ether without simultaneously increasing the supply of staked ETH.”&nbsp;
</blockquote>
Ryan Berckmans, an Ethereum community member and investor, <a style="color: #0000ff;" href="https://twitter.com/ryanberckmans/status/1793021857727189119?t=YOwVHOb2cpQJC-4k8BDlIA&amp;s=19" rel="noopener noreferrer nofollow">offered a different perspective</a>. He sees the ETFs as a means to enhance Ethereum’s legitimacy in traditional financial markets while mitigating potential ETF-related risks by excluding staking provisions.
RELATED:&nbsp;
<ul>
 <li aria-level="1"><a href="https://defi-planet.com/2024/05/u-s-sec-might-try-to-classify-staked-eth-as-security-galaxy-researchs-alex-thorn/" rel="noopener noreferrer nofollow">U.S. SEC Might Try to Classify Staked ETH as Security – Galaxy Research’s Alex Thorn</a></li>
</ul>
<ul>
 <li aria-level="1"><a href="https://defi-planet.com/2024/05/nate-geraci-questions-u-s-secs-stance-on-ethereum-etfs-ahead-of-approval-decision/" rel="noopener noreferrer nofollow">Nate Geraci Questions U.S. SEC’s Stance on Ethereum ETFs Ahead of Approval Decision</a></li>
</ul>
The SEC is scheduled to make a decision on VanEck’s application by May 23, marking a critical date for the approval process.
According to Bloomberg ETF analyst <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793043047367762405?t=FlSrbSUx1jVpP74cyU-FCw&amp;s=19" rel="noopener noreferrer nofollow">Seyffart</a>, the revised 19b-4 filings mean substantial progress, but there is still a potentially long way to go before any Ether ETFs can be launched. He noted that the applications will require signed-off S-1 registration statements before the ETFs can launch. Seyffart indicated that the listing of these ETFs could take several weeks or even longer.
<blockquote class="twitter-tweet">
 Still a potentially long way from a launch. But these filings prove that all of the rumors and speculation and chatter have been accurate. Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals. Could be weeks or more before ETFs launch
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1793043047367762405?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/05/crypto-community-reacts-as-u-s-asset-managers-revise-ether-etf-applications-to-remove-staking-language/" rel="noopener noreferrer nofollow">Crypto Community Reacts as U.S. Asset Managers Revise Ether ETF Applications to “Remove Staking Language”</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Crypto Community Reacts as U.S. Asset Managers Revise Ether ETF Applications to “Remove Staking Language”

DeFi Planet

Other articles published on May 22, 2024

PrimeXBT to democratise financial markets with total revamp and upgraded product offering

Ethereum Whales Missing In ETH Price Rally, Further Upside Possible?

Axie Infinity Origins S8 Postseason Begins With the Elite 8 Tournament, Giveaways, and Updates

Dogecoin (DOGE), Floki Inu (FLOKI), and Retik Finance (RETIK): 3 Coins to Triple Your Investment ...

WisdomTree Secures FCA Approval to Launch Crypto ETPs

Telegram ‘mini apps’ skyrocket with web3 games adding millions of users daily

Join our free newsletter for daily crypto updates!