April

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Amid the increasing scrutiny from the U.S. SEC, the investment heavyweights decided to delete staking elements from their S-1 forms applications. While experts are guessing about the exact motivation of ARK and 21 Shares teams, it is still unclear whether other applicants will follow.
<h2 id="ark-s-ether-etf-eth-staking-terms-disappear-from-sec-filing">ARK's Ether ETF: ETH staking terms disappear from SEC filing</h2>
ARK Invest and 21 Shares removed the description of potential Ether (ETH) staking from their SEC applications for spot ETH ETF launch in the U.S. Fox Business correspondent and frequent ETFs saga commentator Eleanor Terrett noticed this amendment yesterday, May 10, 2024.
<blockquote>
 🚨NEW: <a href="https://twitter.com/ARKInvest?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ARKInvest</a>/21SHARES removes staking from its <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> spot application. Will be interesting to see if others follow. Wonder if this means <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a> staff are engaging? <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> <a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@EricBalchunas</a> <a href="https://t.co/ANPSy8fjeq" rel="noopener noreferrer nofollow">https://t.co/ANPSy8fjeq</a>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1789040009560961386?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
</blockquote>
Prior to the amendment, the firms were informing the SEC about plans to join ETH staking upon spot Ethereum ETF approval. The applicants were "generally expecting" to stake a portion of ETH under management via trusted staking providers.
Should this work, ETH staking rewards would be treated as income for trust and taxed accordingly under relevant IRS guidance.
Also, the applicants highlighted that ETH staking is associated with risk of potential loss of tokens as a result of the "slashing" procedure in Ethereum's PoS as well as time-limited lack of access to ETH locked in staking contracts.
Staking of crypto coins was frequently targeted by U.S. regulators. As covered by U.Today previously, the SEC came for the Kraken exchange over its staking business back in 2023.
Despite the issue being settled, the SEC attempted to sue Coinbase over its staking program, which allegedly was associated with unregistered securities operations.
<h2 id="one-less-thing-for-sec-to-use-in-rejection-bloomberg-s-eric-balchunas-on-intriguing-move">"One less thing for SEC to use in rejection": Bloomberg's Eric Balchunas on intriguing move</h2>
Terrett was wondering whether we should expect similar moves from other asset managers waiting for spot ETH ETF approval and what the exact role of SEC's comments in this process is.
Eric Balchunas, senior ETF analyst of Bloomberg, is not that optimistic about the effects of such an unexpected amendment, he stressed in a <a href="https://twitter.com/EricBalchunas/status/1789053958079619176" rel="noopener noreferrer nofollow">tweet</a>:
<blockquote>
 Hmmmm. Interesting. 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>
Last week, the U.S. SEC yet again delayed the decision on <a href="https://u.today/another-ethereum-etf-decision-delayed-by-sec" rel="noopener noreferrer nofollow">spot ETF</a> approvals for Invesco Galaxy. In April 2024, the regulator also failed to issue the final verdict on the applications by Franklin Templeton and Grayscale.
Spot Bitcoin ETFs were approved by the SEC in January 2024, causing a significant inflow of money into 11 newly-created products.

ARK Invest Makes Crucial Amendment to SEC Filing for ETH ETF

목차

U_Today

2024년 5월 11일에 게재된 다른 기사

Bitcoin Profit Surge: Over 86% Addresses Defy Recent Price Slump!

Cardano (ADA) Performance Analysis

8 New Binance Listings to Watch in 2024

Dogecoin and Shiba Inu Await Breakout for Over 100% Rally

NFT sales dip by 11.16%, Bitcoin takes hit despite dominating market share

Intract Questing Platform Integrated into OKX Wallet

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!