ARK Invest and 21Shares have made changes to their S-1 form for the proposed spot Ethereum exchange-traded fund (ETF). They have removed the staking component from the filing, as indicated in a document dated May 10.
In February, the two companies had updated their filing to include the option to stake Ethereum, in addition to cash-only redemption. Staking is seen as a beneficial way for fund managers to generate profits from the significant amounts of crypto held by ETFs, beyond just earning management fees.
However, experts had previously suggested that ARK Invest’s staking proposal for Ethereum was more of a test to gauge the Securities and Exchange Commission’s (SEC) response rather than a confident expectation of approval.
The SEC has hinted that staking could classify the asset as a security, which is unfavorable for spot Ethereum ETFs. Last year, the SEC fined Kraken and required them to halt their staking services.
Renowned trader Peter Brandt recently predicted that the SEC would crack down on staking in the crypto community.
The latest amendment to ARK Invest’s application has sparked speculation about ongoing discussions between the SEC and spot Ethereum ETF applicants. This suggests that the applications are being adjusted to align with SEC preferences.
The reasons behind ARK Invest’s recent modification remain undisclosed, as no official statements have been released by the parties involved.
Crypto analysts are closely monitoring May as a crucial month for the future of spot Ethereum ETFs. The SEC is expected to make a decision on VanEck’s filing on May 23, with the general consensus among analysts leaning towards a likely rejection.
Grayscale, the leading digital asset manager, recently withdrew its bid for an Ethereum futures ETF application, possibly to avoid sole responsibility for legal challenges in the event of an SEC denial.
This article has been updated with information on ARK Invest’s amendment in February, Kraken’s case, and Peter Brandt’s statement. “5 Tips for Better Time Management”
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