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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/eleanorterrett/status/1792902060754477452?s=46&amp;t=TMI07H21nqgKjjcESnhqEQ 
 </div>
</figure> 
<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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <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>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<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> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14273922"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Screenshot-455-1024x433.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="433" src="https://crypto.news/app/uploads/2024/05/Screenshot-455-1024x433.png" alt="Ethereum"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Ether OI reaches new high | Source: <a href="https://www.coinglass.com/currencies/ETH" target="_blank" rel="">CoinGlass</a>
 </figcaption>
</figure> 
<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

Table of Contents

crypto.news

Other articles published on May 21, 2024

Analyst Predicts Major Gains for ENA and ARB Amid Breakout Signals

Ethereum-Based Meme Coins Skyrocket Amid Hopes for Spot Ether ETF Approval

Investors Exercise Caution with Crypto News Surge

How High Can Ethereum Price Surge This Month Amidst ETF Speculation?

Bitcoin Wipes Out $85M Shorts: Bull Flag Signals Surge to $100K Price Target

PEPE Vs GME: Which Meme Coin is Close to $1?

Join our free newsletter for daily crypto updates!