What to know:
- In a twist worthy of a farcical play, Cboe has filed to allow staking in spot ether ETFs, potentially flipping the SEC’s policy on its head like a pancake on a Sunday morning.
- Once upon a time, the SEC, in its infinite wisdom, blocked staking in ETFs. But now, with the charming Commissioner Mark Uyeda at the helm, analysts are whispering sweet nothings about a rule change this year.
- And lo! Beyond ether staking, firms are gallantly expanding their ETF offerings to other digital assets, including the likes of Solana, XRP, Sui, and Aptos. What a buffet!
In a dramatic plea, the crypto exchange Cboe has approached the U.S. Securities and Exchange Commission (SEC) to permit staking in several spot ether (ETH) exchange-traded funds (ETFs), causing the price of the token to leap 2% higher in a mere 24 hours. A miracle, perhaps?
Before the grand launch of these funds in July, several eager issuers had included staking in their applications. But alas! The SEC, like a strict schoolmaster, demanded they remove the feature, as it was not allowed at the time. Oh, the irony!
Cboe, which is in cahoots with five of the ether ETF issuers, including the illustrious Fidelity, Franklin Templeton, VanEck, and Invesco/Galaxy, has filed amended 19b-4 documents for the Fidelity Ethereum Fund (FETH) and the Franklin Ethereum ETF (EZET) to allow staking. A bureaucratic ballet, if you will!
This audacious move comes on the heels of former SEC chair Gary Gensler’s departure, who resigned just before the inauguration of the crypto-friendly President Donald Trump. Timing is everything, isn’t it?
Trump’s nominee to run the SEC, Paul Atkins, is still waiting in the wings, with no hearing or confirmation vote scheduled in the Senate. Meanwhile, Commissioner Mark Uyeda is playing the role of acting chair, making several positive moves regarding other crypto-related ETF applications. Hope springs eternal!
James Seyffart, the ETF analyst at Bloomberg Intelligence, confidently predicts that Cboe’s request to stake will likely be approved. “There’s still things that need to be sorted but we expect the SEC will allow staking in the ETFs this year,” he said, with a wink and a nod.
Beyond the thrilling addition of staking, companies are filing to launch ETF products for a dazzling array of digital assets. Just last week, companies set up Delaware entities for Sui (SUI) and Aptos (APT), while the SEC is already reviewing several applications for Solana (SOL) and XRP (XRP). The plot thickens!
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2025-03-11 18:54