BlackRock, Grayscale, Bitwise Revise Ether ETF Filings; SEC Invites Public Comments

BlackRock, Grayscale, and Bitwise amended their spot Ether ETF filings, with the SEC now seeking public comments.

Staking Provisions Removed in Updated Ether ETF Filings

The Securities and Exchange Commission (SEC) has received revised 19b-4 filings from three additional asset managers based in the United States who are developing spot Ether ETF applications, Cointelegraph reports.

BlackRock, a provider of asset management services, updated its spot Ether ETF 19b-4 application on May 22 to eliminate staking provisions, as reported by the Nasdaq Stock Market.

Similar alterations were submitted by Grayscale and Bitwise to the NYSE Arca. The registration and trading of spot Ether ETFs on exchanges would be authorized if the SEC granted approval for the 19b-4 filings.

In the revised BlackRock filing, it was stated that “Neither the Trust, nor the Sponsor, nor the Ether Custodian [...] nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings.”

Applications reflecting similar changes regarding removing staking were received on May 21 from Fidelity, VanEck and Franklin Templeton, Invesco Galaxy, and ARK 21Shares.

SEC Requests Feedback on Spot Ether ETFs

The most recent development involves the publication of a filing by the United States Securities and Exchange Commission (SEC) that requests public feedback on several potential spot Ethereum ETF applications.

“The Exchange believes that the proposal is, in particular, designed to protect investors and the public interest. The investor protection issues for U.S. investors has grown significantly over the last several years, through roll costs for ether Futures ETFs and premium/discount volatility and management fees for OTC Ether Funds,” as stated in the filing.

Coingape elaborates that the fact that the regulator is requesting comments implies that they may be more open to approving the product if it aligns with market expectations.

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