{"id":21122,"date":"2024-05-23T14:01:58","date_gmt":"2024-05-23T11:01:58","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21122"},"modified":"2024-05-23T15:55:13","modified_gmt":"2024-05-23T12:55:13","slug":"blackrock-grayscale-bitwise-amend-ether-etf-proposals-to-bypass-regulatory-roadblocks","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/blackrock-grayscale-bitwise-amend-ether-etf-proposals-to-bypass-regulatory-roadblocks\/","title":{"rendered":"BlackRock, Grayscale, Bitwise Amend Ether ETF Proposals to Bypass Regulatory Roadblocks"},"content":{"rendered":"<p>To avoid regulatory issues with the <strong>U.S Securities and Exchange Commission (SEC),<\/strong> <strong>BlackRock<\/strong>, <strong>Grayscale<\/strong>, and <strong>Bitwise<\/strong> have submitted new 19b-4 forms for their spot ether ETFs. These amendments, filed on Wednesday, eliminate the provisions for staking ether in particular. Staking, a way to make money by holding cryptocurrencies without owning them, was recognized as a potential regulatory issue.<\/p>\n<p><em>\u201cNo action shall be taken by the Trust, the Sponsor, the Ether Custodian [. .. ] or any other person associated with the Trust where any part of the Trust\u2019s ETH becomes exposed to Ethereum proof-of-stake validation or is used to earn further ETH or income or any other earnings&#8221;<\/em> the blacked-out part of the BlackRock filing said.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/blackrock-grayscale-bitwise-amend-ether-etf-proposals-to-bypass-regulatory-roadblocks\/#The_Consequences_of_Elimination_of_Staking_Provisions\" title=\"The Consequences of Elimination of Staking Provisions\">The Consequences of Elimination of Staking Provisions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/blackrock-grayscale-bitwise-amend-ether-etf-proposals-to-bypass-regulatory-roadblocks\/#Market_Reactions_and_Future_Prospects\" title=\"Market Reactions and Future Prospects\">Market Reactions and Future Prospects<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_Consequences_of_Elimination_of_Staking_Provisions\"><\/span>The Consequences of Elimination of Staking Provisions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Staking refers to<\/strong> the process of depositing specific cryptos for a certain period to contribute to the functionality of the blockchain network, in exchange for gains. By Thursday, ether staking yields were slightly less than 3% on an annualized basis, according to Lido, one of the most widely used staking services. Although it has some financial advantages, the provision for staking was a major regulatory concern, forcing all <a href=\"https:\/\/coinengineer.net\/blog\/pepe-surges-27-amid-speculation-over-ether-etf-approval\/\">ether ETF<\/a> applicants to revise their applications.<\/p>\n<p>On Monday, Fidelity submitted its revised S-1 forms, which no longer included information about its staking plans. In a similar fashion, VanEck, Franklin Templeton, Invesco Galaxy, and ARK 21Shares also made similar changes. Hashdex remains the only issuer yet to file an amendment to its Ethereum ETF proposal.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Reactions_and_Future_Prospects\"><\/span>Market Reactions and Future Prospects<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some people have seen this as a positive sign as the<strong> Depository Trust and Clearing Corporation (DTCC)<\/strong> has already included VanEck\u2019s Ether ETF under the ticker ETHV on its site. This has been described by market observers as a radical switch of stance by the SEC, which until recently was seen as unlikely to endorse an ether ETF.<\/p>\n<p>According to Bloomberg\u2019s Eric Balchunas and James Seyffart,<strong> the probability of approval was raised to 75% from 25% earlier in the week,<\/strong> which triggered the market\u2019s reaction. Ether rose by more than 17%, while bitcoin returned to the $71,000 level for the first time since April 1. <em>\u201cThe problem was political, the decision was made from above, probably Biden&#8221;<\/em> Seyffart said in an interview with Unchained.<\/p>\n<p>In particular, the market expects the <strong>SEC\u2019s<\/strong> decision on the amended proposals next Thursday, which may bring about significant changes in the crypto market depending on the regulator\u2019s decision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To avoid regulatory issues with the U.S Securities and Exchange Commission (SEC), BlackRock, Grayscale, and Bitwise have submitted new 19b-4 forms for their spot ether ETFs. These amendments, filed on Wednesday, eliminate the provisions for staking ether in particular. Staking, a way to make money by holding cryptocurrencies without owning them, was recognized as a<\/p>\n","protected":false},"author":6,"featured_media":20785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1149,535,105,1000,1096],"class_list":["post-21122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-bitwise","tag-blackrock","tag-ethereum","tag-ethereum-etf","tag-grayscale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlackRock, Grayscale, Bitwise Amend Ether ETF Proposals to Bypass Regulatory Roadblocks<\/title>\n<meta name=\"description\" content=\"BlackRock, Grayscale, and Bitwise amend spot ether ETF proposals, removing staking provisions to avoid regulatory hurdles. 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