#ETFvsBTC 🌐 ARK Invest Makes Crucial Amendment to SEC Filing for ETH ETF #ETHETFS #BTC
📣ARK's Ether ETF: ETH staking terms disappear from SEC filing
✍️ ARK Invest and 21 Shares removed the description of potential Ether (ETH) staking from their SEC applications for spot ETH ETF launch in the U.S. Fox Business correspondent and frequent ETFs saga commentator Eleanor Terrett noticed this amendment yesterday, May 10, 2024.
🔷 Prior to the amendment, the firms were informing the SEC about plans to join ETH staking upon spot Ethereum ETF approval. The applicants were "generally expecting" to stake a portion of ETH under management via trusted staking providers.
🔶 Should this work, ETH staking rewards would be treated as income for trust and taxed accordingly under relevant IRS guidance.
🔷 Also, the applicants highlighted that ETH staking is associated with risk of potential loss of tokens as a result of the "slashing" procedure in Ethereum's PoS as well as time-limited lack of access to ETH locked in staking contracts.
🔶 Staking of crypto coins was frequently targeted by U.S. regulators. As covered by U.Today previously, the SEC came for the Kraken exchange over its staking business back in 2023.
