The SEC has consistently delayed any comments or decisions on ETH ETFs.
Ark Invest and 21Shares have made a bold bid to remove their stakes from their proposed ETFs.
The deadline is days away, and 21Shares hopes to hear back from the SEC.
Major U. S. asset managers have entered a heated race to launch a spot #ETH #ETF , but their attempt has faced a major hurdle - an SEC that doesn't like #cryptocurrencies The SEC doesn't like cryptocurrencies and, although it approved a spot #bitcoin ETF this year, the prospect of an ETH ETF remains mute, leaving issuers stumped.
Faced with mounting pressure, issuers are rushing to finalize the lineup, hoping the SEC will break the silence and provide the necessary guidance. With the deadline just weeks away, Arc Invest and 21Shares decided to take a risk and boldly come forward with their revised proposal.
Arc Invest and 21Shares, owned by Kathy Wood, have lowered their bids on the latest Ether ETF filing pending a response from the SEC.
The latest filing, filed Friday, May 10, removed a paragraph indicating that 21Shares intends to manage some of the fund's assets through third-party vendors. Previously, the filing stated that "the sponsor may, from time to time, place a portion of the trust's assets through one or more reputable betting providers.
Betting has become an integral part of the #ETFvsBTC network, and 21Shares intended to receive ETH as compensation for betting. The issuer sought to categorize the income received as income earned by the trust.
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But 21Shares has been forced to shelve their plans for now.
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