#MemeWatch2024 Six Ethereum ETF applicants have filed an amendment to Section 19b-4 for prospective approval.
What is an Ethereum ETF? How important is the new ether ETF?
Spot Ethereum ETF applicants are actively preparing for SEC approval
In total, immediate suitors for Ethereum ETFs include VanEck, Fidelity, Franklin Templeton, ARK Invest, Grayscale, and Invesco Galaxy. These amendments submitted to the Cboe Exchange include changes in response to SEC concerns, in particular the removal of mortgages on the Ethereum blockchain for potential ETFs.
Fidelity, Franklin Templeton, and ARK 21Shares specifically removed provisions related to validating Ethereum's Proof of Stake from their proposals. In its revised filing, Fidelity confirmed that neither the fund nor related parties would participate in cryptocurrency. Grayscale also issued the same statement in its proxy with the staking provisions removed
Industry experts applaud the removal of staking provisions
Such changes will be made to meet SEC requirements. Adam Cochran, a partner at Cinneamhain Ventures, and Ryan Berkmans, an Ethereum investor, noted that removing staking could help the overall Ethereum ecosystem.