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ARK revises ETF application, removing staking amid SEC scrutiny.
ARK Invest has amended its S-1 form for the proposed spot Ethereum exchange-traded fund (ETF) by removing the staking component, according to a filing dated May 10.
The Securities and Exchange Commission (SEC) has indicated that staking could classify the asset as a security, which is undesirable for spot crypto ETFs.
The latest amendment in ARK Invest’s application fuels speculation about ongoing discussions between the SEC and spot Ethereum ETF applicants, suggesting that the applications are being modified to align with SEC preferences.
The specific reasons for this recent modification by ARK Invest remain undisclosed, as no official statements have been made by the involved parties.
Crypto analysts are marking May as a critical month for the future of these spot Ethereum ETFs. The SEC is expected to make a decision of VanEck’s filing on May 23. The general consensus among analysts is that the filing is likely to face rejection.
Earlier this week, Grayscale, the world leading digital asset manager, withdrew its Ethereum futures ETF application, potentially to avoid the sole responsibility of legal challenges in case of a denial from the SEC.
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