VanEck, a giant investment management firm, updated its S-1 filing shortly after the US Securities and Exchange Commission’s (SEC) announcement regarding the initial approval of Ethereum (ETH)-based exchange-traded funds (ETFs). ) in sight, on May 23rd.
In its filing dated May 23, the company explained that none of its affiliates, including the Trust, the Sponsor, the ETH Custodian or any associated individual, will participate in “Staking Activities.” In recent days, ETF issuers have withdrawn the staking service from their proposal to the SEC.
“The Trust will not employ your ETH in staking activities and therefore will not earn any form of staking rewards or income of any kind from staking activities. Forgoing potential returns from staking activities could cause an investment in Shares of the Trust to deviate from that which would have been obtained through purchasing and holding ETH directly by virtue of forgoing staking as a source of return when an investor holds Shares of the Trust,” reads part of the updated document.
In addition to updating the document, asset manager VanEck released an announcement shortly after the SEC’s announcement on the approval of ETFs, highlighting the potential of the second largest cryptocurrency on the market, Ethereum, as well as questioning its important role in building a less centralized open source economy.
enter the ether 🫴 pic.twitter.com/YXgKQFP5Nr
— VanEck (@vaneck_us) May 23, 2024
BTC and ETH Pull Back After SEC Approval of Ethereum ETF
The cryptocurrency market has once again demonstrated its remarkable sensitivity to regulatory movements in the United States in the last 24 hours, especially after the approval of Ethereum ETFs by the SEC. This news first drove an increase, followed by a substantial decline in the main digital currencies, including Ethereum itself and Bitcoin.
After a relatively stable start to the week, Bitcoin (BTC) positioned itself around US$67,000. However, the tranquility was brief. Rumors of an imminent approval of an Ethereum spot ETF by the SEC sent the price of BTC soaring to nearly $72,000, a peak not seen in nearly two months. Despite this initial rise, Bitcoin faced a reversal of fortunes, falling below $68,000 just before the SEC decision, which occurred just before the deadline.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/vaneck-atualiza-arquivamento-do-s-1-logo-apos-aprovacao-dos-etfs-ethereum-pela-sec/
