Trading of recently approved spot ether exchange-traded funds could begin well before November, according to JPMorgan.
Trading of recently approved spot Ethereum exchange-traded funds could begin well before November, according to JPMorgan.
The U.S. Securities and Exchange Commission on Thursday approved 19b-4 forms of eight spot Ethereum ETF applicants — Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity and Franklin — all in one omnibus order. S-1 registrations of those ETFs are still pending SEC sign-off so that the funds can begin trading. Several analysts expect trading to start in the coming weeks.
Staking is a key issue between fund issuers and the SEC because it remains unclear whether an issuer staking ETH on behalf of an ETF shareholder represents an investment contract and thus a security under the Howey test, the JPMorgan analysts said. "The debate around staking seems to persist as we now understand the focus is on whether these issuers will/can retain such staking rewards for themselves," the analysts added.The ETH ETF approval coincidentally came a day after the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, or the FIT 21 bill.
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