Several crypto ETF issuers are reportedly amending SEC filings as the likelihood for approved spot Ethereum products has improved in the past 24 hours. Wall Street firm Fidelity submitted an updated spot Ethereum ETF S-1 form with the U.S. SEC and removed all staking language, indicating ongoing discussions with the regulator.

Reports suggest that the securities watchdog has instructed other issuers and national exchanges like Nasdaq to expedite improved spot Ether (ETH) ETF filings ahead of possible partial approvals. At press time, Global Crypto News had yet to hear back from exchanges and providers on the matter.

🚨NEW: Hearing issuers/exchanges have until 10:30AM today to update the 19b-4 filings. Looks like staking was a no go based on Fidelity’s update. Also hearing there has been *some* engagement on S-1s but unclear how substantive.

Fidelity’s amended S-1 form may confirm the SEC’s position on staking facilities tied to Ethereum’s proof-of-stake (PoS) consensus model. Following The Merge in 2022, the agency opened investigations into the decentralized network and sued America’s largest crypto exchange for allegedly offering unregistered securities via its Ethereum staking service.

The news on Fidelity’s filing arrived just hours before the commission’s deadline to issue a final decision on two bids from VanEck and ARK 21Shares this week. Grayscale Investments, whose CEO stepped down on May 20, also filed an updated 19b-4 for its Ethereum Mini Trust product. Van Buren Capital GP noted that Grayscale still hopes to treat Ether as a commodity, aligning with industry sentiment that champions the crypto as a non-security asset.

Variant Fund Chief Legal Officer noted that a green light for the fund could clarify Ether’s classification and settle a long-standing debate. This means if the SEC approves the spot ETH ETF, it will have to admit that unstaked ETH is not a security. That would be a significant policy shift from a Commission that has consistently refused to acknowledge any asset other than BTC as a non-security commodity.

After the filings suggested the SEC may approve spot ETH ETFs, Ethereum reclaimed its $450 billion market cap and rose more than 22% in 24 hours, according to CoinMarketCap. Data also showed a record high for Ether futures on centralized exchanges, with aggregate open interest (OI) in unsettled contracts surpassing $15 billion for the first time. Binance led in trading activity with $5.97 billion in OI.

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