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📌 ARK 21Shares Update ETH ETF Proposal: No More Stavokandnbsp; – DailyCoin.

The SEC has consistently delayed any comments or decisions on ETH ETFs. Etf

– The SEC has consistently delayed any comments or decisions on ETH ETFs.

Ark Invest and 21Shares have made a bold bid to remove their stakes from their proposed ETFs.

The deadline is days away, and 21Shares hopes to hear back from the SEC.

Major U.S. asset managers have entered a heated race to launch a spot ETH ETF, but their attempt has faced a major hurdle – an SEC that doesn’t like cryptocurrencies The SEC doesn’t like cryptocurrencies and, although it approved a spot bitcoin ETF this year, the prospect of an ETH ETF remains mute, leaving issuers stumped.

Faced with mounting pressure, issuers are rushing to finalize the lineup, hoping the SEC will break the silence and provide the necessary guidance. With the deadline just weeks away, Arc Invest and 21Shares decided to take a risk and boldly come forward with their revised proposal.

Arc Invest and 21Shares, owned by Kathy Wood, have lowered their bids on the latest Ether ETF filing pending a response from the SEC.

The latest filing, filed Friday, May 10, removed a paragraph indicating that 21Shares intends to manage some of the fund’s assets through third-party vendors. Previously, the filing stated that “the sponsor may, from time to time, place a portion of the trust’s assets through one or more reputable betting providers.”

Betting has become an integral part of the Ethereum network, and 21Shares intended to receive ETH as compensation for betting. The issuer sought to categorize the income received as income earned by the trust.

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But 21Shares has been forced to shelve their plans for now. Still, their proposal takes into account the potential losses from lowering fines, the temporary unavailability of funds during pegging and unpegging, and the potential impact on the price of Ether.

According to Bloomberg ETF expert Eric Balchuas, 21Shares is preparing the proposal “officially” for SEC comment. He adds that such a move by the issuer could be a bold gamble or an attempt to “reduce the number of arguments the SEC might reject.”

Nevertheless, as the countdown to the deadline for a decision on 21Shares’ offering approaches, hopes for possible approval seem to be fading.

Will the SEC come to its senses and approve the ETH ETF?

Ark Invest and 21Shares began creating the dotcom ETH ETF last September. Now, with the filing deadline looming, the SEC’s deafening silence suggests another rejection is likely.

The SEC has consistently delayed comments and decisions on ETH ETFs, recently extending the filing deadline for big players like Grayscale, Franklin Templeton, VanEck and BlackRock.

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