So, here we are, folks. Issuers are dusting off their old Ethereum staking plans like they’re searching for a long-lost sock in the dryer. Apparently, the Securities and Exchange Commission (SEC) has decided to play nice under President Trump’s watch, which is a bit like letting a toddler loose in a candy store. 🍭
In a shocking twist that no one saw coming—except maybe the guy who still thinks the world is flat—the SEC has acknowledged yet another attempt to reintroduce staking into the mix of Ethereum exchange-traded funds. It’s like watching a soap opera where the plot thickens every week, but you’re still not sure who’s who.
“The ether staked by the Sponsor on behalf of the Trust will consist exclusively of ether owned by the Trust,” said a filing submitted by Cboe BZX Exchange on behalf of 21Shares for the firm’s 21Shares Core Ethereum ETF. I mean, who knew that owning your own ether was a thing? It’s like saying, “I promise to only eat the cookies I baked myself.” 🍪
Last year, the idea of including staking in exchange-traded funds was all the rage, like fidget spinners or avocado toast. But then, former SEC chair Gary Gensler swooped in like a hawk, telling everyone to take their staking-related dreams and toss them in the trash. “No staking for you!” he declared, as if he were the soup Nazi of the crypto world.
Gensler’s logic was that proof-of-stake tokens were securities, and staking services needed to register with the agency. Because, of course, nothing says “fun” like paperwork and regulatory compliance.
But now, with Gensler gone and Trump back in the picture, the SEC is having a bit of an identity crisis. The agency’s Crypto Task Force, led by acting chair Mark Uyeda, recently had a little chit-chat with Jito Labs and Multicoin Capital about staking in Ethereum ETFs. I can only imagine the awkward small talk that ensued. “So, how about that crypto market, huh?”
The outcome of these discussions? Well, it’s still a mystery wrapped in an enigma, served with a side of confusion. However, the SEC has at least acknowledged two filings for public comment on whether to allow Ethereum staking in Wall Street ETFs. Last week, NYSE Arca proposed giving a thumbs-up to staking in Grayscale’s Ethereum exchange-traded fund suite. It’s like they’re saying, “Hey, let’s give this whole staking thing another shot!” 🎉
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2025-02-20 19:10