The Block Crypto News11 minutes ago

Published on May 22, 2024 12:27 GMT+00:00edited on May 22, 2024 12:31 GMT+00:00

Amid growing anticipation of spot Ethereum exchange-traded fund approvals in the United States, removing staking rewards from the proposals seems crucial in the Security and Exchange Commission’s decision-making process.

Unlike Bitcoin, Ethereum’s proof-of-stake consensus protocol allows users to stake their assets on the network, contributing to its security in return for a yield — currently around 3%.

Even before Bloomberg ETF analysts Eric Balchunas and James Seyffart dramatically raised their odds of spot Ethereum ETF approvals in the U.S. from 25% to 75% on Monday amid signs of a “180” from the SEC, Ark Invest cut the staking component of its spot Ethereum ETF application last week. Fidelity followed suit in an amended S-1 registration statement on Tuesday, as did Grayscale in an …