VanEck, a prominent asset management company, has updated its S-1 filing concurrently with the US Securities and Exchange Commission’s (SEC) announcement regarding its initial approval for multiple spot Ethereum (ETH) exchange-traded funds (ETFs).

This development represents a significant milestone towards the introduction of these ETFs.

In the updated S-1 filing, VanEck clarified that none of its affiliated parties, including the Trust, the Sponsor, the ETH Custodian, or any associated individuals, would participate in “Staking Activities.” The filing specifies that these entities will not, in any direct or indirect manner, be involved in actions that use any portion of the Trust’s ETH to generate staking rewards.

“The Trust will not employ its ETH in Staking Activities and accordingly will not earn any form of staking rewards or income of any kind from Staking Activities. Foregoing potential returns from Staking Activities could cause an investment in Shares of the Trust to deviate from that which would have been obtained by purchasing and holding ETH directly by virtue of giving up staking as a source of return when an investor holds Shares of the Trust,” the updated filing reads.

Alongside this update, VanEck launched an engaging advertisement less than an hour after the SEC’s announcement. This 37-second video emphasizes Ethereum’s potential and questions its role in fostering a less centralized, open-source economy.

Read more: Ethereum ETF Explained: What It Is and How It Works

It speculates on a future characterized by “peer-to-peer marketplaces and payments without middlemen fees,” inviting viewers to contemplate Ethereum’s possibilities. The video concludes with a call to action, “Enter the Ether. Let your mind roam free.” The advertisement resonated well with the crypto community, amassing nearly 440,000 views within 12 hours of its release.

A few days before the SEC’s preliminary approval, the Depository Trust & Clearing Corporation (DTCC) featured VanEck’s proposed spot Ethereum ETF with the ticker ETHV and, later, BlackRock’s under the ticker ETHA. Despite these developments, the official launch of these ETFs remains uncertain.

BeInCrypto reported that on May 23, the SEC approved the 19-4b filings for several potential spot Ethereum ETF issuers. These include VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. However, to officially launch these ETFs, issuers must also secure approval for their S-1 forms.

Industry experts speculate on the timeline for S-1 approvals and the subsequent launch of spot Ethereum ETFs. Nate Geraci, President of ETF Store, suggested that the SEC might “slow play S-1s.” Additionally, James Seyffart, an ETF analyst at Bloomberg Intelligence, predicted it “could be weeks or more” to finalize the S-1 approvals and the ETFs can launch.

Read more: How to Invest in Ethereum ETFs?

Furthermore, journalist Eleanor Terrett reported discussions between SEC staff and issuers regarding S-1 forms have begun, with a consensus that there is still “work to do” before approving these forms. Nevertheless, it remains to be seen if other potential spot Ethereum ETFs would make the same move as VanEck.