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Breaking news reveals that Fidelity has revised its Ethereum Spot ETF application to encompass the Staking feature, marking a significant update.
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The introduction of the staking feature in Ethereum coincided with the network’s transition to the Proof of Stake mechanism. Wallet owners who engaged in staking were incentivized with ETH rewards for contributing to the network’s security.
Previously, the Securities and Exchange Commission (SEC) showed reservations regarding this feature. Consequently, many companies applying for Spot ETFs did not incorporate staking into their proposals.
Zack Guzmán, a former Yahoo Finance reporter, expressed intrigue at this development, suggesting that Fidelity’s inclusion of staking might serve as a strategic move to address potential concerns from the SEC, under Gary Gensler’s leadership. Guzmán hinted at a possible alignment of interests between traditional financial institutions like Fidelity and Gensler’s SEC.
Fidelity’s adjustment to its ETF application prompted fluctuations in Bitcoin’s price.
Bitcoin’s price. Source: TradingView