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The U.S. Securities and Exchange Commission (SEC) is currently evaluating a 19b-4 filing submitted by the Cboe Exchange. The application requests the addition of staking features to the 21Shares Core Ethereum 
$1,839 ETF. Given the SEC’s previously negative stance on similar applications, there is considerable interest in how the agency will address this proposal.
SEC’s Stance on Staking
Historically, the SEC has expressed various concerns regarding staking practices. Due to investor protection issues and operational uncertainties, the agency has been hesitant to support staking systems. The ambiguity surrounding whether Ethereum is classified as a security or a commodity has further delayed the clarification of the regulatory framework.
In staking services, users lock their investments on a platform to receive certain returns. The SEC believes such services have the potential to mislead investors. Additionally, criticisms have been aimed at the lack of transparency regarding how staking processes operate and how returns are guaranteed.
21Shares’ Staking Implementation Plan
21Shares plans to conduct staking operations independently of investor funds. Accordingly, investors’ assets will remain directly in their wallets, with staking conducted solely using the company’s own capital. This method is intended to help protect investors’ funds from any potential risks.
Moreover, the plan includes the custody of staking assets by custodial institutions. This approach aims to offer a safer model for investors by preventing the movement of funds. Utilizing third-party service providers in staking operations may also enhance transparency.
Market Impact and Future Expectations for Ethereum
Ethereum’s price has been positively influenced by increasing staking demands and interest in ETFs. Applications for Ethereum ETFs from major firms like BlackRock and Fidelity have boosted market confidence. The growth of Ethereum’s staking capacity may impact the balance of supply and demand in the market.
On the other hand, decreasing transaction fees are contributing to a more efficient Ethereum ecosystem. Analysts predict that if staking operations are conducted transparently, Ethereum investors might show increased interest in the long term.
The SEC’s response to 21Shares’ request will be a critical development in shaping Ethereum’s regulatory framework. A thorough examination of the filing could help identify potential obstacles in advance. Clarity in the regulatory framework may also contribute to increasing trust in the cryptocurrency market.
