Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF

Fidelity filed an amended S-1 registration statement with the United States Securities and Exchange Commission for its prospective Ethereum ETH +22.22% ETF ahead of upcoming deadlines for such funds.

The amended statement removed all language about staking, including staking rewards. The previous prospectus had said the fund intended to stake a portion of its assets with a staking provider, which would have generated staking rewards.

This may be due to the SEC's concerns about staking cryptocurrencies. The SEC sued Coinbase in June 2023 for providing access to staking through its platform, claiming it was violating securities laws.

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This comes as prospective Ethereum ETF issuers have been asked to file amended 19b-4 forms to be handed in by this morning. If the 19b-4 forms are approved and the S-1 registration statements go effective, these funds can begin trading.

VanEck's prospective Ethereum ETF has a final deadline of May 23 for its 19b-4 forms to be either approved or denied by the SEC. However, Bloomberg ETF analyst Eric Balchunas said on X that approvals for these forms may come as early as May 22.