Fidelity's Ethereum ETF seeks SEC approval for betting - TheStreet Crypto: bitcoin and cryptocurrenc

On March 11, the Cboe BZX exchange submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to allow Fidelity's Ethereum Spot Exchange Traded Fund (ETF) to bet on its Ether assets.

Betting is a process in #Ethereum where users wager a certain amount of Ether (minimum 32 ETH) to support the protocol network. bet a certain amount of Ether (minimum 32 ETH) to support the protocol network. The user receives a reward in exchange for protecting the network. Ethereum switched from a proof-of-work (PoW) mechanism to a PoS mechanism during the merger in 2022 in an attempt to move to a sustainable mechanism. #Fidelity originally included the proposed bid in its March 2024 Spot Ether Fund application. It included it in the bid. However, as U. S. regulators have begun pursuing major cryptocurrency exchanges for alleged securities rule violations, Fidelity launched the #ETF without the bid option in July 2024. Since the new U. S. administration led by President Trump is pursuing a pro-cryptocurrency policy, Fidelity is currently working on an ether fund. The latest tender mentions that the fund sponsor can host all or part of the etherium on behalf of the fund through one or more providers. The sponsor must maintain sufficient liquidity within the trust to meet redemptions and ongoing obligations. Any ether that the sponsor places on behalf of the trust consists solely of ether owned by the trust. Read us at: Compass Investments #InvestSmart #DigitalCurrency