Fidelity Adds Staking Feature To Ethereum Spot ETF Application

As per various recent updates, Fidelity has reportedly modified its prior Ethereum Spot ETF application to incorporate the Staking feature. The move has significance as it indicates a keen focus toward making the biggest altcoin more mainstream and accessible to everyone.

Still A Ways To Go

The introduction of the staking functionality in Ethereum followed the transition to the Proof of Stake (PoS) mechanism. Wallet holders who locked their respective coins were rewarded with ETH in exchange for contributing to the overall security of the network.

Still, it was very evident that the United States Securities and Exchange Commission (SEC) showed reluctance towards this feature, leading many Spot ETF applicants to omit it from their submissions. This is unsurprising, especially since SEC Chair Gary Gensler has long been against the idea of making cryptocurrencies mainstream.

Is The SEC Working With TradFi?

Former Yahoo Finance reporter Zack Guzmán expressed intrigue about the development, stating that the progression of Ethereum ETFs seems peculiar as it appears Fidelity might be adding a component to justify the denial of the ETH ETF by the SEC, potentially striking a deal with Gensler.

That statement has caused many to wonder if Gensler may in fact be aligned with traditional financial giants. In related news, CEO Dan Tapiero shares his projection for the price of Bitcoin over the next two years. Notably, the aforementioned adjustment by Fidelity stirred activity in the price department, with BTC trading at around $65,600 as of the time of this writing.