On April 28, 2025, Grayscale Investments once again pressured the U.S. Securities and Exchange Commission (SEC) to approve the staking feature for Ethereum exchange-traded products (ETPs). According to Bitcoin.com, Grayscale met with the SEC's crypto working group in Washington, D.C. on April 21 to discuss regulatory changes regarding staking for Ethereum ETPs. This move not only concerns the future of Grayscale's Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH) but could also open a new chapter for the U.S. crypto asset market. Grayscale pointed out that the total assets under management for U.S. Ethereum ETPs have reached $8.1 billion, but due to the SEC's ban on staking, approximately $61 million in potential earnings have been missed as of February 2025. This figure has drawn widespread attention in the market, highlighting the direct impact of regulatory restrictions on investment returns.
The Staking Debate: A Dual Consideration of Returns and Security
Since Ethereum transitioned to a proof-of-stake (PoS) mechanism with the "Merge" in 2022, staking has become a core function of its network. Investors participate in network validation by locking up Ether (ETH), supporting blockchain security while earning an annual staking reward of about 4%-6%. Grayscale emphasized in the discussions that allowing ETF staking would not only provide additional returns for shareholders but also enhance the decentralization and security of the Ethereum network. Grayscale's Chief Legal Officer Craig Salm stated that international markets like Europe and Canada have successfully integrated staking features into their Ethereum ETPs without negatively impacting market efficiency, proving its feasibility.
However, the SEC has long maintained a cautious stance on staking. Former Chairman Gary Gensler suggested that staking could be viewed as an "investment contract" and thus subject to securities laws. When approving the Ethereum spot ETF in 2024, the SEC explicitly required issuers not to stake their ETH holdings. Nevertheless, recent regulatory winds have shifted. The new SEC Chairman Paul Atkins is known for a more crypto-friendly stance, and since taking office, the SEC has paused lawsuits against Binance and Uniswap and rescinded the SAB 121 rule, easing restrictions on the crypto industry.
The Missed $61 Million: A Dual Loss for the Market and Investors
Grayscale's Ethereum ETP manages nearly $4 billion in assets, accounting for nearly half of the U.S. Ethereum ETP market. The missed earnings of $61 million represent not only a loss for Grayscale but also an opportunity lost for investors to earn passive income through the ETF. In contrast, Ethereum ETPs in places like Hong Kong and Canada that allow staking have attracted significant capital inflows. For example, Canada's Purpose Ether ETF has supported staking since 2021, and as of April 2025, its asset size has grown by over 30%. Grayscale noted in its memorandum that U.S. ETFs, due to regulatory restrictions, cannot fully reflect Ethereum's intrinsic value, weakening their market competitiveness.
Market data shows that since the launch of the Ethereum spot ETF in July 2024, ETHE has seen outflows of nearly $4 billion, making it one of the worst-performing funds among ETH investment products. In contrast, overseas ETFs that allow staking have shown more attractive performance. Bloomberg ETF analyst James Seyffart stated that if the SEC approves staking by June 1, 2025, Grayscale's ETF could reverse the trend of capital outflows and even drive a rebound in Ethereum prices. He predicts that the addition of staking could increase the annualized return of the Ethereum ETF by 2%-3%, making it highly attractive to institutional investors.
Regulatory Game and Market Outlook
The SEC has postponed its decision on Grayscale's staking proposal until June 1, 2025, extending the review period reflects the regulators' cautious assessment of staking risks, including tax issues and potential "slashing" penalties (ETH deductions due to validation failures). Grayscale is confident in this, emphasizing that its partnership with Coinbase Custody ensures asset security, and the staking operations are independently managed by the ETF sponsor, avoiding the risk of commingling with third-party assets.
Industry insiders believe that if Grayscale's staking proposal is approved, it could prompt other asset management companies to follow suit, reshaping the landscape of Ethereum ETFs. FX Leaders analysis suggests that the introduction of staking could drive a surge in Ethereum trading volume, with a long-term potential to break through the $2,000 resistance level.
Conclusion: The Success or Failure of Staking is Crucial for the Future
Grayscale's confrontation with the SEC is not only about the $61 million in earnings but also a probe into the direction of U.S. crypto regulation. The implementation of staking will provide investors with more flexible income channels while solidifying Ethereum's position in institutional investment. As the June 1 decision approaches, if approved, the U.S. Ethereum ETF may see a rebirth; conversely, a conservative regulatory stance could further increase the risk of capital flowing to overseas markets.
This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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