Fidelity Investments has revised its Ethereum exchange-traded fund (ETF) proposal, now excluding staking rewards.

The updated filing with the U.S. Securities and Exchange Commission (SEC) arrives just days before the May 23 deadline for the ETF’s approval decision.

The amendment to Fidelity’s S-1 registration statement, which now omits references to staking rewards, appears to be a response to the SEC’s enforcement actions, particularly the June 2023 case against Coinbase for offering staking services, which was deemed a securities law violation.

The removal of staking from Fidelity’s ETF strategy could alter the product’s attractiveness to investors, particularly those interested in the additional yield from Ethereum’s validation process.

However, SEC approval could signal a major step in integrating cryptocurrencies into mainstream finance, with analysts predicting strong investment inflows, akin to the initial success of Bitcoin ETFs.

Meanwhile, the SEC may be leaning towards approving spot Ether ETFs.

Bloomberg analysts Eric Balchunas and James Seyffart on Monday revised their approval probability from 25% to 75%.

Ether has since surged in value, trading as high as US$3,818 on Tuesday, according to CoinGecko.