Ether ETF applicants drop staking provisions in amended SEC filings

Almost all of the firms that have submitted spot Ethereum (ETH) exchange-traded fund (ETF) applications with the U.S. Securities and Exchange Commission (SEC) have amended the applications to remove the possibility of staking. Staking allows ETH holders to earn yield on their holdings, a feature of proof-of-stake (POS) cryptocurrencies. ETH holders need to lock in their holdings for a set period to support the blockchain operations in exchange for the reward. However, the SEC sees staking as an illegal offering by crypto platforms, as it can be seen as the offering of unregistered securities. This is fueling optimism that the SEC will soon approve most of the applications. [Read more at Finance Magnates]

CFPB to treat buy now, pay later lenders as credit card providers

The U.S. Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that confirms that buy now, pay later (BNPL) lenders are credit card providers. Accordingly, BNPL lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. These include a right to dispute charges and demand a refund from the lender after returning a product purchased with a BNPL loan. (BNPL allows customers to spread out payments into equal installments over time, and tends to be interest free. Unlike credit cards, however, consumers don’t need a certain credit score to use BNPL.) [Read more at the CFPB]

US House passes FIT21 but uncertain future awaits in Senate, White House

The U.S. House of Representatives voted 279-136 in favor of the Financial Innovation and Technology for the 21st Century Act (H.R. 4763), which aims to clarify which government agencies will have responsibility for overseeing specific tokens and digital asset platforms. FIT21 will significantly boost the oversight role of the Commodity Futures Trading Commission (CFTC) while significantly hobbling the Securities and Exchange Commission (SEC). FIT21 will now go to the Senate, and even if it did pass that hurdle, it would likely be by a margin sufficient to ward off a possible Biden veto of the bill as currently written. [Read more at Coingeek]

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