VanEck has withdrawn its ETF application for staked Lido ETH, flat-out saying it’s out. It filed the S-1 last October, but after dragging things out until now, it looks like even the SEC couldn’t be bothered to entertain it. The bottom line: the regulatory burden around staking is too big, and who’d dare push ahead without the SEC’s approval? The ETH staking narrative has taken another hit—don’t expect institutions to step in anytime soon.

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