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📈 Cryptocurrencies are now a significant topic in U.S. politics, shaping policies and debate discussions! 🗳️💡 1️⃣ Cryptocurrencies in U.S. Presidential Debate: Cryptocurrencies are a key issue in the U.S. presidential election. Nearly 2,300 people joined a letter-writing campaign by Stand With Crypto, urging CNN to include crypto in the Biden-Trump debate. Biden's stance on digital assets is clear through his administration's actions, while Trump now supports U.S. crypto mining and opposes a central bank digital currency. Kristin Smith of the Blockchain Association and the DeFi Education Fund highlighted the need for balanced regulation. 🗳️🇺🇸 2️⃣ VanEck's Spot Ethereum ETF Plans: VanEck plans to initially waive fees for its potential spot Ethereum exchange-traded fund to stay competitive, despite potential short-term losses. Matthew Sigel, VanEck's head of digital assets research, stated the firm aims to lead in crypto ETF fees and hopes to attract investors to Ethereum. VanEck filed a Form 8-A for its Ethereum product, progressing toward a spot ether ETF. Senior Bloomberg ETF analyst Eric Balchunas noted that this filing is part of the process. Last month, the Securities and Exchange Commission approved eight spot ether ETFs' Form 19b-4, but trading awaits further regulatory authorization. 📈💰 3️⃣ Bitcoin for Federal Taxes: Rep. Matt Gaetz introduced a bill requiring the U.S. Secretary of the Treasury to implement a program allowing federal income taxes to be paid using bitcoin. Gaetz claims this will modernize the tax system, promote innovation, and provide more flexibility to taxpayers. Currently, only Colorado permits the use of cryptocurrency for state taxes. On the federal level, Sen. Ted Cruz has proposed a bill for Capitol Hill shops to accept crypto, yet it has not been voted on. Lawmakers are also working on bills to regulate stablecoins and the broader crypto industry, although the Senate has shown less interest compared to the House. 💸🇺🇸 --------------- 🌟 Download the EnlightMe app for more Crypto News  ➡️ https://lnkd.in/dESWNncw 🎧 Or tune into our Innovation Pulse podcast on  Spotify: https://lnkd.in/d9cWuJuV #EnlightMe #enlightmenews #CryptoNews #Innovation #Blockchain #Cryptocurrency #CryptoRegulation #Ethereum #Bitcoin #DigitalAssets

Here are top 5 events that could affect the cryptocurrency market this week. This event could significantly affect trading and the regulatory landscape of the space. 1️⃣ 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐑𝐞𝐬𝐩𝐨𝐧𝐝𝐬 𝐓𝐨 𝐒𝐄𝐂’𝐬 𝐎𝐫𝐝𝐞𝐫𝐬 (𝐌𝐨𝐧𝐝𝐚𝐲) Today, The Binance.US, the American arm of the global crypto exchange, is slated to reply to the US Securities and Exchange Commission’s (SEC) motion to file confidential documents and objection to a protective order. The case, which has significant implications for the crypto market, has experts like pro-XRP attorney John E. Deaton speculating on the nature of these sealed documents. 2️⃣ 𝐆𝐞𝐧𝐬𝐥𝐞𝐫 𝐓𝐞𝐬𝐭𝐢𝐟𝐢𝐞𝐬 𝐁𝐞𝐟𝐨𝐫𝐞 𝐒𝐞𝐧𝐚𝐭𝐞 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐂𝐨𝐦𝐦𝐢𝐭𝐭𝐞𝐞 (𝐓𝐮𝐞𝐬𝐝𝐚𝐲) SEC Chair Gary Gensler is scheduled to testify before the Senate Banking Committee tomorrow. This is the first of two testimonies he will give to the US Congress this month. The SEC’s position against a spot Bitcoin ETF, especially in light of Grayscale’s recent legal victory, is expected to be a focal point. Additionally, broader regulatory questions may emerge, particularly after the SEC’s loss against Ripple Labs. Senator Bill Hagerty has expressed interest in probing the relationship between the securities regulator and the digital assets sector. 3️⃣ 𝐅𝐓𝐗 𝐒𝐞𝐞𝐤𝐬 𝐋𝐢𝐪𝐮𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥 (𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲) FTX, the now-bankrupt crypto exchange, is set to appear in Delaware Bankruptcy Court on September 13th. They will be seeking approval to liquidate $3.4 billion in Bitcoin and other crypto assets. Market participants are wary of the potential selling pressure this might exert on the market. FTX’s proposal from late August suggests appointing Galaxy Digital, led by Mike Novogratz, to oversee the sale and management of these assets. According to the plan, FTX seeks allowance to sell up to $100 million worth of tokens per week, and could be increased to $200 million on an individual token basis. The court will review these propositions on September 13th. 4️⃣ 𝐔𝐒 𝐂𝐏𝐈 𝐃𝐚𝐭𝐚 𝐑𝐞𝐥𝐞𝐚𝐬𝐞 (𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲) The United States is gearing up for a significant economic data release this week, with the Consumer Price Index (CPI) for August taking center stage. The YoY inflation rate (release at 8:30 am ET) is anticipated to rise from 3.2% to 3.6%, while the Core Inflation Rate YoY is projected to recede from 4.7% to 4.3%. These figures are particularly noteworthy given the ongoing discussions about inflationary pressures and their potential impact on monetary policy. 5️⃣ 𝐔𝐒 𝐏𝐏𝐈 𝐑𝐞𝐥𝐞𝐚𝐬𝐞 (𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲) The Producer Price Index (PPI) is another key metric to watch, as it often precedes the CPI. PPI data will be released on Thursday at 8:30 am ET. The forecast for August stands at 1.2%, up from July’s 0.8% year-over-year. source: https://lnkd.in/djQxWE6W #cryptonews #cryptomarket #binance #sec

🚨 Big day in crypto! 🚨 1️⃣ In a stunning turn of events, the SEC has reportedly reached out to major U.S. exchanges, urging them to update their spot Ether ETF applications. This unexpected development has crypto enthusiasts on the edge of their seats, wondering if the long-awaited approval of these products is finally on the horizon. 2️⃣ Fidelity, a key player in the crypto ETF space, has filed an amended S-1 application for its spot Ether ETF, revealing that the underlying ETH tokens will not be staked. This strategic move comes just days before the SEC's crucial May 23 deadline for VanEck's Ether ETF proposal. 3️⃣ As news of the SEC's potential change of heart spreads like wildfire, crypto bulls are rallying behind the possibility of a spot Ether ETF approval. The market has responded with a resounding 19.4% pump in Ether's price over the last 24 hours, propelling it to heights not seen since April 9. 4️⃣ In a surprising twist, former U.S. President Donald Trump has embraced the crypto revolution, now accepting cryptocurrency donations through his official website, powered by Coinbase. This remarkable shift in Trump's stance on crypto has left many wondering what the future holds for digital assets in the political arena. 5️⃣ Meanwhile, Uniswap Labs is locked in a fierce battle with the SEC, urging the regulatory body to drop its pending enforcement action. Uniswap's lawyers argue that the protocol does not fit the SEC's own definition of an exchange, setting the stage for a potentially groundbreaking legal showdown. 6️⃣ The SEC's Wells notice to Uniswap Labs has sent shockwaves through the DeFi community, accusing the protocol of operating as an unregistered securities exchange and its interface and wallet as unregistered securities brokers. Uniswap Labs stands firm in its rejection of these claims, ready to take the fight to court if necessary. 7️⃣ At the heart of the SEC's enforcement action against Uniswap Labs lies the protocol's native UNI token and liquidity provider (LP) tokens. The outcome of this battle could have far-reaching consequences for the future of DeFi and how it operates in the ever-evolving crypto landscape. This rollercoaster ride of regulatory clashes, ETF approvals, and shifting political tides promises to keep us on the edge of our seats! 🎢 Stay tuned for more updates on these game-changing developments in the crypto world! #Crypto #Bitcoin #DeFi

🚨 𝗕𝗜𝗚𝗚𝗘𝗦𝗧 𝗧𝗔𝗞𝗘𝗔𝗪𝗔𝗬𝗦 𝗙𝗥𝗢𝗠 𝗧𝗛𝗘 𝗥𝗘𝗖𝗘𝗡𝗧 𝗚𝗥𝗔𝗬𝗦𝗖𝗔𝗟𝗘 𝗩𝗦 𝗦𝗘𝗖 𝗥𝗨𝗟𝗜𝗡𝗚: The recent ruling in the Grayscale vs SEC case has far-reaching implications for the crypto world, challenging the SEC's authority, highlighting its inconsistencies, and potentially paving the way for more accessible crypto investments. 1️⃣ 𝗦𝗘𝗖'𝘀 𝗔𝗿𝗯𝗶𝘁𝗿𝗮𝗿𝘆 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻: The U.S. Court of Appeals found that the SEC acted "capriciously" and "arbitrarily" in denying Grayscale's Bitcoin ETF application. This highlights the inconsistencies in the SEC's approach and forces them to review their previously rejected application. 2️⃣ 𝗠𝘂𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄 𝗥𝗲𝗷𝗲𝗰𝘁𝗶𝗼𝗻: The SEC is now required to review its previously rejected ETF application for Grayscale's Bitcoin Trust (GBTC). This is a significant step forward in the ongoing battle for a Bitcoin ETF, opening up the possibility for a more traditional and regulated pathway for crypto investments. 3️⃣ 𝗦𝗘𝗖'𝘀 𝗜𝗻𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆: The ruling highlighted the SEC's inconsistency and unwillingness to consider the merits of blockchain and decentralization. This challenges the SEC's authority and approach towards digital assets, raising questions about its jurisdiction and decision-making process. 4️⃣ 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗔𝗰𝗰𝗲𝘀𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆: ETFs are crucial for increasing the number of people who can invest in crypto by providing a more traditional and regulated pathway. This ruling can potentially unlock billions of dollars of capital sitting on the sidelines, enabling trading of bitcoin through familiar stock exchanges. 5️⃣ 𝗦𝗘𝗖 𝗡𝗼𝘁 𝘁𝗵𝗲 𝗨𝗹𝘁𝗶𝗺𝗮𝘁𝗲 𝗔𝗿𝗯𝗶𝘁𝗲𝗿: The U.S. Court of Appeals decision shows that the SEC does not have the final say on crypto matters; the U.S. court system and Congress can also offer legal interpretations. This is a pivotal moment as it challenges the authority of the SEC, whose Chair, Gary Gensler, has been assertive about the agency's remit over crypto, except bitcoin. 6️⃣ 𝗝𝘂𝗿𝗶𝘀𝗱𝗶𝗰𝘁𝗶𝗼𝗻 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀: The ruling raises major questions about whether the SEC has proper jurisdiction over digital assets. This is a key point discussed in the Lummis-Gillibrand “Responsible Financial Innovation” bill, which emphasizes crypto’s “commodity-like” attributes and suggests the U.S. Commodity Futures Trading Commission (CFTC) as a regulator. 𝗪𝗵𝗮𝘁 𝗱𝗼 𝘆𝗼𝘂 𝘁𝗵𝗶𝗻𝗸? Is this as significant as it looks to me? #crypto #defi

📣 Curious about the most groundbreaking news in #crypto? We're launching a new weekly series to cover what matters to the industry! Welcome to #LastWeekInCrypto 🗞 Last week, we saw a lot of market-impacting events in crypto. Here are the top stories; feel free to leave your comments below 👇 Trump Announces Plans for US Bitcoin Strategic Reserve Former President of the USA, Donald Trump, who spoke at Bitcoin 2024 on the campaign trail, suggested that he would create a U. S. strategic Bitcoin reserve if elected. He vowed to keep all the Bitcoin presently owned or purchased by the U. S. government, which is roughly $14 billion, mainly from the DOJ. Presidential hopeful Robert F. Kennedy Jr., who spoke at Bitcoin 2024 the day prior, proposed even more ambitious measures, such as pairing the gold stock balance with a proportionate amount of bitcoin. https://lnkd.in/daH-y9ye What Ether ETFs Mean For Crypto Adoption We have recently seen the approval of eight spot Ether ETFs in the U. S, following the approval of 11 spot Bitcoin ETFs. The good news is that this will help, among other things, expand the understanding of Ethereum and its use cases, such as smart contracts and stablecoins, which are dominant in the blockchain industry. Although this is expected to increase investment in Ether given the availability of ETFs, there are concerns about how this buy-side pressure may affect the cost of operations of applications on the Ethereum platform. Further, the launch of these ETFs will attract more attention from the regulatory authorities because Bitcoin and Ethereum ETFs are significant in the developing financial environment. The increased focus on regulation could mean more direct questions and possible regulatory issues in the future. https://lnkd.in/d3VY-6Fs Crypto: Solana, the Emerging ETF Star, Says Franklin Templeton Franklin Templeton, the firm behind introducing ETFs linked to Bitcoin and Ethereum, is now aiming at Solana to take the next step in crypto ETFs. The firm noted that Solana has been adopted quickly, has strong technology that can process many transactions, and has low fees, all of which make it a good candidate for an ETF. This comes when there is increased attention towards Solana, with other firms such as VanEck and 21Shares also planning to list Solana ETFs. According to analyst Eric Balchunas, Ethereum ETFs' approval could open the floodgate to more crypto ETFs, including Solana, in 2025. This could significantly enhance and increase the flow of investors and liquidity in Solana, thus cementing its place in the cryptocurrency space. https://lnkd.in/drDyk8Jr

🌏 This Week in Crypto 🌏 We've just released this week's edition of our newsletter, where we share some of the latest developments in the crypto industry. Check it out below! ⬇ The U.S. Securities and Exchange Commission (SEC) has approved 9b-4 filings from eight firms—BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK, Invesco Galaxy, VanEck, and Bitwise—to launch Ethereum-based exchange-traded funds (ETFs). Anticipation of the accelerated approval process led to a rally in Ether, which rose from $3,000 to $3,900 this week. This marks a significant positive development for the sector. It will take at least a couple more weeks before the Ethereum ETFs begin trading, depending on the subsequent filings and approval timelines. Link to article ➡ https://lnkd.in/gJNZkb-k The Financial Innovation and Technology for the 21st Century Act (FIT21) has been approved by the U.S. House of Representatives with bipartisan support. The bill aims to establish clear regulatory frameworks for digital assets, specifying the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in overseeing the sector. This legislation is seen as a potential boost for the crypto industry, offering more clarity and potentially reducing regulatory hurdles. Link to article ➡ https://lnkd.in/eKrB7uut   Coinbase is expanding its offerings by introducing trading for gold and oil futures. This marks a significant step in diversifying the types of assets available on its platform, aligning with broader trends of integrating traditional financial markets with crypto solutions. Link to article ➡ https://lnkd.in/g4ZVZQHW   The Fantom Foundation has launched Sonic Foundation Labs to support the development of its new blockchain, Sonic Chain. Alongside the creation of this new entity, they have successfully raised $10 million in a funding round. This capital is earmarked specifically for the development of Sonic’s ecosystem, highlighting the Foundation’s commitment to advancing this new blockchain technology. Link to article ➡ https://lnkd.in/gvwRNqgp   Uniswap Labs has responded forcefully to a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which hints at potential enforcement action. In their defense, Uniswap argues that the SEC's legal basis for the notice is weak and asserts readiness to challenge the action in court if necessary. The timing of Uniswap's response coincides with discussions in the U.S. House of Representatives about the Financial Innovation and Technology for the 21st Century Act, which might influence the regulatory landscape for cryptocurrencies, possibly diminishing the SEC's case against them. This act is seen as pivotal for defining the regulatory framework that could either empower or restrict the SEC's enforcement capabilities regarding digital assets. Link to article ➡ https://lnkd.in/gpFPZnBt

The SEC is reportedly close to approving Ethereum spot ETFs, marking a significant step for the crypto industry. This development comes amid increased bipartisan support for digital assets and recent court rulings favoring the crypto industry. Key Points: 👉SEC Engagement: The SEC has started actively engaging with issuers and national exchanges ahead of the Thursday deadline, similar to their approach before approving Bitcoin spot ETFs in January. 👉Potential Hurdle: Staking: The main concern for the SEC is the staking mechanism in Ethereum, which could be seen as a security. If approved, ETFs may initially exclude this component. 👉Political Influence: The growing popularity of crypto, particularly among young voters, and the Republican party's embrace of digital assets could be influencing the SEC's decision. 👉Grayscale Ruling: The federal court's rejection of the SEC's decision to deny Grayscale's Bitcoin spot ETF conversion has paved the way for potential approval of Ethereum spot ETFs. 👉Next Steps: Even if the 19b-4 applications are approved, the SEC would still need to approve issuers' registration statements, which could take several weeks. Implications: ✨Mainstream Adoption: Approval of Ethereum spot ETFs could further legitimize and accelerate the adoption of cryptocurrencies. ✨Increased Accessibility: ETFs would provide investors with easier access to Ethereum without needing to directly purchase the cryptocurrency. ✨Regulatory Clarity: This development could lead to more regulatory clarity for the crypto industry, attracting more institutional investors. ✨Market Impact: The approval could boost Ethereum's price and overall market sentiment. Additional Considerations: 🤔Ethereum as a Security: The potential approval of Ethereum spot ETFs doesn't negate the possibility that Ethereum issued on the current proof-of-stake network could still be classified as a security by the SEC. 🤔Bipartisan Support: The increasing bipartisan support for the crypto industry from Congress and former President Trump is likely playing a role in the SEC's shifting stance. 🤔Regulatory Framework: The House is scheduled to vote on a bill that would establish a regulatory framework for digital assets, providing much-needed clarity for the industry. Disclaimer: This information was prepared by AI as a summary based on the article in comment and should not be taken as financial advice. The SEC's final decision and its potential impact on the market remain to be seen.

So let us assume the SEC is successful and all of a sudden all crypto become securities in the US. Here are possible scenarios: * the price of ETH crashes and several ETH whales start lawsuits against the SEC which end up with the SEC losing and being exposed to a big headache of ETH owners claiming damages. * the price of ETH crashes, the SEC wins all lawsuits. Now the US becomes a crypto no-go zone and lots of Web3 startups move out of the US. The chances that with an upcoming surge of Web3, the US misses the boat on the next Google of crypto is large. * all ETH validators are moved outside of the US. Decentralised wallets and international fiat on/off-ramps jump in to make sure Americans can still use crypto. The SEC has made few impact and FTX can repeat itself. I am struggling to add other scenarios where the SEC and the US wins. Any suggestions? Classifying crypto as securities and applying laws like the Howey Test from 1946 on a disruptive technology born a decade ago [Bitcoin a bit earlier], seems like a lot of downside and very few upside. The EU, Singapore, Switzerland, UAE,... have a lot better regulatory approaches. The UK, which has most to loose if the future of finance is not British, should get their act together. Why not create crypto and AI regulators with easy to join sandboxes and progressive focused regulation. The fact that their is no GBP stablecoin is really hurting the chances of disruptive startups picking the UK as their home. Revolut being the biggest UK Fintech success but not having a UK banking license is like a big billboard saying: "Keep Calm and Move to the EU instead". Let’s hope that upcoming elections wake up politicians to the fact that Brexit has not brought any positive regulation for technology innovation in the UK and without it, the UK will go backwards fast...

Good for you, Ms Kelly! 👏👏👍You have been consistent and sharp. 👏👏👍 "... And yet despite these lofty proclamations, and the fact that this was heralded as a landmark event by both the crypto and mainstream press, what has happened is distinctly dull. The only tiny glimmer of excitement came when the SEC’s X account was compromised, meaning the ETFs’ approval was announced ahead of time. We haven’t suddenly found out the true identity of bitcoin’s pseudonymous creator Satoshi Nakamoto. There is no newfangled initialised asset class on offer that can magic up money out of thin air (before NFTs, you might remember ICOs, STOs, and IEOs). No, all that happened is that crypto has gone from being an exciting and rebellious alternative to traditional finance, a way of “being your own bank”, to simply providing a means for regular investors to diversify their portfolios and for asset managers to eke out a bit of extra revenue. Crypto in 2024 is, in other words, rather boring. But boring does not equal legitimate, as SEC chair Gary Gensler himself pointed out when the announcement was made. The commission’s approval of the bitcoin ETFs was not an endorsement of bitcoin or crypto more widely, but rather the result of a court ruling that found the SEC’s long-standing opposition to bitcoin ETFs — on the grounds they could be subject to fraud and manipulation — was arbitrary. .. Gensler further said that “though we’re merit neutral, I’d note that . . . bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing”. For context, some of the other ETFs that have been approved by the SEC include the “God Bless America” ETF (ticker: “$YALL”), an anti-woke “investment for God-fearing, flag-saving conservatives”; the “Inverse Cramer” ETF (SJIM) that aims to invest in the opposite of whatever TV personality Jim Cramer recommends; and a “VICE” ETF (VICE) that invests in “vice-related business activities”. Plus, it’s not as if boring crypto is all there is now. For anyone who feels bereft of the non-boring variety, there is still plenty of that. For instance, the online pastor charged with civil fraud earlier this month after he and his wife created and sold a cryptocurrency to Christians, telling them God had told him directly they would get rich if they bought it. He has since said it’s possible he “misheard God”, and has also defended himself by saying that although it’s true that he and his wife pocketed $1.3mn, some of that was spent on a “home remodel that the Lord told us to do”. The truth is that, whether the crypto is encased in a nice regulated wrapper and sold to you by BlackRock, or whether you buy it from a pastor who says that the Lord told him to make the sale, there is still no there there. So while it might be more difficult these days, I will continue doing what I consider to be God’s real work: taking the mickey out of it."

It's crypto news time on what has been a largely benign week 🧘♂️ So what's been happening? Well the whiplash from last week's change in the US political wind is a hard act to follow. I think we all needed a bit of calm and thankfully we got it. Continuing from last week's big shift, the Biden re-election campaign is reaching out to the crypto industry like never before. However, President Joe Biden vetoed the SAB 121 repeal resolution because "he will not support measures that jeopardize the well-being of consumers and investors." In other news... 🔘 Chainlink looks like the big winner in the RWA trend. 🔘 Blackrock’s ETF is now bigger than Greyscale. 🔘 Staying with Greyscale, if ETHE follows the same path as their Bitcoin ETF, they could leak $110m per day. 🔘 In ETH EFT news, Blackrock updated its S-1 application. Best guess is a 4th of July launch. 🔘 The XRP army has got their hopes up for a XRP ETF after the Ripple CEO guessed that they would see the ETF “probably in 2025”. 🔘 Australia’s Bitcoin ETF went live, it will be interesting to see what volume it pulls. 🔘 PSA - Celebrity endorsed crypto projects just don’t perform. They just don’t. Coincidentally, Caitlyn Jenner has launched a memecoin. 🔘 Coins in Mt Gox wallets are moving, which is stirring speculation that disbursements might finally happen. In a similar vein, Gemini repaid $2.2bn to Earn holders. 🔘 A judge ordered the SEC to pay $1.5m in fees in its bad faith dealings with DebtBox. 🔘 Gnosis Pay is now linked with Visa. 🔘 Singapore’s largest bank, DBS, has been outed as an ETH whale with over $650m in holdings. 🔘 The US DoJ isn’t against mixers, it's just against identity obfuscation. Anonymity, if provided in a way they are ok with, is fine. 🔘 Binance will move to support Europe’s MICA legislation on stablecoins by 30th June by only supporting “regulated stablecoins” which I think means Circle and a few others and not USDT. 🔘 Coinbase wallet will allow you to txt over 100 coins to someone on Base. So that's it. Quiet week... wonder if it will last 🤔