SEC Approves Eth ETFs as Trump Backs Crypto Industry
GLOBAL NEWS
SEC Greenlights Spot Ethereum ETFs
The SEC's approval of spot Ethereum ETFs marks a pivotal shift in crypto regulation, driven by changing political sentiments. Major firms like VanEck, BlackRock, and Fidelity received the green light, affirming Ethereum's commodity status. This move could mirror the success of spot Bitcoin ETFs and draw significant investment into digital assets.
Trump Signals Strong Support for Crypto
Donald Trump declared robust support for the cryptocurrency industry in a Truth Social post. Trump emphasized the need for U.S. leadership in crypto, contrasting his stance with Biden's. His shift comes amid rising campaign interest in crypto and follows his successful NFT ventures.
Mt. Gox Moves $2.9 Billion in Bitcoin for First Time in Five Years
Defunct exchange Mt. Gox transferred 42,830 BTC to an unknown address, according to Arkham Intelligence. The trustee prepares for repayments delayed to October 2024, with $9.42 billion still held in bitcoin.
Saylor Asserts Bitcoin ETFs Elevate Market to Trillion-Dollar Status
MicroStrategy Chairman Michael Saylor praised the approval of spot Bitcoin ETFs as a game-changer, affirming Bitcoin's potential as a ten to 100 trillion dollar asset class. He criticized the SEC's restrictive stance, pointing to stalled options trading approvals and the lack of in-kind redemptions, which he argues make these ETFs less effective.
Binance Sold Gopax User Claims for Half Price
Binance secretly sold Gopax user deposit claims in Genesis for less than half their value, South Korean outlet Hankyung reported. Despite promising to fully cover GOFi user losses, Binance compensated only half and sold claims without investor consent. This sale occurred before a $2 billion Genesis settlement, potentially increasing losses for investors amid rising bitcoin prices.
Ethereum Price Rises as SEC Approves Spot ETFs
Ethereum's price increased to around $3,900 following the SEC's approval of spot Ethereum ETFs. The approval buoyed ether despite a broader market downturn. Bitcoin also saw a rise, trading at around $69,000. Ethereum's regulatory win boosted Uniswap's trading volume by 94.91%. NEAR Protocol COO Chris Donovan sees this as a significant shift in U.S. crypto policy, promising better demand and a positive outlook for the industry.
JPMorgan Skeptical of SEC Approving Solana ETFs
JPMorgan doubts the SEC will approve Solana and other crypto ETFs following the recent approval of spot Ethereum ETFs. Managing Director Nikolaos Panigirtzoglou cited the SEC's view of most cryptocurrencies as securities. Despite Ethereum's ambiguous status, the SEC's approval of ETH ETFs is seen as stretched.
Dogecoin Spikes Following Passing of Its Iconic Inspiration
Dogecoin saw brief price spikes after the death of Kabosu, the Shiba Inu that inspired the meme and cryptocurrency. The first spike occurred early Friday when the news broke, and the second followed a tweet from Elon Musk.
London Court Jails Woman for Laundering $10.4M in Bitcoin Tied to Fraud
Jian Wen, a 42-year-old with dual UK and Chinese citizenship, received a six-year, eight-month sentence for laundering 150 BTC linked to a billion-dollar investment fraud. The Southwark Crown Court case is part of a broader operation involving 61,000 BTC worth $4.22 billion. Wen, who claims she laundered the funds for a Chinese woman, denies knowing their origin and was not implicated in the broader fraud.
RAIN NEWS
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