Spot Ethereum ETFs Approved, What's Next? | Key Points | May 24, 2024

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Feature News: Spot Ethereum ETFs Approved

The U.S. SEC approved eight spot Ethereum ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton in an omnibus order, news outlet The Block reported.
Although the 19b-4 forms have been approved, the ETF issuers must have their S-1 registration statements go effective before trading can begin, a process that may take weeks or months.
The SEC’s sudden engagement with issuers, requesting 19b-4 forms, surprised many and led to speculation about political motivations behind the approval.
Bipartisan House lawmakers had urged the SEC to approve the ETFs, citing consistency with earlier decisions on spot Bitcoin ETFs.
The approval has led to a decrease in the Grayscale Ethereum Trust discount and speculation about the potential market size for Ethereum ETFs, estimated to be $5 to $8 billion compared to Bitcoin ETFs’ $14 billion.

Now what’s next after Ethereum ETFs? Here’s a comment from analysts Gautam Chhugani and Mahika Sapra as reported by Coindesk:

“More tactically, the Ethereum ETF approval would set the precedent for a first non-Bitcoin blockchain asset to be considered a commodity, raising hopes for Ethereum’s peers (Solana likely) to follow the same path.”

Local News: Local Communities Celebrates Bitcoin Pizza Day in Multiple Cities

Regulation

The U.S. House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking the first significant crypto regulation bill approved by Congress, with a bipartisan vote of 279-136. However, its fate in the Senate remains uncertain, and despite the win, implementing comprehensive crypto oversight is still incomplete.
- The U.S. House designated the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets, favoring its oversight over the Securities and Exchange Commission (SEC).

DeFi

Oxchange Finance announces the upcoming launch of OxWallet, a mobile application set to revolutionize interactions within the decentralized finance (DeFi) ecosystem by offering effortless token swaps, integrated staking options, enhanced security protocols, and a user-friendly interface.
Retik Finance (RETIK) launched on Uniswap and multiple exchange listings. RETIK aims to make financial services accessible worldwide.
Pendle Finance has reached an all-time high in total value locked (TVL), exceeding $5.78 billion, driven by a 40% increase since early May and a 2,350% surge since the start of 2024.
Kelp DAO raised $9 million in a private sale led by SCB Limited and Laser Digital to enhance its DeFi restaking platform. The funding will support platform improvements, innovation in restaking solutions, and expansion into new ecosystems like Solana and Bitcoin.

Web3 Gaming

Ragnarok: Monster World will launch the Nyang Kit NFT Mint event on May 28 at 9:00 EST, featuring exclusive NFTs and rewards. The event will occur in three stages (Collaborator, Allowlist, and Public) on the Mavis Launchpad, offering various packages to participants.
Nyan Heroes has listed its $NYAN token on major exchanges including Bybit, Gate.io, and HTX, aiming to reach a broader audience. The game also announced an airdrop accessible through the Nyan Heroes Claim portal, while continuing to see significant engagement and downloads on the Epic Games store during its pre-alpha phase.
Immutable has partnered with Spielworks to enhance gaming rewards for players through the integration of Spielworks’ Wombat app and AtomicHub marketplace with Immutable’s ecosystem. This collaboration will provide additional rewards, exposure, and marketing support for games on Immutable’s platform, aiming to boost user engagement and retention in the web3 gaming space.

Noteworthy

Gala Games’ GALA token experienced a 20% price drop following a $240 million exploit where a hacker minted a massive amount of tokens. The breach was quickly addressed by freezing 4.4 billion GALA tokens, and the hacker has been identified with ongoing cooperation with authorities. Despite the incident, GALA’s price rebounded due to a broader market rally, and Gala Games remains a dominant player in the GameFi ecosystem.
The London Stock Exchange will list crypto exchange-traded products (ETPs) for the first time on May 28, featuring offerings from WisdomTree and 21Shares. This move follows the Financial Conduct Authority’s (FCA) recent approval of their prospectuses and a revised stance on crypto ETPs, allowing such products for professional investors. Invesco also received FCA approval, with similar products already available in Europe and the U.S.

This article is published on BitPinas: Spot Ethereum ETFs Approved | Key Points | May 24, 2024

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