- The U.S. SEC postpones decision on various Bitcoin
ETF applications, including those from Fidelity and WisdomTree.
- VanEck commits to donating a portion of its profits from its upcoming Ethereum Futures ETF to the Protocol Guild.
- Paradigm and Circle weigh in on the ongoing SEC lawsuit against Binance, challenging the securities classification of certain assets.
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A closer look into the U.S. SEC’s hesitation on Bitcoin ETF approvals, VanEck’s commitment to Ethereum’s core contributors, and the intensifying debate over the classification of crypto assets as securities.
SEC’s Reluctance on Bitcoin Spot ETFs Continues
James Seyffart, a Bloomberg analyst, recently highlighted the U.S. SEC’s ongoing reluctance to give the nod to Bitcoin spot ETFs. Fidelity and WisdomTree, leading financial entities, find their Bitcoin spot ETF applications stalled. VanEck, another key player in the financial domain, is anticipated to face similar postponements. This trend is not new. BlackRock, Invesco, Valkyrie, and Bitwise had previously seen delays in their ETF applications, signifying the SEC’s cautious stance on the integration of cryptocurrencies into the traditional financial system.
VanEck’s Commitment to Ethereum’s Core Development
In a progressive move, VanEck announced its plan to earmark 10% of its profits from the forthcoming Ethereum Futures ETF (EFUT) for the Protocol Guild. This commitment, spanning a minimum of 10 years, is aimed at supporting the Protocol Guild—a mechanism that funds nearly 150 individuals crucial for upkeeping the Ethereum core protocol. This gesture underscores the growing recognition of the pivotal role that core contributors play in the evolution and stability of the Ethereum network.
The Binance-SEC Lawsuit: Paradigm and Circle Intervene
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The SEC’s lawsuit against Binance, one of the largest cryptocurrency exchanges globally, continues to stir debates. Paradigm, in its recently filed documents related to the case, rebuked the SEC for overstepping its jurisdiction. Drawing parallels with commodities like gold, silver, and even art, Paradigm argued that a mere appreciation in the value of an asset doesn’t transform its sale into a securities transaction. Furthermore, Circle, the entity behind USDC, one of the major stablecoins, intervened in the lawsuit, contending that both BUSD and USDC should not fall under the securities umbrella.
The landscape of crypto-financial integration is undergoing rapid shifts. The U.S. SEC’s wary approach to Bitcoin ETFs contrasts with other nations that have embraced such financial products, hinting at the agency’s concerns about market manipulation and investor protection. Meanwhile, VanEck’s pledge illustrates the increasing interdependence between traditional finance entities and the decentralized world of cryptocurrencies. Lastly, as legal battles intensify, the crypto community’s call for clear regulatory frameworks grows louder. These debates and decisions, while complex, are shaping the future contours of the global financial system.