Weekly Round-Up #97 | Get caught up on the latest developments in Web3!
Release: 2024/05/27 04:36 Reading: 654
This Week in Web3: Top Headlines
Coinbase Challenges SEC in Latest Appeal
Coinbase has accused the SEC of attempting to circumvent the Howey test in their ongoing legal battle. On May 24, Coinbase filed a motion for an interlocutory appeal with the US District Court for the Southern District of New York. The appeal questions whether digital asset transactions without post-sale obligations constitute investment contracts under the Howey test. Coinbase contends that no appellate court has addressed this issue, making it a pivotal point for the digital asset industry. The SEC has opposed the motion, arguing that the court's order does not present a substantial legal question. However, Coinbase asserts that the decision conflicts with established precedents, such as the SEC v. Ripple Labs case. If successful, the appeal could dismiss significant portions of the SEC's case against Coinbase, potentially streamlining litigation and conserving resources. The outcome could also significantly impact the SEC's regulatory authority over digital asset transactions, providing much-needed clarity amidst increasing regulatory scrutiny.
Spot ETH ETFs to Attract 25% of BTC ETF Demand, Say Bloomberg Analysts
Bloomberg analysts James Seyffart and Eric Balchunas predict that spot Ethereum ETFs could capture 15% to 25% of the demand for spot Bitcoin ETFs, despite Ethereum's market capitalization being approximately 30% that of Bitcoin. This lower demand is attributed to the absence of staking in Ethereum ETF offerings, denying investors yield opportunities, and the inability of ETFs to provide Ethereum's on-chain utilities. Seyffart notes that Ethereum futures ETFs, particularly in foreign markets, are not reliable demand indicators. Nonetheless, he anticipates robust, albeit not record-breaking, launches for spot ETH ETFs. Bitwise CIO Matt Hougan also expects significant interest, driven by diversification strategies and Ethereum's allure as a high-growth tech investment. The SEC has recently approved rule changes permitting exchanges to list spot ETH ETFs, with potential launches in the coming weeks or by November, according to JP Morgan.
US House Passes Groundbreaking FIT21 Crypto Bill
The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with a vote of 279 to 136. This bill aims to enhance oversight and funding for the Commodity Futures Trading Commission (CFTC) over crypto spot markets, particularly Bitcoin, and introduces new guidelines for stablecoins and anti-money laundering measures. The bill's passage in the Senate is uncertain due to opposition from figures like Senator Elizabeth Warren. However, the House's approval has been well-received by the industry, with leaders like Coinbase CEO Brian Armstrong and Jake Chervinsky of Variant Fund hailing it as a significant step towards clear regulations. This shift reflects growing confidence in a regulatory framework distinct from the current SEC approach.
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Catch up on our published articles for the week!
NEWS
- South Korea Under Pressure to Follow U.S. Lead in Approving Crypto ETFs >>> Learn more
- Options Expiry Alert: Bitcoin and Ether Contracts Worth $2.7 Billion Set to Expire Soon >>> Learn more
- Kabosu, the Shiba Inu Behind the Doge Meme and Dogecoin’s Logo, Dies at 17 >>> Learn more
- U.S. SEC Officially Approves Ethereum ETFs, Public Trading Yet to Start >>> Learn more
- Gate Announces New Web3 Startup Token Project Medieus (MDUS) With Free Airdrop for Participants >>> Learn more
- US House Passes Groundbreaking FIT21 Crypto Bill: What Next for Cryptocurrency Regulation? >>> Learn more
- Fed Survey Reveals 18 Million Americans Used or Owned Crypto in 2023 >>> Learn more
- YouTuber “Coffeezilla” Accuses AI Firm Rabbit of Orchestrating an NFT Scam >>> Learn more
- SEC Chief Gensler Slams FIT21 Act, Cites Threats to Investor Protection >>> Learn more
- UK Approves First Bitcoin and Ether ETPs for Professional Investors, Trading Begins May 28 >>> Learn more
- Hong Kong’s Privacy Watchdog Orders Worldcoin to Halt Operations for Violating Data Laws >>> Learn more
- U.S. SEC Might Try to Classify Staked ETH as Security – Galaxy Research’s Alex Tohrn >>> Learn more
- Industry Leaders Clash on Ethereum’s Contribution to the Crypto Vision >>> Learn more
- Crypto Markets Surge on Speculation of Spot Ether ETF Approval >>> Learn more
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