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SEC Approves 19b-4 for Several Ethereum Spot ETFs | Cryptocurrency Trends

Jarseed, Bitget Research
2024/05/24
SEC Approves 19b-4 for Several Ethereum Spot ETFs | Cryptocurrency Trends

1. Mainstream Exchange Trends:

  • Coinbase announces the launch of its AVAX staking service.
  • Coinbase (COIN.O) loses a Supreme Court case concerning the Dogecoin controversy.

2. Cryptocurrency Trends:

  • The U.S. Securities and Exchange Commission approves the 19b-4 for several Ethereum spot ETFs, including those from BlackRock, Fidelity, and Grayscale. ETF issuers still need to have their S-1 registration statement take effect before trading can begin. The SEC has just begun discussing the S-1 with issuers. It is unclear how long this process will take, but some analysts speculate it could take weeks.
  • Swell Network, a liquid restaking platform, posts that it is currently finalizing the necessary arrangements for its TGE, including an audit of rswETH withdrawals. However, the exact date for the TGE remains undecided, but it is expected to take place in the coming weeks.
  • Bloomberg reports that the Hong Kong Securities and Futures Commission is in talks to allow Ethereum ETF issuers to provide staking services.
  • Consensys CEO Joe Lubin says the company wants to use crypto-native methods to attract public investment and is looking for acquisition opportunities. Lubin says he would choose a blockchain approach if going public and was working with auditing firm KPMG.
  • Taiko, an Ethereum Layer 2 network based on zkrollup, unveils its TKO tokenomics model with a total supply of 1 billion (capped at 5%).

3. Financing Trends:

  • Plume Network, an RWA Layer 2 network, raises $10 million in seed round funding led by Haun Ventures with participation from Galaxy Ventures, Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures.
  • The Fantom Foundation raises $10 million in strategic funding to support the Sonic Foundation. The funding round was led by Hashed with participation from UOB Ventures, Signum Capital, SoftBank, the Aave Foundation, and others.
  • Alphaledger, an American blockchain startup, raises $9.5 million in Series A funding led by EJF Capital with participation from KDX. Alphaledger issues its first blockchain-based U.S. municipal bond using its licensed blockchain, having previously raised $6 million in seed round funding in 2021.
  • Inception Capital posts that it has joined Lattice in a $6.9 million early-stage funding round for MultiVM, an Ethereum L2 execution environment.
  • Dora Factory, a decentralized governance infrastructure project, raises $10 million in a strategic funding round with participation from 15 prominent institutions and individuals, including Nomad Capital, No Limit Holdings, Sky9 Capital, the UVM Signum Blockchain Fund (a Web3 venture capital fund managed by Signum Capital and UOB Venture Management), Cai Wensheng's Longling Investment Group, Cosmos' OG Interop Ventures, and Eigenlayer co-founder Calvin Liu.

4. Regulatory Trends:

  • Montenegro's Minister of Justice Andrej Milovic discusses the investigation into Do Kwon, co-founder of Terraform Labs, with U.S. Securities and Exchange Commission (SEC) officials, including Gurbir Grewal, the Director of the SEC's Division of Enforcement. As of the time of writing, Do Kwon is still in Montenegro, where courts are considering extradition requests from the U.S. and South Korea.
  • U.S. SEC Chairman Gary Gensler says he believes "the SEC has the legal tools" and doesn't need legislation to police crypto, but that not all crypto tokens are securities.
Disclaimer: This content includes third-party opinions, and we do not guarantee its accuracy. Cryptocurrency prices are highly volatile, so please conduct your own research and make judgments accordingly.