Highlights
JPMorgan Chase Invests in Multiple Bitcoin ETFs, Signaling Growing Institutional Interest in Crypto
ARK Invest and 21Shares Revise Ether ETF Proposal, Eliminating Staking Plans Amid SEC Review
SEC Rejects Ripple’s Defense, Insists on Injunctions in Final Legal Brief
In a recent SEC filing, JPMorgan Chase, the largest bank in the U.S. with $2.6 trillion in assets, disclosed that it had acquired significant holdings in various Bitcoin ETFs, totaling approximately $760,000. These investments include shares in ProShares Bitcoin Strategy ETF, BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, Grayscale Bitcoin Trust, and the Bitwise Bitcoin ETF. Additionally, JPMorgan reported owning 25,021 shares, valued around $47,000, in Bitcoin Depot, a crypto ATM provider. This move came on the same day that Wells Fargo reported its own investments in Grayscale and ProShares Bitcoin ETFs, alongside Bitcoin Depot, highlighting a growing trend among major financial institutions to engage with digital assets.
ARK Invest and 21Shares have made notable revisions to their spot Ether ETF proposal, removing plans for asset staking initially outlined in their February filing. The original proposal included staking a portion of the ETF’s assets through third-party providers, with expected returns categorized as income for the fund. However, the recent filing on May 10 omits these details, although it still references potential risks such as slashing penalties and fund accessibility issues. According to Bloomberg ETF analyst Eric Balchunas, this amendment might reflect adjustments made in response to feedback from the U.S. Securities and Exchange Commission (SEC), or possibly as a strategic decision to avoid giving grounds for rejection. The Ether ETF, intended for trading on the Cboe BZX Exchange, awaits SEC approval, with the decision deadline closely following that for other major proposals like those from Invesco Galaxy and Grayscale.
In the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), tensions escalate as the SEC files its final response during the lawsuit’s remedies phase. The SEC refutes Ripple’s claim of acting without recklessness in its handling of XRP, a point critical to Ripple’s defense against potential future violations. Despite Ripple’s assertions of improved practices post-lawsuit, the SEC argues that the possibility of future breaches remains, necessitating injunctions. Ripple’s attempts to minimize its liability and highlight its regulatory cooperation since the 2013 XRP ICO are acknowledged yet deemed insufficient by the SEC, which also disputes Ripple’s interpretation of legal compliance and sales restructurings. Ripple’s chief legal officer, Stuart Alderoty, criticizes the SEC’s approach, hinting at a broader regulatory misalignment and expressing hope for a favorable lawsuit resolution. The case, closely watched by the crypto community, is expected to conclude with a final judgment by September, amid Ripple’s strategic expansion into the Japanese market.
News
JPMorgan reports holding shares of several spot Bitcoin ETFs
Satoshi-era dormant Bitcoin address wakes up after 10 years
FTX proposes ‘billions in compensation,’ but not everyone’s happy
Binance to be under FRA surveillance for next 3 years: Report
Products
ARK and 21Shares drop staking plans from Ethereum ETF proposal
Grayscale withdraws its Ethereum futures ETF application
ByBit to launch Notcoin trading and withdrawals next week
AI-powered DeFi platform introduces token mints by placing orders
Regulation
SEC files final response in Ripple XRP case
Crypto firms brace for intensified SEC, CFTC action after regulator warning
Binance obtains FIU approval for India return
Nigerian officials proposed secret crypto settlement, claims Binance CEO
Funding
Star Nest Secures $6 Million Pre-A Funding for Web3 Music Venture
Web3 protocol receives $2.3M boost to decentralize AI
Web3 Gaming Company BAC Games Secures $1.5 Million in Seed Funding Round
OKX Ventures Leads US$1.5 Million Seed Funding Round for BlockBooster
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