Highlights
Spot Ether ETFs Approved by SEC Without Committee Vote
Trump Advocates for US Leadership in Cryptocurrency Industry
Coinbase Challenges SEC’s Definition of Investment Contracts in Appeal
The United States Securities and Exchange Commission (SEC) approved spot Ether exchange-traded funds (ETFs) on May 23 through its Trading and Markets Division, differing from the spot Bitcoin ETFs approved via a committee vote, including SEC chief Gary Gensler. The approval includes filings from major financial firms like BlackRock and Fidelity. Bloomberg ETF analyst James Seyffart remarked that such delegated authority is typical for many approvals, avoiding the need for an official vote on every decision. However, some in the crypto community suspect political motivations behind the process. Unlike Bitcoin ETFs, which began trading the day after approval, spot Ether ETFs are pending S-1 form clearance and may not debut for weeks or months.
Former U.S. President Donald Trump emphasized that the United States must lead in the cryptocurrency industry, declaring there is no second place in a May 25 post on Truth Social. Trump expressed a positive and open-minded stance toward cryptocurrency companies, contrasting his views with those of current President Joe Biden, whom he criticized harshly. Trump’s pro-crypto comments come ahead of his speech at the Libertarian Party’s National Convention and amid his 2024 presidential campaign, which now accepts cryptocurrency donations. The crypto community views his recent endorsements as a signal of potential policy support, should he win the election, with prediction platform Polymarket giving him a 56% chance of victory.
Coinbase has filed a memorandum supporting its interlocutory appeal against the U.S. Securities and Exchange Commission (SEC), asserting that the SEC is attempting to sidestep the Howey test, a critical legal standard for determining investment contracts. This appeal follows a March 27 ruling that deemed Coinbase’s staking program an unregistered securities offering. Coinbase contends that an investment contract requires a post-sale contractual undertaking, a point the SEC disputes. Highlighting inconsistencies in the SEC’s stance and a recent House bill limiting the SEC’s jurisdiction, Coinbase argues the issue warrants a court decision. This legal battle is part of Coinbase’s broader effort to defend itself and the crypto industry against regulatory actions.
News
Donald Trump declares US must not settle for ‘second place’ in crypto industry
Uniswap reveals assets ahead of fee mechanism vote
Grayscale CEO Michael Sonnenshein steps down
Crypto exchange Kraken has ‘no plans’ to delist USDT in Europe for now
Products
Solana eyes 2025 for Firedancer rollout as DePIN activity surges
SmarDex.io founders release second AMA, unveiling plans and introducing USDN synthetic dollar
Captain Tsubasa NFT soccer game debuts on Oasys blockchain
Cristiano Ronaldo unveils 4th NFT collection with Binance despite $1B lawsuit
Regulation
Spot Ether ETFs approved, but Gary Gensler didn’t vote for them — Here’s why
Coinbase, SEC spar over investment definition in appeal attempt
UAE agriculture authority prohibits crypto mining on farms: Report
SEC wins case against YouTuber Ian Balina for unregistered crypto ICO promo
Funding
Degen token surges 17% on Farcaster’s $150M Series A raise
BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance
Stripchain raises $10M to simplify blockchain user experience
Venture capital funding in crypto rises to $2.4 billion: PitchBook
Follow this medium account to get notified when we release more of this newsletter. To learn more about Alpaca Finance, you can visit our official communication channels:
Website · Telegram · Twitter · Discord
Alpaca Finance Institutional Newsletter #86 was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.
