The post "SEC Delays Galaxy Invesco Ethereum ETF Decision to July" first appeared on 36crypto.com News.
The United States Securities and Exchange Commission (SEC) has announced a further delay in its decision regarding Galaxy Invesco's application for a spot #Ethereum exchange-traded fund (ETF). The SEC has extended the deadline for its decision by another 60 days, pushing the new deadline to July 5. This delay comes amidst a series of postponements for similar applications from various prospective Ether ETF issuers, including BlackRock, Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.
Analysts had anticipated these delays, aligning with the SEC's cautious approach towards cryptocurrency-related financial products. The regulatory body cited the need for additional time to evaluate the proposed rule change and the associated issues raised. This decision reflects the SEC's thorough review process and its commitment to ensuring investor protection and market stability.
Analysts Speculate on SEC's Stance On Ethereum ETF
ETF analysts have expressed mixed sentiments regarding the likelihood of SEC approval for Ethereum ETFs. Bloomberg ETF analyst James Seyffart had previously highlighted May 23 as a critical deadline for VanEck's Ether ETF application, emphasizing its significance within the industry. However, there has been a downward shift in confidence among analysts regarding the approval prospects.
Senior Bloomberg ETF analyst Eric Balchunas revised his odds of SEC approval from 50% to 35%, citing prolonged silence from the regulatory body and increasing political scrutiny faced by SEC Chair Gary Gensler. Balchunas suggested that these factors could contribute to a more stringent approval process, potentially leading to denials for all Ether ETF applications.
Ethereum Advocates Remain Optimistic
Despite the prevailing skepticism among analysts, Ethereum advocates like Anthony Sassano maintain optimism regarding the SEC's decision. Sassano pointed to the agency's previous approval of #Ether futures ETF products and highlighted a recent meeting between the SEC, crypto asset management firm Grayscale, and crypto exchange Coinbase as potential indicators of a favorable outcome.
Sassano's confidence stems from the regulatory precedent set by the approval of Ether futures ETFs, indicating a growing acceptance of Ethereum within traditional financial markets. Additionally, the engagement between key industry stakeholders and regulatory authorities suggests a willingness to address concerns and explore potential avenues for ETF approval.
As the SEC extends its deliberation period for Galaxy Invesco's Ethereum ETF application, industry participants continue to monitor developments closely. The outcome of these deliberations will not only impact Galaxy Invesco but also set a precedent for other Ether ETF applicants awaiting regulatory approval.
In the interim, stakeholders may seek to engage with regulatory authorities to address any concerns and advocate for a favorable decision. Additionally, ongoing market developments and industry trends may influence the SEC's perspective on Ethereum ETFs, shaping the regulatory landscape for digital asset investment products.

A #cryptocurrency trader successfully increased their investment from $10,000 to an incredible $1.3 million through a strategic purchase of the #TROLL token. This financial turnaround occurred after Elon Musk changed his job title to "Chief Troll Officer" on his profile on the X platform.
From Small Investment to Million Dollar Profits: A Story of Incredible Growth
Records from Etherscan, processed by the analytics firm LookOnChain, showed that the trader invested about $10,000 (equivalent to 4.3 #Ether ) in purchasing 19 trillion TROLL tokens. After a short time, they sold half of their tokens to cover their original investment, while the rest of their portfolio reached a value of $1.34 million at one point.
 

 
TROLL Coin Price Fluctuations: Steady Profits Despite Decline
Although the price of the TROLL token has declined from its peak, the current value of the trader's portfolio is still an impressive $864,000. This represents a gain of 8,540% on their initial investment.
 

The trader’s holdings are worth $864,000 at current prices. Source: DeBank
 Rise and Fall of MemeCoin TROLL: Elon Musk's Influence
TROLL, launched in April 2023, experienced the usual fluctuations of a memecoin until January, when Musk's change in his X profile bio triggered a massive surge in the token's value, over 150,000% in three days.
 

Troll launched to little fanfare in April 2023. Source: DexScreener
 
History of Musk's Tweets and Their Impact on Cryptocurrencies
Already in 2021, Musk's tweets dramatically influenced the values of memecoins like #Dogecoin . A similar phenomenon was observed with the memecoin Grok (GROK), which unexpectedly became one of the major players in the memecoin world.
 The Risks of Speculating with Memecoins: The Example of GROK
Grok reached its peak with a price of $0.027 per token on November 13th, ranking it among the most significant new memecoins. However, investors who joined later suffered losses after the revelation that GROK was part of older projects, as uncovered by blockchain detective ZachXBT.
 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The post "Prometheum Soft Launches Ether Custody Services in the US, Treating it as a Security" first appeared on 36crypto.com News.
Prometheum Capital LLC soft launches #Ether custody and treats it as security under the SEC. The service was initially planned to be launched in the first quarter of 2024 but was launched Friday with an unspecified number of companies before its full commercial launch in June. The Block and Fortune then elaborated on the news. Aaron Kaplan, co-CEO of Prometheum, shared that the trading services would begin in a quarter.
Prometheum’s Approach Under Existing Laws.
Kaplan stressed that this launch shows that the operations of digital asset custody are possible under existing laws. Kaplan told Fortune: “It eliminates a lot of the arguments that things can’t be done under existing laws. ”It is the first digital token whose investment contract security is being held and regulated under the Securities Act.
Prometheum was allowed by FINRA to offer crypto clearing and settlement services through a special purpose broker-dealer license in December 2021, and the SEC granted Prometheum that license in May 2023.
Controversy and Regulatory Landscape
Prometheum’s position on crypto tokens being securities has met the opposition of the blockchain industry. The argument that the firm makes is that there already exists a legal roadmap for crypto in the United States by running separate custodial and trading companies under SEC and FINRA licenses. The SEC has always reminded crypto exchanges to register, arguing that their operation as unregistered entities attracts charges from major players such as Coinbase, Binance, and Kraken.
SEC Chair Gary Gensler has stated that ether could be a security measure, while CFTC Chair Rostin Behnam has said ether is a commodity and a concern for the industry. The SEC will be forced to make a conclusive decision with Prometheum’s ether custody service.
In March, Patrick McHenry, the chair of the House Financial Services Committee, and Glenn Thompson, the chair of the House Agriculture Committee, reiterated the need for the SEC to decide whether ether is a security. This month, an SEC filing suggested the agency could classify ether as a security, which would make any further regulation much more difficult. Thus, Prometheum’s decision to release custody services for ether under federal securities laws alongside regulatory discussions is a notable step for the firm within the dynamic crypto industry.