Blockchain & cryptocurrency market summary news – May 23
Latest updates on Ethereum ETFs from Cboe, VanEck, Grayscale
After the SEC changed its attitude about the Ethereum spot ETF, many large financial institutions in the US filed amendments to meet the securities commission's requirements. Cboe BZX has filed amendments to five ETH spot ETFs, including funds from Franklin Templeton, Fidelity, VanEck, Invesco Galaxy and ARK combined with 21Shares. This suggests that the SEC may approve an Ethereum spot ETF in the near future.
In other developments, VanEck's Ether spot ETF has also been listed on DTCC's website, but this is only a step in the preparation process for launch and does not affect the final decision of the SEC. Bloomberg analyst James Seyffart said that it still needs time for these Ethereum ETFs to be officially approved and deployed.
In summary, recent moves show that it is likely that the SEC will approve Ethereum spot ETFs in the near future, but it still needs more time for these funds to complete the approval process and officially launch.
UPDATE: It's happening. We have at least 5 of the potential#EthereumETF issuers that have submitted their Amended 19b-4's in the last ~25 min.Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8
— James Seyffart (@JSeyff) May 21, 2024
According to DTCC, the ETH spot ETF "VANECK ETHEREUM TR SHS" (ETHV) launched by asset management company Vaneck has been listed on DTCC. Previously, Franklin Templeton’s Ethereum spot ETF was listed on DTCC. https://t.co/7ds1pW1OHX pic.twitter.com/hq8RS5swNA
— Wu Blockchain (@WuBlockchain) May 22, 2024
This is the only meaningful & substantial change that I can find? Removing the staking language and adding very clear language that the Fund's ETH cannot be staked by anyone.Yes this was expected at this point but nothing else jumps out at me. pic.twitter.com/iC4KDSGKEv
— James Seyffart (@JSeyff) May 21, 2024
SCOOP: $BTC spot ETF issuer @CoinSharesCo/@ValkyrieFunds will not apply for an $ETH spot ETF mainly because of the no staking aspect. Sources familiar tell me the company doesn’t see value for investors without it, especially in a crowded market alongside 9 others issuers.
— Eleanor Terrett (@EleanorTerrett) May 21, 2024
Uniswap denies SEC's securities allegations
On May 21, 2024, Uniswap Labs responded to a warning notice from the SEC, refuting the claim that Uniswap is an unregistered securities exchange. Uniswap Labs affirms that the SEC has not provided a clear definition of digital assets considered securities. They emphasized that Uniswap is a self-regulatory protocol, not affiliated with Uniswap Labs, so it cannot comply with securities laws. Uniswap Labs believes that the SEC is exceeding its authority, and hopes that the US Congress will grant the authority to manage digital asset transactions to the CFTC. They affirmed that they will resolutely protect DeFi and have “won 2-0” in lawsuits before the SEC.
Worldcoin was forced to stop all operations in Hong Kong
Hong Kong's Privacy Watch (PCPD) has concluded that Worldcoin violated the Personal Data Ordinance (PDPO) by collecting, storing and processing the iris and facial data of 8,302 Hong Kong residents. Kong without fully complying with personal data protection regulations. PCPD ordered Worldcoin to immediately stop all activities related to iris and facial scanning in Hong Kong. Hong Kong officials also urged people to report if they discover Worldcoin is still operating.
This decision was made after 6 months of investigating Worldcoin offices in Hong Kong. PCPD believes that iris scanning is a form of sensitive personal data collection, but Worldcoin does not comply with privacy protection requirements such as publishing policies in Chinese, limiting data retention time for 10 years. Therefore, they concluded that Worldcoin had violated the PDPO and was forced to stop operations in Hong Kong.
SEC Chairman Gensler opposes the bill to exempt cryptocurrencies from securities regulation
SEC Chairman Gary Gensler has publicly opposed the “Financial Innovation and Technology for the 21st Century Act” (FIT21), a bill that aims to clarify how the SEC and CFTC oversee cryptocurrencies. Gensler said the bill could create regulatory loopholes, allowing cryptocurrency companies to “self-certify” their investments and products as “decentralized” and “commodities.” digital” to avoid SEC scrutiny. He fears this “self-certification” process not only threatens investor protection in the cryptocurrency sector but also weakens the $100 trillion capital market. Although the bill gives the SEC 60 days to evaluate digital assets, Gensler said this time is not enough given the number of assets in circulation. He emphasized that there needs to be a full protection framework for investors.
