Crypto Weekly Roundup: SEC Greenlights Ether ETFs And More

After a long history of blocking crypto-related exchange-traded funds, news around the blockchain is that the SEC will not block or oppose ETF applications. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Let’s find out more. 

Ethereum

The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space.

Former United States President Donald Trump’s latest public financial disclosure has revealed that he owns around $250,000 to $500,000 worth of Ethereum (ETH). 

Global payment giant Visa has completed a test for an innovative solution on the Ethereum blockchain, which will allow its users to pay on-chain gas fees using a Visa debit or credit card.

DeFi

Binance has officially announced the launch of its opBNB Mainnet, a notable addition to the burgeoning decentralized scaling solutions sector.

Ethereum layer-2 solution Arbitrum is set to “cliff unlock” over 1 billion worth of $ARB on March 16, 2024, and finally start ARB’s staggered unfreezing over the next four years. 

Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull. 

Altcoins

Trading-focused blockchain Sei’s latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway.  

Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50.

Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally.

Technology

Vitalik Buterin, co-founder of Ethereum, provided an analytical dive into X’s Community Notes tool via a post on his personal website.

Business

The Stellar Development Foundation (SDF) has made a strategic investment in MoneyGram International, which resulted in obtaining a coveted seat on the firm’s Board of Directors.  

GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. 

Crypto media outlet CoinDesk has cut its editorial staff by 45% as its parent company DCG prepares to introduce strategic investors.

Coinbase has announced its official entry into the Canadian market in a strategic move that involved the integration of Interac payment rails. 

Regulation

According to a notice published by the regulatory authority, Dubai’s Virtual Asset Regulatory Authority has hit digital asset exchange OPNX and its founders nearly $2.8 million. 

According to hedge fund manager Mark Yusko, banks take $7 trillion out of the system every year.

In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. 

From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom, mainly because of the shifting regulatory environment in the UK.

Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. 

FTX founder Sam Bankman-Fried is in the news once again after a recent development revealed that he had allegedly used stolen customer funds to donate over $100 million to political campaigns. 

Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday after Nevada regulators placed it into receivership in June.

Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. 

The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm, over the auditing of music streaming service Akazoo.

The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision.

NFT

Coca-Cola has launched its new exclusive NFT collection, “Masterpiece,” on Coinbase’s Layer-2 network during the “Onchain Summer” festival.

NFT marketplace OpenSea will be sunsetting its on-chain royalty enforcement tool, Operator Filter. 

Web3

Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem.

Singapore-based Web 3 gaming firm Affyn has entered a strategic partnership with Grand Prix Season Singapore to present a metaverse event to the fans. 

Security

Base project RocketSwap has devised an emergency plan to recover from a brute force hack that siphoned away around 471 ETH, valued at around $865,000, on the 14th of August. 

DeFi platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.