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NewsBriefs - VanEck asserts Solana ETF application still active despite form removal

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  • Cryptoslate

    VanEck asserts Solana ETF application still active despite form removal

    VanEck's head of digital assets research confirms their Solana spot ETF application remains active, despite the removal of 19b-4 forms from Cboe's website. VanEck maintains SOL should be classified as a commodity like Bitcoin and Ethereum. The firm highlights Solana's decentralization progress, citing decreased concentration of token holdings and a high Nakamoto Coefficient. VanEck believes evolving legal perspectives support SOL's commodity status in secondary markets.

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      Franklin Templeton considers launching a crypto ETP in Europe after BlackRock jumps in

      Franklin Templeton is exploring the possibility of launching a cryptocurrency exchange-traded product (ETP) in Europe, amid growing institutional interest in digital assets. This follows BlackRock's recent introduction of a bitcoin ETP in the region. Franklin Templeton, which manages a significant crypto ETF franchise in the US, is assessing the evolving regulatory landscape in Europe to inform its strategy. The company is committed to innovating across all asset classes, reflecting its ongoing engagement with the digital assets space.

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    • The Block

      SEC and Gemini seek 60-day stay to potentially resolve lawsuit

      The US Securities and Exchange Commission and crypto exchange Gemini requested a 60-day stay from the District Court for the Southern District of New York to potentially resolve their legal dispute concerning Gemini Earn. The SEC had previously sued Gemini in January 2023, alleging that the platform offered and sold unregistered securities through its crypto lending program, which accumulated billions in crypto assets.

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      The Block

    • The Block

      GameStop secures $1.5 billion through notes for Bitcoin investment

      GameStop has raised $1.5 billion from a private offering of convertible notes, set to purchase bitcoin. This strategic move aligns with their plan to enhance their treasury assets through crypto, similar to previous tactics seen with Strategy in 2020. Despite the initial positive reaction in their stock value, skepticism among investors has risen regarding the effectiveness of this strategy. With substantial cash reserves and significant annual revenue, GameStop is positioned to considerably expand its bitcoin holdings.

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      The Block

    • Bitcoin Sistemi

      Binance addresses sudden drop in ACT token and altcoins, adjusts leverage ratios

      Binance issued a statement regarding a significant drop in the Act I: The AI Prophecy (ACT) token and other altcoins on its platform. The decline prompted liquidations among some futures traders and affected other tokens. Binance found that three VIP users heavily sold ACT tokens, affecting the market. Additionally, changes were made in leverage ratios for futures to manage risks and market stability. Meanwhile, Binance continues to investigate the declines and advises users on risk management.

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    • Bitcoin Sistemi

      Coinbase CEO calls for US regulation changes to allow interest on stablecoins

      Coinbase CEO Brian Armstrong is urging US lawmakers to revise stablecoin regulations to allow consumers to earn interest on their stablecoin holdings. He argues that the interest from reserve assets backing stablecoins should directly benefit the users, akin to interest-bearing checking accounts. Current regulations, however, block this practice. Proposed US legislation on stablecoins has been stalled in Congress, debating issuer oversight and financial stability. Armstrong suggests that permitting interest payments to stablecoin holders could notably advance the industry and enhance its appeal compared to traditional banking products.

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    • Mastercard

      Mastercard launches new program to boost virtual card adoption in commercial payments

      Mastercard has initiated a new program aimed at enhancing the scalability and integration of virtual card technology (VCN) in commercial payment systems. This move targets banks, platform partners, and corporate users, streamlining their experience and interaction through embedded VCN applications in enterprise systems. Beginning April 1st, the program facilitates easier and more consumer-like payment experiences within corporate workflows, leveraging existing ERP and other platforms to reduce integration complexities and foster a more streamlined onboarding process.

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      Mastercard

    • Bybit

      Bybit to discontinue NFT and IDO services on April 8

      Bybit Web3 will cease operations of its NFT Marketplace, Inscription Marketplace, and IDO product pages effective April 8, 2025, at 16:00 UTC. Users must manage their assets prior to this date. Alternate platforms for trading NFTs include OpenSea, Blur, Magic Eden on the ETH Chain, and Element Marketplace, Mintle on the Mantle Chain. IDO participants should transfer airdropped tokens to Bybit Web3 seed phrase or private key wallets.

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    • Arkham Intelligence

      Tether acquires 8,888 Bitcoin, total holdings now exceed 100,000 BTC

      Tether purchased 8,888 Bitcoin valued at $735 million in Q1 2025, increasing its total holdings to 100,521 Bitcoin worth approximately $8.29 billion.

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      Arkham Intelligence

    • The Block

      Bitcoin could threaten US dollar’s global dominance as national debt balloons

      BlackRock CEO Larry Fink warned in his annual letter to investors that the US may lose its status as the world's reserve currency to digital assets like bitcoin if it does not manage its growing debt and deficits. Fink highlighted the potential of decentralized finance to disrupt traditional financial advantages held by the US. He also noted the impressive growth of BlackRock's bitcoin exchange-traded fund, IBIT, which gathered significant assets since its launch, outperforming competitors and expanding globally.

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      The Block

    • The Block

      FTX to start major creditor repayments on May 30, despite token value discrepancies

      FTX, embroiled in a lengthy bankruptcy since November 2022, is set to commence its first repayments to major creditors on May 30, utilizing $11.4 billion in reserve cash. Despite an overall potential payout of 118% per claim, repayment calculations are based on crypto values at the time of FTX's bankruptcy, not reflecting substantial increases in token prices since then. Solana, XRP, BTC, and Ethereum have seen significant appreciation, with Solana rising by approximately 650%. Creditors will additionally receive a 9% annual interest on their claims during the period awaiting repayment.

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      The Block

    • Cointelegraph

      Sonic Labs pivots from USD to UAE dirham-denominated stablecoin amid industry critique

      Sonic Labs has abandoned its plans to introduce a US dollar-pegged algorithmic stablecoin, following backlash from the crypto community. Instead, the company is now developing a UAE dirham-denominated alternative. This decision came shortly after the UAE’s announcement to launch its digital dirham central bank digital currency (CBDC) by late 2025. The crypto industry has been wary of US dollar-pegged algorithmic stablecoins since the Terra collapse, which spurred regulatory attention on such tokens.

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      Cointelegraph

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      Hyperliquid upgrade introduces fully onchain voting for asset delisting

      Hyperliquid blockchain now supports fully onchain validator voting for asset delisting, utilizing a permissionless stake-based voting system integrated into HyperCore. This system activates delisting automatically once a quorum is reached, eliminating the need for offchain coordination. An upcoming demonstration by Hyper Foundation validators will showcase the functionality by voting to delist MYRO perps.

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      FDIC vows to collaborate with Trump's team to set clear crypto-related guidance for banks

      The Federal Deposit Insurance Corporation (FDIC) released new guidance allowing FDIC-supervised institutions to engage in permissible crypto-related activities without prior approval. The guidance replaces FIL-16-2022, emphasizing that banks should manage the risks associated with these activities. FDIC Acting Chairman Travis Hill highlighted this as part of a broader initiative to revise approaches to crypto and blockchain activities, ensuring compliance with safety and soundness standards. The agency plans to collaborate with the President's Working Group on Digital Asset Markets to provide additional clarity on banks' engagement in specific crypto-related activities. The FDIC will also partner with other banking agencies to develop new guidance or regulations to replace existing interagency documents related to crypto assets.

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    • The Block

      Dominari Holdings invests $2 million in BlackRock’s Bitcoin ETF

      Dominari Holdings has implemented a corporate Bitcoin treasury strategy by purchasing $2 million in BlackRock's iShares Bitcoin Trust ETF. Dominari, primarily engaged in wealth management, investment, and trading, plans to use its earnings and excess cash to continue expanding its investment in this and other crypto assets. This strategy coincides with their recent financial results indicating a projected annual revenue of $19 million for 2024.

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      The Block

    • Axios

      Galaxy Digital settles for $200 million with NY AG over LUNA promotion

      Galaxy Digital has reached a $200 million settlement with the New York Attorney General's office for promoting LUNA without adequate disclosure of its financial interests. The settlement arises from allegations of Galaxy's misconduct in selling the once-prominent crypto token LUNA while publicly promoting it, significantly profiting from these activities without proper disclosure to investors. Galaxy neither admitted nor denied the allegations but agreed to a series of commitments to avoid future conflicts of interest.

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      Axios