SEC is expected to approve an Ethereum spot ETF next month
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Eric Balchunas, a seasoned Bloomberg ETF analyst, has suggested that spot Ether ETFs could potentially grace the US markets as early as July 2, 2023. This insightful projection, coupled with the SEC’s seemingly favorable stance, has sparked a wave of anticipation among investors and enthusiasts alike.
The Bank for International Settlements (BIS), an umbrella organization for the world’s central banks, recently released a report revealing that 94% of surveyed central banks are exploring central bank digital currencies (CBDCs), a digital version of their national currencies.
David Hirsch, the former head of the SEC Crypto Asset and Cyber Unit, has departed the agency after nearly a decade of service, potentially signaling a shift in the direction of the SEC’s leadership and approach to digital assets.
Today’s Newsletter
- Ethereum spot ETFs to start trading July 2nd
- 94% of central banks considering wholesale CBDCs, says BIS
- SEC crypto watchdog resigns after nearly a decade
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ETHEREUM
SEC is expected to approve an Ethereum spot ETF next month
The road to spot Ether ETF approval has been a closely watched journey, with the SEC’s recent green light for eight 19b-4 filings marking a significant milestone. However, the final hurdle remains the approval of the requisite S-1 registration statements, a crucial step before these ETFs can commence trading on various US exchanges
The introduction of spot Ether ETFs is expected to usher in a new era of institutional investment in crypto. Standard Chartered estimates that the launch of spot Ethereum ETFs could attract a staggering $15 to $45 billion in inflows within the first year alone. This influx of institutional capital, reminiscent of the market reaction following the approval of spot Bitcoin ETFs in January, could potentially fuel a remarkable 60% rally in ETH prices, as predicted by crypto trading firm QCP Capital. [cryptobriefing]
REGULATION
SEC crypto watchdog resigns after nearly a decade
Hirsch departure comes at a time when the agency faces mounting pressure from lawmakers to approve spot Ethereum exchange-traded funds and amid ongoing tensions between the SEC and crypto proponents.
The SEC’s role in regulating the crypto industry has become a contentious political issue in the US, particularly in the lead-up to the upcoming presidential elections. As the agency continues to navigate this complex terrain, the departure of key figures like David Hirsch and Ladan Stewart, who recently left the SEC’s enforcement division, underscores the challenges that lie ahead for the SEC in its efforts to regulate digital assets. [cryptobriefing]
CBDCs
94% of central banks considering wholesale CBDCs, says BIS
The report suggests that central banks are more likely to issue wholesale CBDCs, accessible only to banks and financial institutions, than retail CBDCs, which could be used by the public for day-to-day transactions, within the next six years.
The topic of CBDCs has become a point of great contention and a political issue, likely due to the upcoming US presidential elections. Former President Donald Trump claimed that Bitcoin is the last line of defense against CBDCs and vowed not to allow a central bank digital coin if he gets re-elected. Earlier this year, Congressman Emmer revealed notes indicating the Fed had a pro-CBDC agenda, and in May, the US House passed legislation preventing the Fed from issuing CBDCs without approval from Congress. [decrypt]
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