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Weekly News Recap | Crypto News

UseTheBitcoin Weekly News Roundup (JUN 17th – JUN 21st, 2024)

Author

Rickie Sanchez

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Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Category

Weekly News Recap / Crypto News

Reading time

5 mins
Last update

Author

Rickie Sanchez

Tags

Reading time

5 mins
Last update


Weekly News Roundup

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Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

Bloomberg ETF Analyst Says Spot Ethereum ETFs Projected To Launch By July 2nd

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The highly anticipated launch of spot Ethereum ETFs is expected to occur on July 2nd, according to Bloomberg ETF analyst Eric Balchunas.

The updated timeline comes after the Securities and Exchange Commission (SEC) staff provided feedback on the applications (called S-1 filings) submitted by companies seeking to launch Ether ETFs. Balchunas reports that the SEC’s comments were relatively minor, requiring only a few changes to be made within a week.

Last month, the SEC recently approved 19b-4 forms for eight Ethereum ETF issuers, including BlackRock, Fidelity, VanEck, and others. However, the regulator must approve the S1 forms before the ETFs can officially begin trading.

US SEC Now Demands $102.6 Million From Ripple Labs In XRP Case

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According to a legal document dated June 14th, the US SEC has reduced its proposed settlement amount for Ripple Labs from $2 billion to $102.6 million.

The agency recently sought a $2 billion penalty on the firm alleging the aforementioned violations. Ripple did not welcome the idea, with chief legal officer Stuart Alderoty arguing the fine should not even exceed $10 million.

Additionally, Ripple cited the recent Terraform Labs case and past SEC settlements as precedents for a fairer settlement amount, stressing that the SEC typically seeks penalties between 0.6% and 1.8% of the defendant’s revenue in such cases. The SEC, however, rejected Ripple’s comparison, claiming it was irrelevant to their case.

Deutsche Telekom To Venture Into Bitcoin Mining Soon

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Deutsche Telekom, a leading telecommunication provider based in Germany, has announced plans to mine Bitcoin.

The head of Web3 infrastructure and solutions at T-Systems MMS, a Deutsche Telekom subsidiary, made this announcement during the BTC Prague conference.

Notably, the telecommunications firm has been operating a Bitcoin node since 2023 and is currently running Bitcoin Lightning Network nodes.

Australia’s Largest Stock Exchange Approves Its First Spot Bitcoin ETF

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The Australian Securities Exchange (ASX) has approved its first spot Bitcoin exchange-traded fund (ETF), which will begin trading on June 20th.

The VanEck Bitcoin ETF (VBTC) will be issued by the investment firm VanEck. This announcement came mere months after the organization was granted authorization to commence trading spot Bitcoin ETFs, specifically the VanEck Bitcoin Trust (HODL), in the US on January 11th.

These approvals indicate a growing acceptance and interest in Bitcoin investment products within the Australian market, and most countries are likely to follow suit.

USDT Stablecoin Issuer Tether Launches “Alloy By Tether”

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USDT Stablecoin issuer Tether announced the launch of a new asset class backed by Tether Gold in a bid to enhance value consistency and stability.

The new digital asset, called “Alloy,” is a token that provides ownership of real physical gold and is reportedly designed to track the price of reference assets using “stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.”

This new stablecoin aims to provide a secure digital asset tied to the value of the US dollar while providing an additional layer of security and stability for users.

US SEC’s Head Of Crypto Asset Enforcement Division Resigns

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David Hirsch, the head of the Securities and Exchange Commission’s (SEC) Crypto Asset and Cyber Unit, has stepped down after nearly a decade of service. He did not provide any details about his future plans but noted that he would share more details after a break.

Hirsch began as a staff attorney at an SEC regional office and has been at the forefront of the agency’s efforts to navigate the complex landscape of cryptocurrency enforcement. Throughout his message, he conveyed gratitude for the opportunity to contribute to the SEC’s mission and recognized the collective effort that underpinned their achievements.

El Salvador’s President Bukele Proposes Bitcoin Bank To Diversify Economic Opportunities

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El Salvador, under the leadership of President Nayib Bukele, is considering establishing a Bank for Private Investment (BPI), a move that would enhance the country’s financial infrastructure for both traditional and digital currencies.

The initiative aims to capitalize on the nation’s pioneering embrace of Bitcoin, following its adoption as legal tender in 2021.

This proposal comes shortly after President Bukele commenced his second presidential term, following a decisive election victory in February. The new bank aims to not only broaden investment opportunities but also to integrate Bitcoin more deeply into the nation’s economic framework.

US Congressman Discloses Cryptocurrency Purchases

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US Congressman Mike Collins recently disclosed his crypto transactions.  

According to the data shared by investment research firm Quiver Quantitative, on June 17th, Collins revealed that he had purchased Velodrome (VELO) on May 17th. The purchase amount ranged between $1,001 and $15,000.

This is not the first time Collins has engaged in cryptocurrencies. In January, he also disclosed that he had bought Ethereum worth no more than $65,000 in 2024.

Hashdex Files Joint Spot Bitcoin And Ethereum ETF With The US SEC

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Crypto asset manager Hashdex has filed with the US SEC to launch a spot crypto exchange-traded fund (ETF) that holds Bitcoin (BTC) and Ethereum (ETH) in market cap-weighted proportions.

In its 19b-4 filing for a combined spot BTC and ETH ETF, Bitcoin will account for 70.54% and Ethereum 29.46% of the Index’s weight. Moreover, Both Coinbase and BitGo will serve as custodians for the Bitcoin and Ethereum assets, offering segregated accounts for individual shareholders.

While spot Ethereum ETFs in the US are yet to receive full approval from the SEC, Bloomberg analyst Eric Balchunas has suggested an estimated launch date of July 2nd based on minor feedback received by issuers. 

US SEC Is Dropping Its Investigation Into Ethereum

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According to a recent announcement from Consensys through the social media platform X, the US SEC has wrapped up its investigation into Ethereum and will no longer pursue legal action claiming that ETH sales are securities transactions.

This means that selling ETH is not considered a securities transaction, providing reassurance to developers and users of Ethereum.

However, ConsenSys is still challenging the SEC in court to clarify if MetaMask Swaps and Staking violate securities laws. This legal fight began after the SEC issued a warning about MetaMask.

Final Thoughts

So that’s it for this week!

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Have a fantastic week ahead!