SEC Ends Ethereum Investigation; Hashdex Proposes Joint Bitcoin-Ether Fund
Summary:
The US Securities and Exchange Commission (SEC) has halted its investigation into whether Ether is a security, in a significant victory for the crypto industry. Meanwhile, Hashdex is awaiting regulatory approval to launch a combined Bitcoin and Ether crypto fund. However, the memecoin market is experiencing a substantial decrease. Hashdex's proposed ETF will base crypto assets on their market capitalizations, while Coinbase and BitGo are set to steward the Bitcoin and Ether assets. In other news, Bitcoin nonfungible tokens have surpassed Ronin in all-time sales, despite a drop in NFT trading volume.
The United States Securities and Exchange Commission (SEC) has halted its examination into the classification of Ether (ETH), a decision that benefits the crypto community considerably. Simultaneously, Hashdex is seeking approval to offer a crypto fund comprising of Bitcoin and Ether on Wall Street, pending regulatory approval in the U.S. In contrast, the memecoin market is experiencing a notable downfall.
The enforcement division of the SEC has informed Ethereum developer Consensys about the closure of their investigation into Ethereum 2.0, unveiling a significant victory for Ether. This essentially means the SEC isn't pursuing any allegations that Ether sales are securities transactions, a move lauded by Ethereum developers and industry players.
Consensys shared that their request to the SEC to cease the investigation paid off, especially since the authority greenlit spot ETH exchange-traded funds (ETFs) in May, indicating ETH as a commodity.
On another note, a recent SEC filing by Hashdex proposes the creation of a combined Bitcoin and Ether spot ETF on the Nasdaq exchange. The potential ETF aims to align crypto assets based on their market capitalization, with Bitcoin and Ether comprising 70.54% and 29.46% respectively as of May 27. Hashdex's investment strategy would follow the daily market movements of the Nasdaq Crypto US Settlement Price Index rather than attempting to outperform it.
Crypto A-players Coinbase and BitGo are set to act as custodians for the Bitcoin and Ether assets. With growing sales, Bitcoin nonfungible tokens (NFTs) have passed the Ronin blockchain, previously the third-highest recorded for overall NFT sales.
Bitcoin-based NFTs logged a sales volume of $148 million in the past month, earning second place after Ethereum, which had a sales volume of $157 million. The Solana blockchain followed closely with nearly $77 million in sales. However, despite impressive figures, NFTs witnessed a decrease in volume, with the top three chains registering a minimum of a 40% fall in 30-day sales, as per CryptoSlam.
Published At
6/19/2024 6:55:15 AM
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