Sure, here’s a summary of today’s developments in the crypto world, covering daily trends and events affecting Bitcoin’s price, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
President Joe Biden and SEC Chair Gary Gensler have voiced their opposition to FIT21, legislation with a focus on cryptocurrency, scheduled for a vote on May 22. Attention is now on the potential approval of a spot Ether ETF following the listing of VanEck’s ETF by the Depository Trust and Clearing Corporation, identifiable by the ticker symbol “ETHV.” Five issuers have made amendments to their Ether ETF filings with the SEC.
White House, SEC chair oppose crypto legislation
President Joe Biden and SEC Chair Gary Gensler have issued statements expressing their opposition to a crucial legislative proposal that could impact the regulation of cryptocurrencies in the United States.
On May 22, the White House issued a notice outlining the president’s objections to the Financial Innovation and Technology for the 21st Century (FIT21) Act, asserting that it “does not offer adequate safeguards for consumers and investors involved in certain digital asset transactions.” Shortly after, SEC Chair Gensler released a statement arguing that the bill would “introduce new regulatory loopholes” that might jeopardize the stability of the financial system.
Gensler, in his statement, referenced a Chainalysis report indicating “widespread noncompliance” among crypto firms, resulting in significant instances of fraud and insolvencies. Intriguingly, the same report highlighted a substantial decrease in revenue from fraudulent activities in 2023.
“The history of failures, scams, and insolvencies within the crypto industry does not stem from a lack of regulations or unclear regulations,” Gensler remarked.
Ethereum ETF confirmed? VanEck spot Ether ETF listed by DTCC
In the midst of growing anticipation regarding the potential approval of a spot Ether exchange-traded fund (ETF) in the United States on May 23rd, the ETF offered by global investment manager VanEck has been officially listed by the Depository Trust and Clearing Corporation (DTCC) with the ticker symbol “ETHV.”
The DTCC, an American financial market infrastructure provider, provides clearing, settlement, and transaction reporting services to participants in financial markets. Being listed on the DTCC is seen as a pivotal step before receiving final approval from the U.S. Securities and Exchange Commission (SEC).
VanEck’s ETF is presently marked as inactive on the DTCC website, indicating that it cannot proceed until it obtains the required regulatory approvals. However, VanEck’s Ether (ETH) ETF is not the inaugural one listed by the DTCC. Franklin Templeton’s ETH ETF was listed on the platform a month prior.
5 spot Ethereum ETF bidders amend SEC filings
Five potential issuers of Ether ETFs have submitted revised 19b-4 filings after receiving last-minute feedback from the Securities and Exchange Commission. These updated filings align with recent speculation suggesting that the SEC was requesting final submissions in anticipation of VanEck’s Ether ETH application deadline on May 23rd.
Changes have been made to the show’s lineup of asset managers, including Fidelity, VanEck, and Franklin Templeton, as well as joint applications from Galaxy and Invesco, and ARK Invest and 21Shares.
Of particular note, Fidelity, Franklin Templeton, and ARK 21Shares have removed provisions related to ETH staking.
“Fidelity’s amended 19b-4 filing stated, ‘Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings.'”
Similar language was used by the other applicants sponsored by the Chicago Board Options Exchange (CBOE).
Read More: Bitcoin and Ethereum ETPs launch on London Stock Exchange with FCA approval
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