More of this big news here.

The SEC has signaled that it may soon approve spot Ethereum ETFs, a move that would open up Ethereum investment products to a wider range of investors. This would be a major milestone for the Ethereum ecosystem.

According to a recent Barron’s report, the SEC informed exchanges that it is leaning towards approving spot Ethereum ETFs. On Monday, reports emerged that the SEC had changed its stance on these Ethereum funds and decided to accelerate the review process for applicants.

Currently, the SEC only permits ETFs holding Ether futures. Approval would allow ETFs to hold the currency itself. On Tuesday, the SEC asked exchanges to update their 19B-4 filings for their spot Ethereum ETFs, speeding towards a potential approval.

Now, this can be a big and exciting news for all of us hoping for the approval of Ethereum ETFs in the market, alongside the recent approval by SEC for Bitcoin ETFs which catapulted BTC into greater heights. With the news, ETH made some big gains in the market as more and more buyers are now looking at the prospect of ETF and how it can surely push the asset to territories not seen before. Now, when all things are said and done, do you feel that ETFs for Ethereum will really be approved by SEC within this year?

Taken from Cointelegraph crypto news site.

In a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.

However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

However, Perianne Boring, founder and CEO of the Blockchain Trade Association Digital Chamber, believes that support from 21 Democratic Party senators could force the White House to “rethink its strategy and position.” In her opinion, “the tides are turning for crypto in Washington.”

This is a big good news as finally the Senate (and the House before it) intervened on SEC and put things as they should be. Let's hope the dementia-filled Joe Biden will not instead veto this bill as this is also supported by his fellow Democrats. This is just one of the proofs that SEC is enjoying its time and power of overreach...putting things on the cryptocurrency industry a lot worse and not making things better as it should be. SEC is now an enemy of the cryptocurrency industry instead of working with it as a good partner while at the same time fighting scammers and fraudster, as it should be doing.

Firms looking to list and trade shares of spot ether exchange-traded funds are being asked by the U.S. Securities and Exchange Commission to update and refile documents that are pivotal if those products were to be approved, according to news reports.

Those filings, called Form 19b-4, are filed to let the SEC know about a proposed rule change and are among the documents that need the agency's greenlight before spot ether ETFs can become effective.

The outlook for a spot ether ETF has taken an optimistic turn. Bloomberg ETF analysts James Seyffart and Eric Balchunas now say that the chances of the SEC approving such a product have increased from 25% to 75%.

Get more details here!


I am sure that this is a very positive development for the eventual approval of Ethereum ETFs in the market. The past months seem to be a little bit gloomy to the idea of its approval, yet now we are seeing some rays of light and that is why analysts put the chance for the approval at 75%. Of course, there is no definite way of determining if and when the approval can be...we don't know if SEC will decide on it come 2025 as the presidential election is nearing. The most important thing for now is that there is that big hope that ETFs will really be materializing for Ethereum soon, just like the big success of Bitcoin ETFs in the market.

Sixty crypto organizations are backing a market structure bill that is teed up for a vote next week.

The signers urged House lawmakers to pass the bill in a letter led by the Crypto Council for Innovation and sent to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries on Thursday. FIT21 would raise "new compliance challenges" for crypto firms, but clear rules are needed, the groups said.

"Currently, digital assets firms are instructed to somehow comply with U.S. securities laws that were designed nearly 100 years ago without consideration of the technological advances of today, including the ability for transactions to move at the speed of the internet," they said in the letter.

Get more details on this important news here: https://www.theblock.co/post/295148/60-crypto-firms-pitch-support-for-large-market-structure-bill-ahead-of-next-weeks-vote



The cryptocurrency industry in United States needs more clarity and leadership coming from the regulatory bodies of the government and so I am a little bit excited with the the Republican-led Financial Innovation and Technology for the 21st Century Act, also known as FIT21. I am hoping that this bill can be creating the more light on the compliance all players of the industry must be following. And since this is coming from the Republicans, I am more confident that is is more crypto friendly and not designed to choke the industry to death. I am just concerned on what can happen once this can be seeing the face of Elizabeth Warren in the Senate...hope this will not be watered down and transformed into a monster instead.

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This is an interesting story and it involved a staggering amount of $68M of Bitcoin from the victim and the culprit was using the so-called crypto address poisoning. So what is address poisoning?

According to Cryptonews:

Address poisoning, also known as address spoofing, exploits a trader’s haste and negligence during transactions. It involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.

In most probability, the victim was not aware that his gadget can be compromised resulting into this unbelievably high-value  scam which raises the question that even people who are already experienced with cryptocurrency - its ins and outs - can still be victimized by a more creative evil one.

There is no question that scams, hacks and similar cancerous endeavors within the cryptocurrency industry are one of the many blackeyes and which can make some people stay away from participating in this emerging industry. According to CertiK, over $502 million worth of digital assets were stolen across 223 hacks and exploits during the first quarter of 2024. Now, that is staggering!

Do you think that we should now accept the occurrence of these scams and hacks as very normal in the cryptocurrency industry...and what are the things we can do to protect ourselves from them?