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BlackRock Ethereum ETF Options Decision Postponed By US SEC

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The United States Securities and Exchange Commission (SEC) has postponed its decision on a proposed rule change under which Nasdaq ISE LLC may list and trade options on the iShares Ethereum Trust managed by BlackRock.

The decision, originally expected by September 26 has been postponed to November 10, 2024 This move allows the SEC additional time to consider the proposal, which could pave the way for new opportunities in the options market tied to Ethereum.

BlackRock Ethereum ETF Options Decision Postponed

According to a recent filing by the SEC, the decision on the proposed options of the BlackRock Spot Ethereum ETF has been delayed. The exchange that proposed the option, Nasdaq ISE LLC, sought approval from the Securities and Exchange Commission to amend its listing rules to include options on the iShares Ethereum Trust, a BlackRock-managed fund. The initial deadline for the SEC’s decision was September 26, but the regulatory agency has moved the date further.

Per the US SEC, the extension is needed to adequately consider the proposed rule change. The new timeline for the decision has been set for November 10, 2024. This delay constitutes a part of the regulatory approach guiding the launch of financial products like options and other derivatives, including those related to cryptocurrencies including Ethereum.

The delay in the decision regarding the BlackRock Ethereum ETF options follows the SEC’s recent approval of options for BlackRock’s Bitcoin ETF. On September 20th, the SEC approved options on BlackRock’s iShares Bitcoin Trust for trading on the Nasdaq, allowing the exchange to list and trade these options under the symbol IBIT. 

Spot ETH ETF Market Faces Outflows Amid Delays

As the Securities and Exchange Commission weighs on the BlackRock Ethereum ETF options proposal, the overall spot Ethereum ETF market has been experiencing a decrease in interest.

Lately, there has been substantial selling pressure on the spot Ethereum ETFs, with the largest one-day outflow of $79 million since their launch in July. Among the products, Grayscale’s ETHE was significantly affected, with outflows crossing $80 million, as per a CoinGape report.

Despite the rising interest in crypto investment products, Ethereum ETFs have not been able to generate consistent investor interest in contrast to the recent interest observed in the Bitcoin ETF market. However, should the US SEC allow the proposed options on the BlackRock Ethereum ETF, there is a possibility that the interest in Ethereum-related products may be renewed.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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OpenAI Excludes EU, UK From ChatGPT Voice Mode Launch

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6 hours ago

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September 24, 2024

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AI News: OpenAI has released the official version of the Advanced Voice Mode (AVM) for ChatGPT which aims at providing the users with better and more conversational experience.

The rollout, nonetheless, does not cover several European countries such as the European Union, the United Kingdom, Switzerland, and Norway. For now, AVM is only available for users of ChatGPT Plus and Teams, but Enterprise and Edu customers will be able to use it starting next week.

OpenAI Launches Advanced Voice Mode

Sam Altman led OpenAI has started the release of its Advanced Voice Mode (AVM) to users of its Plus and Teams plans. The company announced on Tuesday via its official X account (previously Twitter) that the feature will be extended to all eligible users within the week. 

Some of the new additions the company has incorporated in this update include the Custom Instructions, Memory, five new voices, and better accent recognition.

As stated in the post, AVM is able to respond in over 50 languages and can even say things like ‘Sorry I’m late’ making the conversational AI more flexible in terms of language.

Regions Excluded from AVM Rollout

However, the Sam Altman led firm noted that users in several European regions will not be able to access AVM right away. Some of the countries which are not included in the rollout at the moment include the EU member states, the UK, Switzerland, Iceland and Norway. 

There is no specific time frame shared by the company regarding the availability of voice capabilities in these regions; however, the regulatory issues might be causing the hold up. This AI news comes in light of increasing concerns regarding the regulation of AI in Europe concerning privacy and data protection. 

OpenAI is still dealing with these legal frameworks that have been identified as potential barriers to the introduction of new features in these markets. Moreover, before the AI news the company faced a security breach when its official X account was compromised in a cryptocurrency scam.

The attackers used the platform to promote a fake blockchain token called “$OPENAI,” misleading users into visiting phishing sites to steal their crypto wallet credentials. The scam claimed that users could receive a share of the non-existent token by participating in the promotion.

While AVM brings enhanced voice controls, some of the features demonstrated in the past are missing in the present product range. For instance, the video and screen sharing functions of ChatGPT which were unveiled in May this year have not been made available to the public.

These multimodal features were designed to enable users interact with both the visual and the auditory mode for instance to receive a feedback on images or videos in real time.

Besides the absence of certain features, OpenAI has experienced issues such as legal issues and content moderation issues. Such an action includes the Sky voice removal after Scarlett Johansson threatened legal actions. The Sam Altman led company however claimed that the similarity was coincidental and, as a precaution, removed the voice from use.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Robinhood Adds UNI, XLM, And XTZ For NY Users; Is XRP Next?

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10 hours ago

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September 24, 2024

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The leading commission-free stocks and crypto trading platform, Robinhood has revealed the addition of three new crypto for the New York users, fueling market interest. In a recent announcement, the crypto trading platform said that it will be adding Uniswap (UNI), Stellar (XLM), and Tezos (XTZ), reflecting its growing focus on the digital assets space. Besides, it has also sparked speculations about XRP will be next in line to be added for the NY users on the platform.

Robinhood Adds UNI, XLM, and XTZ For NY Users

According to a recent announcement, Robinhood is adding Uniswap, Stellar, and Tezos for the New York residents. The platform has gained notable traction over the years, especially among the crypto community, for its increasing focus on the sector.

Notably, this announcement has fueled discussions over the potential impact of the platform’s support for the crypto. Usually, the listings or backings for these major platforms or top crypto exchanges tend to bolster the market sentiment, which in turn boosts the assets’ prices.

Meanwhile, having said that many are anticipating the announcement to fuel a rally in the prices of the three crypto. In addition, it has also triggered discussions in the XRP community, about if the platform will be adding XRP as the next asset on its platform.

Notably, the platform now supports 14 crypto for New York residents, which includes Bitcoin, Ethereum, and top meme coins like Dogecoin, Shiba Inu, and others. However, recent developments indicate that the stock and crypto trading platform could add Ripple’s native crypto to its platform in the coming days.

Is XRP Next In Line For Listing?

The discussions have stemmed from Robinhood adding XRP for the EU users recently. Although there was no official announcement from the platform, its official website showed that it has added XRP for EU users, sparking market optimism earlier this month.

In addition, the conclusion of the Ripple Vs SEC lawsuit has also fueled speculations, given the legal clarity of the crypto in the region. Now, with mounting discussions over a potential US SEC appeal in the XRP case, the investors are eyeing whether the stock and crypto trading platform will add the crypto for the US traders.

Meanwhile, following the listing announcement, UNI price was up 0.73% to $6.84, with its trading volume rising 9% to $114.47 million. On the other hand, XLM price was down 0.6% to $0.095, while the XTZ price traded near the flatline at $0.6974.

Simultaneously, XRP price noted a slight decline of about 0.37% to $0.585, while its one-day trading volume slumped 9% to $923.98 million. Notably, Ripple’s native crypto has touched a high of $0.5908 and a low of $0.5819 in the last 24 hours.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bybit Launches Sharia-Compliant Crypto Accounts

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17 hours ago

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September 24, 2024

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Bybit crypto exchange has announced the launch of Sharia-compliant crypto accounts. These accounts will enjoy offerings that align with Islamic laws. The exchange also announced support for 18 coins on the Islamic crypto accounts. Meanwhile, the US crypto exchange Kraken has widened its reach in Europe with its latest acquisition.

Bybit Launches Sharia-Compliant Crypto Accounts

Bybit. the second-largest crypto exchange by trading volume, announced the launch of Sharia-compliant crypto accounts developed in consultation with ZICO Shariah Advisory Services to ensure compliance with Islamic principles. These Islamic accounts will offer no interest, ensuring Muslim investors can comfortably use the platform’s crypto services.

Meanwhile, the crypto accounts will be available to Muslim traders worldwide. Ben Zhou, Bybit’s CEO, revealed that the initial offerings for the account will include Spot Trading, DCA Trading Bot, and Spot Grid Bot.

As to how these crypto accounts will operate, users will still need to create a main account before making the Islamic subaccount. The main account is the one which they will use to facilitate deposits and withdrawals.

Meanwhile, the crypto exchange will enable support for 18 coins, namely, USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This move is significant as Bybit becomes the first among the top crypto exchanges to offer an Islamic crypto account.

This move will promote inclusivity in the crypto space and could help onboard more Muslim investors into the crypto space.

Kraken Widens European Reach With BCM Acquisition

Kraken announced the acquisition of the Dutch crypto broker Coin Meester B.V. (BCM). The crypto exchange noted that this marks a “key element” in their European growth strategy. With this acquisition, the exchange said it has “significantly expanded” its Dutch footprint and enhanced its business with a registered Virtual Asset Service Provider (VASP) in France and Poland.

Following this development, Kraken can now offer VASP services directly or through a partnership in eight European countries. These countries are Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. Like Bybit’s announcement, this is also bullish for crypto adoption, especially as Kraken continues to expand its reach in the European market.

Coinbase Looking To Secure A Win For Crypto

Coinbase is looking to secure a win for the crypto industry as the exchange appealed the SEC’s denial of rulemaking petition. Lack of regulatory clarity in the US remains a stumbling block to crypto adoption. However, the crypto exchange is looking to correct that, arguing before the court that the Commission should provide a clear legal framework for digital assets.

This appeal is undoubtedly timely, considering that the Commission recently stated in a filing in its case against Binance that it regrets the confusion it has caused in using the term ‘crypto asset securities.’ The US SEC had earlier classified several crypto assets as securities, including XRP, which led to the long-running legal battle against Ripple.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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