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Cboe New Listing Confirms Launch Date
Published
2 months agoon
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Several analysts and market observers have previously shared their optimism about the United States Securities and Exchange Commission (SEC) giving its final approval to spot Ethereum ETF trading by July 23. However, Cboe’s new listing has brought confirmation to that previous optimism.
Spot Ethereum ETF Trading on The Horizon
ETF Store President Nate Geraci highlighted CBOE’s new listing, adding that it’s “almost go time.”
The listings included spot Ethereum ETFs from Fidelity Investments, Franklin Templeton, Invesco, 21Shares, and VanEck. Their first day of trading was stated as July 23, reflecting a certainty that the approval that spot Ethereum ETF filers seek is coming as anticipated.
Cboe new listings…
It’s happening.
Almost go time. pic.twitter.com/V1wCcxYoCH
— Nate Geraci (@NateGeraci) July 19, 2024
To reach this point, these investment asset management firms have put in a lot of work and resources just to ensure that they comply with the Commission’s standards.
Recently, BlackRock, Franklin, Bitwise, Invesco, Grayscale, and Fidelity filed amended S-1 forms for their Ethereum ETFs, with the hope of a possible listing next week. The core detail in their individual filings was their management fee seeing that they had reached their final stages of preparing for trading.
Sponsor Fee War For Spot Ethereum ETFs
Spot Bitcoin ETF leader BlackRock capped its Ethereum ETF sponsor fee at 0.25%, corresponding with a 31% difference from Franklin Templeton‘s fee of 0.19%. BlackRock also pointed out that it could decide to waive all or a portion of the fee for a certain period. The fee is charged on a daily basis with an annualization and is due and payable on a quarterly basis.
Bitwise, also declared a 0.20% fee with an initial discount for 6 months for the first $500 million in assets. VanEck had earlier stated that it would completely waive the ETF fees for an unspecified time till 2025, or until the assets hit $1.5 billion. 21Shares wants a unitary sponsor fee equivalent to 0.21% of its Ethereum ETF.
All their management fees ended up falling within the range of 0.19% to 0.25%. However, Grayscale sent the entire crypto ecosystem into amusement when it announced its fee to be 2.5%, exactly 10X higher than the others. Geraci thinks this could be a major mistake that Grayscale is repeating again, speaking of GBTC. He criticized Grayscale for maximizing short-term revenue instead of playing the long-term game.
On the flip side, Grayscale compensated for this high fee by charging only 0.15% for its Grayscale Ethereum Mini Trust ETF.
Read More: Coinbase CLO Pushes For Statute-Driven Crypto Regulations
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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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Judge Torres Issues Order To Hold $125M Penalty On Appeal
Published
41 mins agoon
September 5, 2024By
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Ripple SEC Case: New York District Court Judge Torres has approved a proposed order by Ripple to hold a $125 million penalty as the US Securities and Exchange Commission (SEC) mulls appeal. The move comes as the company remains uncertain about paying the penalty as the SEC hints at the potential appeal of rulings including the judge’s pivotal decision in the remedies phase.
Ripple SEC Case On Track Towards Appeal
In the latest development in US SEC v. Ripple Labs case, the SDNY Court has granted an order on Ripple’s request for a stay on paying the government agency $125 million. Judge Torres approved that the fund will remain in a trust to allow more time for either party to appeal the landmark ruling.
The parties reached an agreement to keep 111% of the judgment amount in a bank account managed by a law firm. The stay in the Ripple SEC case will last until 30 days after the time to appeal expires or the resolution of any appeal in XRP lawsuit. The post-judgment interest to accrue will be in the SEC’s favor as set forth in the judgment.
Ripple executives including CEO Brad Garlinghouse earlier denied any intention to file an appeal, but ex-SEC lawyers cleared that the company must file a cross-appeal. If Ripple Labs does not cross-appeal in the Ripple SEC case, it is admitting that it owes $125 million.
Lawyers Say Appeal Will Have Not Impact on XRP Price
Pro-XRP lawyer Fred Rispoli in a post on September 5 said a ruling on SEC appeal is unlikely until 2026. He claims that the SEC suing crypto exchanges and alleging multiple tokens as securities has weakened its case. In addition, Rispoli believes the SEC can even withdraw its appeal at any time, with 80% odds that the appeal would be dropped if “crypto mom” Hester Pierce becomes Chair.
“If they appeal, I’m certain it’s on the programmatic sales ruling. They might throw in disgorgement – but since that’s based on 2nd Circuit precedent, I don’t see them getting that part of the ruling disturbed. Better to fight that in another court & try for a circuit split,” former SEC lawyer Marc Fagel said.
While the SEC is still deliberating on filing an appeal, the potential filing this month will set the Ripple SEC case on another fight in the Second Circuit Court of Appeals.
XRP price lost all gains it recorded in the past 24 hours, with the price currently trading at $0.55. The 24-hour low and high are $0.548 and $0.564, respectively. Furthermore, the trading volume has decreased by 15% in the last 24 hours, indicating a decline in interest among traders.
Interest from derivatives traders also dropped, with XRP futures open interest 0.67% down today. The total XRP futures OI is currently 1.08 billion worth $593.51 million, as per Coinglass data.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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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Is SEC Planning More Crypto Crackdowns In September? Legal Officer Warns
Published
9 hours agoon
September 4, 2024By
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Jake Chervinsky, the Chief Legal Officer of VariantFund hinted at the possibility of the market recording increased SEC enforcement actions towards the end of September. United States regulators continue their bottleneck approach on the crypto market despite criticisms from executives. Stakeholders bemoan these actions described as impeding innovation in the market coupled with low sentiments.
SEC Might Increase Crypto Scrutiny
Jake Chervinsky noted that the market might witness an increase in enforcement actions this month. He pointed to the fact that most regulatory bodies like the SEC and Commodity Futures Trading Commission (CFTC) will end the fiscal year on Sept 30. The effect of this can be seen as teams begin to increase enforcement actions to bolster performance reports ahead of future budgetary requests.
“Reminder that the SEC, CFTC, and other regulators have their fiscal year end on September 30. It’s typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress. It could be a busy month.”
This might seem the case as regulators take pride in ramping up actions and scoring points for the number of cases won or at least pending judgment. However, some crypto users differ from this analysis stating that the opposite might occur with the SEC looking for out-of-court wins and settlements.
Yes, settlements are just as likely as adversarial enforcement actions filed in court. Look at yesterday (Galois) and today (Uniswap) as examples, two settlements with small monetary penalties that SEC and CFTC can call wins.
— Jake Chervinsky (@jchervinsky) September 4, 2024
The CFTC slapped a $175,000 settlement fine on decentralized crypto exchange Uniswap for illegal digital assets derivatives trading.
The Road To Clear Rules
As the SEC and CFTC ramp up regulatory actions, crypto enthusiasts push for clear rules in the United States. The argument for clear rules is to improve innovation and drive market investment in the space. Most commentators opine that the forthcoming elections would be the game changer as candidates from both parties move towards the sectors. On one hand is Trump who has become pro-Bitcoin driving up sentiments. On the other hand, his rival’s unknown crypto stance, Kamala Harris campaign received crypto donations from Coinbase.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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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Pepe Coin Whale Bags 9 Tln Coins, PEPE Price Breakout Ahead?
Published
13 hours agoon
September 4, 2024By
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A recent Pepe Coin whale transaction has caught the eyes of investors today, with the PEPE price rising around 1% during writing. According to reports, a whale has purchased a massive amount of the crypto, signaling increasing confidence toward the leading meme coin. This move has sparked speculations over a potential breakout for the crypto, considering the growing market interest.
Pepe Coin Whale Buys 9 Trillion Coins
The leading on-chain transaction tracking platform, Whale Alert reported that an unknown whale moved 9 trillion PEPE from Bybit, one of the top crypto exchanges. The wallet address “0x88a…3Ade3” conducts the transaction, valued at over $64.55 million, showcasing robust confidence in the meme coin.
This substantial accumulation has caught the eyes of crypto market enthusiasts, fueling speculations over a potential price breakout. In addition, the bold move by the whale suggests growing optimism in the market, with many seeing it as a sign of renewed investors’ confidence in the leading meme coin’s potential.
Meanwhile, with this massive move, market analysts are keeping a close watch on the crypto’s price action. In addition, a flurry of market watchers are considering this significant whale move as a catalyst for a potential price breakout.
PEPE Price Breakout Ahead?
The sentiment on the leading meme coin appears to have faded lately, especially since May end of this year, when the crypto touched an all-time high of $0.00001718. In addition, the latest volatile scenario in the broader financial sector as well as in the crypto market also weighed on the meme coin’s performance.
As of writing, the PEPE price was up 0.93% to $0.000007298, with its trading volume soaring 45% to $521.55 million. Over the last 24 hours, the crypto has touched a high of $0.000007512 and a low of $0.000006896, indicating a highly volatile trading scenario. Besides, CoinGlass data showed that crypto’s Futures Open Interest dropped 6.46% to $81.14 million, indicating a still-bearish sentiment hovering in the market.
However, the latest Pepe Coin price analysis showed that recently a bullish signal flashed on the crypto’s weekly chart, which could trigger a rally of 260% in its price. In addition, it also showed that the last time the signal was spotted, the leading meme coin had rocketed 1600% in 98 days. Notably, according to the analysis, the meme coin could rally to a new high of $0.00001872 if it breaks a key resistance.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies 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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