SEC Gary Gensler to Fully Approve Ether ETFs by September

In a Senate Committee hearing, SEC Chairman Gary Gensler indicated that the S-1 approval for spot ether ETFs could happen sometime this summer.

This follows the SEC's May 23 19b-4 form approval of eight ETF listings. The ETF issuers need to have both registration go into effect before trading can begin.

Industry leaders expect the ETFs to start trading by July or August. Gensler's rule-making for crypto was also criticized for pushing companies abroad.

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Terraform Labs Shuts Down Following SEC Settlement

CEO of Terraform Labs, Chris Amani, called on the community to take control of the Terra network, announcing the company's intention to wind down operations.

Amani claims that they plan to burn unvested native Luna tokens, sell its ecosystem projects, and give the community control over the Terra blockchains.

The ruling comes after a $4.47 billion settlement was suggested with the SEC regarding Terra's algorithmic stablecoin, UST, which crashed completely in 2022.

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Curve Finance Founder Liquidated for $140M in CRV

Curve Finance founder Michael Egorov got liquidated of his onchain loan positions after a decline in CurveDAO's (CRV) token, which he used as collateral.

Egorov was liquidated for $140 million in CRV, as he had borrowed $100 million of stablecoins from Inverse, UwU Lend, Fraxlend, and Curve's LlamaLend.

CRV's price fell 30%, trading below $0.25, more than Arkham Intelligence's warning that a 10% drop in CRV's value would trigger Egorov's liquidation.

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Paradigm Closes $850M Fund for Early-Stage Crypto Projects

Paradigm Venture Capital has closed its third fund, totaling $850 million, to invest in early-stage crypto projects, following their $2.5 billion fund from 2021.

This is one of the largest crypto fund raises in history. Paradigm has been discussing the new fund for several months, raising their target from $750 million.

Paradigm is a leading investor in many blockchain projects, including a $225 million funding round for EVM-compatible Layer 1 Monad in April earlier this year.

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Data of the day

According to crypto analysts, when Bitcoin dropped, the open interest (OI) increased, indicating that more people were entering trades, and the spot premium remained strong, suggesting that while no one was betting on prices falling when BTC was at $72k, they are now betting on it falling at $66k.

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More breaking news

• MicroStrategy is seeking to raise $500 million via a convertible senior note offering, with an option for an additional $75 million in order to buy more Bitcoin.
• UwU Lend was drained for $3.7 million, following a $20 million loss on June 10 due to a flash loan manipulation of the sUSDe stablecoin price oracles.
• US President Biden's re-election campaign to accept cryptocurrency donations through Coinbase Commerce, following Donald Trump's pro-crypto success.
• Bitfarms stock raised after announcing a new US Bitcoin mining site in Pennsylvania that will increase its power capacity by 170% by 2025.
• Manta Network, the layer-2 network for zero-knowledge applications, has established a $50 million ecosystem fund through its parent, Manta Foundation.

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