SEC's Ether Futures ETFs on the horizon, Securitize acquires Onramp, Singapore busts crypto laundering, Genesis-FTX $175M claim and more.
SEC Poised to Approve Ether Futures ETFs

SEC Poised to Approve Ether Futures ETFs

SEC's Ether Futures ETFs on the horizon, Securitize acquires Onramp, Singapore busts crypto laundering, Genesis-FTX $175M claim and more.

Last update:
Aug 18, 2023
| Issue

Welcome to another edition of the Datawallet Daily newsletter, a place to get your daily crypto dose of news and developments. Today’s drop covers the following topics:

Ether-Futures ETF poised for approval by SEC

Ethereum saw an impressive 11% surge, reaching $1,700 after selling off down to $1,550, following reports that the U.S. Securities and Exchange Commission (SEC) is poised to approve the first exchange-traded funds (ETFs) based on Ether Futures. According to an August 17 report by Bloomberg, citing unnamed sources, the SEC is unlikely to block applications from nearly a dozen companies, such as ProShares, Volatility Shares, Bitwise, and Roundhill, which have recently applied to launch Ether futures ETFs.

While it remains unclear which applications will get the green light, officials have hinted that several could be approved as early as October, a move that demonstrates a shift in the regulator's stance on products like spot Bitcoin ETF. Reporters from Bloomberg requested a statement from the SEC regarding this, however they declined to comment.

Securitize to acquire crypto platform Onramp

Securitize, a renowned company recognized for its expertise in incorporating private investments into the blockchain, is poised to acquire Onramp Invest, a cryptocurrency investment platform. According to The Information, OnRamp's team of 18 employees will merge with Securitize's existing workforce of 150 individuals. Securitize has successfully secured substantial funding amounting to over $120 million from prominent investors such as Coinbase Ventures and Blockchain Capital.

The decision to pursue this acquisition stems from an established business relationship between the two companies and the challenging landscape for fundraising within the cryptocurrency sector. Ashton Chaffee, COO of Onramp Invest, highlighted that their platform serves as a medium for financial advisors to provide their clients with exposure to cryptocurrencies.

Singaporean police bust an alleged money laundering case involving crypto 

On Tuesday, the Singaporean police apprehended 10 individuals from foreign countries for allegedly engaging in money laundering activities. As part of their investigation, assets valued at approximately S$1 billion ($735 million), which included cryptocurrencies, were also confiscated. The police issued a statement on Wednesday revealing that the arrests were made primarily concerning individuals holding Chinese passports. These individuals are suspected of committing crimes related to forgery, money laundering, and resisting lawful arrest.

Genesis and FTX strike a $175 million bankruptcy claim

In Wednesday court filings, it was revealed that Alameda Research, a subsidiary of FTX, has the potential to make a claim worth $175 million from the estate of Genesis, another bankrupt cryptocurrency company. This legal deal also includes waiving any parallel claims that Genesis may have had against FTX. It is important to note that this amount is significantly lower than the initial claim of nearly $4 billion that FTX had originally sought.

Bitcoin soars in Argentina due to Javier Milei

Bitcoin's value in Argentina has surged to a record high following the victory of Bitcoin-supporting candidate Javier Milei in a recent primary election. On August 14, 1 BTC was worth 10.2 million Argentine pesos, according to CoinGecko data. This surge comes at a time when global cryptocurrency markets are experiencing a general decline, highlighting the unique situation in certain regions where Bitcoin continues to achieve new all-time highs.

Other breaking news

Wrapping up

In today's Datawallet Daily newsletter, we explored major crypto milestones, from the potential SEC approval of Ether Futures ETFs to a significant acquisition by Securitize and a money laundering bust in Singapore. The unique legal claim between Genesis and FTX and Bitcoin's surge in Argentina rounded off a day of impactful developments. These insights demonstrate the constant evolution in the crypto world, underscoring the importance of staying informed and adaptable. Stay tuned for more essential updates.