Spot Ethereum ETFs Expected to Begin Trading July 23

Spot Ethereum ETFs Expected to Begin Trading July 23

Spot Ethereum ETFs are expected to start trading on Tuesday, July 23, following confirmation from multiple sources, including a social media post by Bloomberg Senior ETF Analyst Eric Balchunas. He noted that the SEC had requested final S-1 filings from issuers, to be submitted by Wednesday evening, with approval likely by Monday for a Tuesday launch.

Major firms like BlackRock and Fidelity have been in discussions with the SEC for weeks, aiming to introduce these ETFs soon. This comes after the SEC approved key regulatory filings in late May, following the successful launch of spot Bitcoin ETFs earlier this year, allowing investors to speculate on Ethereum's price without directly purchasing the cryptocurrency.

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Trump Picks Crypto-Friendly JD Vance as Running Mate

Donald Trump, a prospective Republican presidential candidate, has selected Senator JD Vance as his running mate for the 2024 election. Trump highlighted Vance's strong support for cryptocurrencies, as evidenced by his positive social media activity and votes in favor of pro-crypto legislation. Vance has previously reported holding a $250,000 Bitcoin investments in a 2022 financial disclosure

JD Vance has been in the Senate since winning his seat in the 2022 midterms. Despite previously criticizing Trump, Vance endorsed him for the 2024 primaries. Trump's campaign, ahead of the convention, has shown a favorable stance towards crypto, including accepting crypto contributions and supporting Bitcoin miners while opposing central bank digital currencies.

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Coinbase Narrows Subpoena to Gary Gensler's Emails

Crypto exchange Coinbase has narrowed its subpoena to US Securities and Exchange Commission (SEC) Chair Gary Gensler, now only seeking information from his tenure leading the agency. Originally, Coinbase's June subpoena requested documents spanning from 2017 to the present, which included four years before Gensler's appointment in 2021.

The SEC opposed the subpoena, arguing it was an improper intrusion into Gensler's private life. Judge Failla also questioned Coinbase's claim that Gensler's personal emails about crypto were relevant to their ongoing case. The lawsuit between the SEC and Coinbase dates back to the previous year when the agency accused Coinbase of using its platform without registering.

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South Korea Proposes to Delay 20% Crypto Tax to 2028

South Korea's right-wing People Power Party, led by current President Yoon Suk-yeol, has proposed delaying the taxation of cryptocurrency gains from the beginning of 2025 to 2028. Originally, a 20% tax on crypto gains was scheduled for 2022, but it has already been postponed twice due to significant backlash from investors and industry experts.

The proposed bill argues that taxing crypto gains could foster negative investor sentiment and potentially drive investors away from the market. South Korea is home to one of the world's largest active cryptocurrency markets, and in the first quarter of 2024, the Korean won surpassed the US dollar as the most-used fiat currency for crypto trading.

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Data of the Day

Global crypto investment products managed by firms like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares saw net inflows totaling $1.44 billion last week, according to CoinShares' latest report. This marks one of the largest weekly net inflows ever recorded, bringing the year-to-date total to a record $17.8 billion.

As noted by CoinShares Head of Research James Butterfill, digital asset investment products attracted further buying due to price weakness, surpassing the $10.6 billion net inflows from the 2021 bull run.

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More Breaking News

• According to reports, one of the organizers of the Bitcoin conference that Donald Trump will attend intends to host a $15 million fundraiser for his campaign.
• The latest AUSTRAC report shows a rise in criminal cryptocurrency use, calling for stricter regulations and international cooperation to combat money laundering.
• Former Bitconnect promoter John Bigatton gets a 5-year ban from managing corporations by the Sydney District Court for providing unlicensed financial advice.
• A wallet with $29.6 million worth of USDT stablecoins linked to the internet marketplace Huione Guarantee was blacklisted by Tether.
• On Sunday, for the first time a decade, money was transferred from a dormant Bitcoin address holding 1,000 BTC, which is currently valued at over $60 million.

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