Notabene’s Post

🚀 Exciting news in the crypto world! The SEC has approved 8 ETH ETFs on Ethereum, including those from BlackRock ($ETHA) and Fidelity Investments Following the 19b-4 forms approvals, the Forms S-1 need to be registered before trading can begin, which could take a few days or weeks. VanEck has already amended their ETH ETF S-1 to reflect these changes and recommendations. With the SEC referring to these ETFs as "commodity-based trust shares," ETH is effectively deemed a commodity. This ongoing debate will be settled once the Forms S-1 become effective. Interestingly, the SEC highlights the strong correlation between existing futures products and the Ethereum spot price while avoiding staking rewards. Unlike the vote for Bitcoin ETFs, this approval was issued via delegated authority, so we don't have details on the commissioner votes, which is an usual process by the way. 💼📈 #Crypto #Ethereum #ETFs #SEC #Blockchain #Investment

Ethereum ETFs have approved by SEC: https://lnkd.in/gyzb5UXe. The possible date of the trading is uncertain yet, but it is just matter of time. As crypto is growing more newcomers are jumping in. Join the #MoneyInTheRightDirection Movement and support them with education. $CORX

📢 The U.S. Securities and Exchange Commission has given the green light for #Nasdaq, #BZX, and #NYSE to list exchange-traded funds (#ETFs) linked to the price of #ether, potentially allowing the products to start #trading later this year. While the #ETF issuers still need approval before the products can be launched, the #SEC's approval came as a significant surprise to the firms, which until Monday had expected the #SEC to reject the filings. The SEC's approval of #Bitcoin ETFs in January enabled investors to access bitcoin price movements. Similarly, #ETH ETFs provide #investors with the opportunity to buy and sell shares on traditional stock #exchanges. 🔎 Read more: https://lnkd.in/gyzb5UXe

The bill proposes a "decentralization test" to determine whether a token is a security or a commodity. Crypto securities will be regulated by the SEC, while crypto commodities will be regulated by the CFTC. The bill also aims to provide strong consumer safeguards and the regulatory clarity necessary for the digital asset industry in the United States to prosper. The Financial Innovation and Technology for the 21st Century Act, or FIT21, is a bill in the U.S. Congress aimed at explicitly addressing the treatment of digital assets under U.S. law. It sets out a regulatory framework for digital assets, defining the responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The bill passed through the House Financial Services Committee and the Committee on Agriculture in June 2023, and it was jointly approved by both committees in early May 2024, setting the stage for consideration by the entire U.S. House of Representatives. The House is expected to vote on the bill today, with significant support from both Republicans and Democrats. If passed, it will then move to the Senate for consideration. @grok #fit21 #USCongress #CFTC #SEC #Crypto #DigitalAssets

Alexander Lindgren and I collaborated on an article, "Highlighting Regulatory Issues with Forward Contracts on Crypto Assets." This article highlights a relatively common practice of market participants entering into "forward contracts" on crypto assets. Are these arrangements Swaps under the CEA? This article concludes: IT DEPENDS! This might be one of those rare instances in which market participants may be unwittingly taking on a lot of regulatory risk. Would appreciate any feedback. https://lnkd.in/gMBjHhWc

CONSENSYS CONFIRMS THE SEC HAS CLOSED ITS SECURITIES INVESTIGATION INTO $ETH - The SEC has notified Consensys that it will not pursue charges alleging that sales of ETH are securities transactions. - The investigation focused on Ethereum 2.0 and the buying and selling of ether. - Consensys argued that the approval of spot ether exchange-traded funds (ETFs) implied ETH tokens were considered commodities, not securities. - The SEC's investigation into Ethereum 2.0 was approved by Gurbir Grewal, Director of the Division of Enforcement, on March 28, 2023. - The focus was on individuals and entities buying and selling ether. In April, Consensys received a Wells notice from the SEC, indicating a planned enforcement action against the company. - On June 7, Consensys sent a letter to the SEC. They asked the agency to confirm that the approval of spot ETH ETFs in May would mean the end of the investigation into Ethereum 2.0. - The price of Ethereum $ETH rose 3.5% after the news broke. #Ethereum #Consensys Image: DL News

Future of Finance (FOF) Tokenisation Webinar on 16 May at 2pm UK time. In both the securities and the funds industries, the current operating model is broken. Issuers are paying more for capital. Investors are earning lower returns on capital. Intermediaries are caught between falling revenues and rising costs. Tokenisation offers the tools to totally reinvent both industries, to the benefit of everybody working with and using funds and securities, but the tools have to be used properly. This webinar will explain how to do that. Join us along with Rajeev Tummala at @hsbc; Marianne Webber at Standard Chartered; Stefano Dallavalle at R3 and Ralf Kubli at Casper Association moderated by Dominic Hobson Register via the link below: #tokenisation #digitalassets #interoperability #blockchain

Congratulations to all my TradFi colleagues on the move to a T+1 settlement in the equities market. Important step forward in the marketplace but as a gentle reminder: ❇ Crypto trading settlement is instantaneous - as soon you trade it, it is recorded on the blockchain and it is yours. ❇ Want to trade it on a holiday or at 3 am on a Tuesday, you trade it, it is recorded on the blockchain and it is yours. ❇ Want to protect your asset, trade it with sFOX SAFE, our Wyoming Division of Banking Trust Company custody account. Offers a regulated, completely segregated and bankruptcy protected crypto custody account. You trade it any time, it is recorded on the blockchain and it is yours. So while I applaud the equities market move to T+1, they still have a ways to go to catch up to the crypto market. #crypto #instantsettlement https://lnkd.in/gKZS2Nnd

The U.S. House just passed FIT21 (Financial Innovation and Technology for the 21st Century Act). This is the first bill passed that attempts to define how the crypto asset market should be regulated in the U.S. This Act: - Delineates when the CFTC vs. the SEC has jurisdiction over a token. - Asks Treausry to study stablecoins. - Seeks to provide consumer protection requiring promoters and endorsers to provide disclosures. - Tries to define decentralization and when networks are sufficiently decentralized to no longer be a security. - Introduces a process for tokens to become sufficiently decentralized and labeled as commodities. The SEC has 90 days to review and determine if a token operates without a controlling entity. If it does not operate with a controlling entity, the asset is generally a commodity and the CFTC has jurisdiction. This Act will go to the Senate for review and markup and it's likely not to move forward looking the exact same.

… passage of the Bipartisan Financial Innovation and Technology for the 21st Century Act (FIT Act) by the U.S. Senate is significant for the digital assets industry, including #XRP holders. The FIT Act provides a more comprehensive regulatory framework for the crypto industry. It signals that Congress recognizes the importance of this sector and aims to create smart regulations that promote innovation while ensuring consumer protection. The FIT Act received bipartisan support, emphasizing cooperation across party lines. This stability and recognition are positive for the industry, as it reduces uncertainty and fosters investor confidence. The bill grants the Commodity Futures Trading Commission (CFTC) clearer authority over crypto issuers, it also defines a more limited role for the U.S. Securities and Exchange Commission (SEC). This part I 😍 becuae it ensures regulatory oversight without stifling innovation. The also protects consumers and investors by addressing potential loopholes and maintaining market integrity forcing collaboration between industry stakeholders and policymakers.