This week, the attention was on Ethereum as the SEC finally started its public feedback phase on the pending Ethereum spot ETF applications. Let’s dig deeper.
Ethereum
The SEC has commenced a comment period for three proposed Ethereum spot ETFs amidst a cautious industry outlook and ongoing regulatory scrutiny.
Analysts from investment manager VanEck have predicted that Ethereum’s Layer-2 scaling networks will hit a market capitalization of $1 trillion by 2030.
Consensys, the parent company of self-custody wallet MetaMask, has urged the SEC to approve a spot Ethereum ETF, emphasizing Ethereum’s security features.
DeFi
Aave DAO has made certain moves against MakerDAO that have ignited concerns within the DeFi community, signaling a potential rift that could fragment the ecosystem.
DeFi protocol Ethena Labs has announced the addition of Bitcoin as one of the backing assets for its synthetic dollar-pegged stablecoin.
Altcoins
BitMex co-founder Arthur Hayes endorses memecoins, highlighting their role in drawing attention to blockchain networks and crypto platforms.
Technology
Solana founder Anatoly Yakovenko has revealed that the bug at the root of significantly reduced functionality in the Solana blockchain ecosystem has been identified and patched.
Coinbase's layer-2 network Base achieves a groundbreaking $1 billion trading volume milestone, indicating a growing interest in layer-2 scaling solutions.
Polygon Labs CEO Marc Boiron has heavily criticized Laer-3 networks for drawing value and security away from Ethereum, which could potentially risk security on the network.
Business
PayPal is offering users a seamless and cost-effective solution for sending funds globally by introducing PYUSD to USD conversions for cross-border transfers.
Cryptocurrency exchange KuCoin has seen its market share decline by 50% following legal action by the Department of Justice and the Commodity Futures Trading Commission.
Deribit FZE, the Dubai entity of crypto derivatives firm Deribit, announced it received a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Leading crypto venture firm Paradigm aims to raise $850M for investments amidst a market resurgence, reflecting growing optimism and increased fundraising activity in the crypto industry.
Merkle Manufactory, the company behind the Farcaster social network, is nearing the completion of a funding round that could value the company at $1 billion.
Security
Tether, the company behind the USDT stablecoin, has announced the successful completion of a System and Organization Controls 2 (SOC) audit.
Regulation
The Philippines Security and Exchange Commission has issued an advisory against online trading platform eToro, accusing it of offering unregistered securities in the country.
Irina Dilkinska, former head of legal and compliance for OneCoin, received a four-year prison sentence for her involvement in money laundering, adding to the legal fallout from the $4 billion Ponzi scheme.
SEC Commissioner Hester Peirce criticized the agency's regulatory approach to crypto, particularly highlighting the controversial Staff Accounting Bulletin 121
The entity behind layer-1 blockchain Tron has urged a New York federal court to dismiss a lawsuit brought by the SEC against it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
