Leading New York-based fund manager VanEck is leading a major discussion on the US government’s clearance procedure for spot Ethereum exchange-traded funds (ETFs). The firm oversees almost $100 billion in assets.
VanEck requests SEC to maintain the first-come, first-served order system
Head of crypto research at VanEck, Matthew Sigel, has expressed disapproval of the SEC’s present strategy. Regardless of when they filed, the SEC presently allows numerous businesses to debut their financial product concurrently, such exchange-traded funds (ETFs). Using this strategy, the regulator approved the January 11 debut of all spot Bitcoin (BTC) ETFs.
“We were first to file and we expect to be first to respond to comments and first out the door. When you filed used to mean something, and it should again,” Sigel stated in an X space.
“We were first to file and we expect to be first to respond to comments and first out the door. When you filed used to mean something and it should again (vs SEC allowing everyone out on same day which favors the big firms) – @matthew_sigel of VanEck on Spaces just now 🔥
— Eric Balchunas (@EricBalchunas) May 22, 2024
Sigel also argues that it is fair and necessary to respect the filing line in order to preserve orderly market processes.
“It creates an uneven playing field for issuers who filed earlier and had to wait longer. Those who filed months ago had to keep their applications updated and compliant for a longer period, incurring more costs and legal fees compared to later filers,” Sigel argued.
No.
The SEC has long followed a first-come, first-served approach when it comes to approving financial products, including ETFs. This method is seen as fair and predictable, allowing issuers to plan their product launches based on a clear understanding of the regulatory… https://t.co/ovmidwwFge
— matthew sigel, recovering CFA (@matthew_sigel) May 22, 2024
The SEC’s 240-day review period for VanEck’s most recent ether ETF bid ends today, which brings this problem to a peak. This is just one day before the commission is supposed to decide on related plans from 21Shares and Ark Invest.
Interestingly, CEO of VanEck Jan van Eck had been expecting a rejection for their spot Ethereum ETF until last week. Even though VanEck and Ark Invest are innovators, he pointed out that they are probably going to be turned down.
Still, since the start of this week, the tides have turned. This is due to the fact that spot Ethereum (ETH) ETF approval odds were recently raised from 25% to a reassuring 75% by Bloomberg ETF experts Eric Balchunas and James Seyffart.
In a similar vein, prediction websites such as Polymarket have reported a notable spike in approval odds, jumping from 10% to 58% in the previous week.
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Furthermore, in what is regarded as a critical step toward possible approval, the SEC has asked Nasdaq and Cboe to make changes to their spot Ethereum ETF proposals. This development suggests that the regulatory position of Ethereum ETFs may be reevaluated.
XRP whale moves 50M coins amid FIT21’s relief to Ripple community
Significant sums of the cryptocurrency supported by Ripple have been transferred by an XRP whale notwithstanding the recent respite brought forth by the passing of the FIT21 crypto bill. But today, the price of XRP fell.
Following the House of Representatives’ vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), a major token unload by an XRP whale to CEXs has garnered notice worldwide. This whale has raised eyebrows in the larger crypto market as it transacts in the midst of the US passing its first-ever significant crypto bill.
Bill Morgan, an attorney who supports XRP, has noted that the crypto bill, which was influenced by Judge Torres on FIT21, says that digital assets sold under investment contracts do not always qualify as securities just because they are being sold or transferred within those contracts. The Ripple v. SEC litigation may be significantly altered by this event, and the whale activity surrounding it has further echoed a speculative buzz throughout the cryptocurrency space.
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The Torres influence on FIT21. XRP is not itself a security pic.twitter.com/0JpWDtByNC
— bill morgan (@Belisarius2020) May 23, 2024
XRP whale shifts 50.78M XRP sparking inferences
Notably, a well-known XRP whale was seen dumping 50.78 million XRP in a few transactions to CEXs Bitstamp and Bitso once more, according to information made public by the on-chain transaction tracker Whale Alert.
In the initial transaction, 29.14 million XRP were sent to Bitstamp, a CEX located in Luxembourg City. On the other hand, the second transaction showed that Bitso, a CEX located in Mexico City, received 21.64 million XRP. They were both completed with the same wallet address,..Rzn.
It’s interesting to note that, in sharp contrast to the good news for Ripple, the whale’s surprising choice to sell off XRP has given these transactions an extra element of mystery. It’s important to note that the whale in question quickly started these trades after Ripple assisted with these swaps, which led to more conjecture.
XRP price tumbles
The price of the XRP cryptocurrency as of this writing showed a 24-hour trading session in both green and red areas. The price of the token was at $0.525, down 0.96% from the previous day. Additionally, the token’s 24-hour trading volume fell 37.07% to $1.12 billion, giving it a more negative outlook.
This downward price movement can be related to the heightened selling pressure the token experienced during the aforementioned selloff. Investor pessimism was further heightened by the Futures and Options OI declining 1.18% to $620.54 million and the derivatives volume declining 40.73% to $686.15 million.
On the other hand, the asset is exhibiting a neutral market posture, as shown by the RSI, which was 51. This might give bulls or bears power over the token in the future, but the excitement around XRP that was sparked by FIT21 is still in place.
Floki DAO burns 15B FLOKI. Will price return to ATH?
Over 15 billion FLOKI tokens will be completely burned, according to Floki DAO, a move that might aid in a market rebound.
The FLOKI memecoin’s Decentralized Autonomous Organization (DAO), Floki DAO, has declared that 15,246,000,000 tokens would be burned. The memecoin project disclosed that this action follows the DAO’s permission.
FLOKI advances deflationary model
One of the most popular memecoins on the market is Floki. Given that it is also included in the recently released VanEck Memecoin Index, its significance is obvious. Even if the project has a committed community and a respectable following, its major objective is still to pursue the best policies possible to increase its value and utility.
15.246 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED
Following the decisive vote by the #Floki DAO, 15,246,000,000 $FLOKI tokens have been successfully burned today.
This action reflects the community’s overwhelming support, with 99.84% voting in favor of the burn.
TX:… https://t.co/aHBUmTepbD pic.twitter.com/xtvIf59ocj
— FLOKI (@RealFlokiInu) May 22, 2024
A unique 15,246,000,000 FLOKI were issued to dead wallets, with 460 billion FLOKI, or 99.84% of the total token supply, backing the action. Just 0.16%, or 723 million FLOKI, of voters as of May 15 had voted against the idea.
The protocol’s announcement on May 13th, the day the votes went live, is when the idea to burn the most recent token originated. In the past, FLOKI DAO has insisted on banned accounts inside its ecosystem being burned. These wallets must transfer their existing contents to the Floki Multisig wallet in order for them to be burned forever.
Many of the impacted wallets cooperated when it initially made the request in July 2022, but some did not. The group said recently that one of the wallets requested a 1% bonus after sending in 15.2 billion FLOKI. The estimated value of the proposed tokens to be burned was around $2.8 million at the time the proposal was submitted. The reported worth of the torched tokens is $3,430,350 based on the market dynamics from that point on.
The Floki DAO’s power is one of the vote’s main highlights. Since it has assisted in choosing at least three significant events in recent years, this entity demonstrates its decentralization.
How will FLOKI price benefit?
In response to the news of the token burning, FLOKI’s price has increased by 2.13% to $0.0002252. This price increase coincides with a period of strong market consolidation during which certain memecoin tokens are losing the gains they have made.
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Long-term gains from token burning may contribute to the memecoin’s price amplification. Rivals like as PEPE have retested the All-Time High (ATH) recently, thus the token may be able to print a record comparable to this one by riding this current burn fundamental. The estimated ATH for FLOKI is $0.0003437, which was reached in early November 2021.