SEC delays VANECK Ethereum ETF SEC wants to classify Ethereum as a security

2024/03/20 23:53

Headlines

▌US SEC delays approval of VANECK spot Ethereum ETF

United States The Securities and Exchange Commission (SEC) delayed approval of the VANECK spot Ethereum ETF and said it would specify a longer period to decide whether to approve or disapprove the VANECK Ethereum ETF, as well as procedures for proposed rule changes to listing and trading rules.

▌The U.S. SEC initiated legal action to classify Ethereum as a security

According to reports, it received a subpoena related to the investigation. The U.S. Securities and Exchange Commission (SEC) is launching a legal campaign to classify Ethereum as a security, according to U.S. companies. The SEC’s Ethereum investigation involves requiring companies to provide all documents and financial records of their dealings with the Ethereum Foundation. The U.S. Securities and Exchange Commission's (SEC) investigation into the Swiss-based Ethereum Foundation comes amid the blockchain's shift to new governance called proof-of-stake in September 2022, according to a person at one of the companies that recently received a subpoena request. Mode started shortly after. The SEC does not comment on the existence of a possible investigation, the SEC said in response to Fortune's request for comment.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 67,815.9 US dollars, with fluctuations during the day. Frame+6.63%;

ETH Recent The transaction price was US$3173.79, and the intraday increase or decrease+7.53%;< /p>

BNB’s recent transaction price was US$555.5, with an intraday increase or decrease of +7.65% strong>;

ORDI’s recent transaction price was US$63.87, with an intraday increase or decrease+6.43%;

The recent transaction price of DOGE was US$0.1515, with intraday changes +14.64%;

SOL’s recent transaction price was US$191.62, with intraday gains and losses+12.41%.

Policy

▌US Congressman: Congress may pass a policy this year Stablecoin Bill

U.S. Representative Patrick McHenry and Senator Cynthia Lummis both said that it is possible that Congress will pass a stablecoin bill this year, but they could not say when it would happen.

▌German regulator BaFin emphasizes that EU regulations such as MiCA are too detailed

BaFin securities supervision / Dr. Thorsten Pötzsch, Executive Director of Asset Management, discussed EU digital regulations during a presentation at the BVI Fund Operations Conference today. Dr. Pötzsch stated that legislation is necessary to establish a safe jurisdiction for capital market participants, and the crypto-asset regulation MiCA falls into this category. However, he called for "speed, clear rules and minimal bureaucracy". In addition to the main MiCA regulations, he highlighted the requirements for an additional 57 guidelines or legal rules on specific topics. Dr. Pötzsch said, "Although everyone is aware of the rapid adjustment of regulations in a rapidly changing market, are so many rules really effective? Can't they be simpler and more pragmatic?"

< strong>▌The U.S. SEC’s investigation into the Ethereum Foundation began in September 2022, shortly after ETH was converted to POS

< p>A person at a company that recently received a subpoena request revealed that the U.S. Securities and Exchange Commission’s (SEC) investigation into the Switzerland-based Ethereum Foundation follows the blockchain’s shift to a new technology called proof-of-stake in September 2022. Governance model started shortly after.

Proof-of-stake moves Ethereum away from the energy-intensive model used by Bitcoin and instead relies on a network of trusted validators, and gives the SEC a new excuse to try to Ethereum is defined as a security, according to people at three different companies familiar with the subpoenas.

The people asked Fortune not to identify them or their companies out of fear of retaliation from Gary Gensler, the agency's chairman, who some say is vindictive.

Blockchain Applications

▌Blockchain Projects Elastos announces the launch of BTC Oracle

Cryptocurrency

▌Celsius seeks to recover $2 billion in pre-bankruptcy withdrawals

Responsible for overseeing Celsius Advisors to Network's liquidation are seeking customers who withdrew more than $2 billion from its crypto platform before Celsius filed for bankruptcy to return those funds to avoid potential litigation. A bankruptcy oversight committee for Celsius has begun contacting Celsius over the company's July 2022 bankruptcy For customers who have previously withdrawn more than $100,000 from the platform, the assets recovered through this process will help pay off creditors who have not withdrawn money from Celsius. The recovery process will only affect about 2% of Celsius users. After the company filed for In total, these users withdrew about 40% of the platform’s assets in the 90 days before the Chapter 11 bankruptcy.

▌Cardano-based USDM stablecoin will be released in retail in April

Mehen Finance announced that it will launch retail Cardano-based stablecoin USDM in April. USDM is a fiat currency backed by USDM’s stablecoin, pegged 1:1 to the U.S. dollar, initially launched for institutional users on March 17. USDM’s retail launch is expected to enhance Cardano’s decentralized finance (DeFi) ecosystem, providing users with stability on existing algorithms A fiat-backed alternative to the currency.

▌Solana Lianchuang: I don’t know why Meme Coin chose Solana Instead of Ethereum

Solana co-founder and Solana Labs CEO Anatoly Yakovenko said that Meme transactions are bizarre but provide a welcome stress test for the network. The meme craze ended up being a mixed bag for Solana, leading to an influx of usage and liquidity but also problems with its architecture that left some traders unhappy. Anatoly Yakovenko says he doesn’t know why Solana has become the ecosystem of choice for degen meme traders instead of Ethereum, with some speculating that it’s down to Solana’s fees, which are generally much lower than those on other networks.

▌CryptoPunk #7804 for over $16 million worth of ETH Sold

Ethereum has fallen this week despite recently hitting its highest price in more than two years, and a calm market didn’t stop people from spending big money on Wednesday, just after Over $16 million worth of ETH purchased CryptoPunks NFT. Punk #7804, one of only nine Alien Punks in the influential Ethereum NFT series, sold for 4,850 ETH on Wednesday afternoon, or $16.42 million at the time of sale. This makes it CryptoPunks’ second-largest sale ever, both in ETH and USD terms.

Important Economic Updates

▌The Federal Reserve kept interest rates unchanged, and the three major U.S. stock indexes all hit record highs. All-time closing high

The Federal Reserve kept the federal funds rate target range unchanged at 5.25% to 5.5%. The three major U.S. stock indexes collectively closed higher, with the Nasdaq rising 1.25%, the Dow Jones Industrial Average rising 1.03%, and the S&P 500 rising 0.89%; all hitting record closing highs. Large technology stocks generally rose.

▌Federal Reserve Chairman: A rate cut may occur sometime this year

Fed Chairman Powell said our policy rate may have "It is appropriate to start easing policy at some point this year," but the outlook is uncertain. We remain focused on risks and are prepared to keep interest rates high for a longer period if necessary; we will carefully evaluate the published data to decide on policy; Before we cut interest rates, we need to have greater confidence that inflation will continue to decline; our forecast is not a plan and we will adjust as circumstances arise.

Fed Chairman Powell said that at this meeting, discussions Slow down the balance sheet reduction; it will be appropriate to slow down the pace of balance sheet reduction in the near future; slowing down the balance sheet reduction will ensure a smooth transition, reduce the pressure on the money market, and will limit the risk of currency market fluctuations.

▌Fed dot plot: Expected to cut interest rates three times in 2024, unchanged from December last year

The Federal Reserve expects the federal funds rate to be 4.6% at the end of 2024, which is the same as last year. It is expected to be 4.6% in December; the federal funds rate is expected to be 3.9% at the end of 2025, compared with 3.6% in December last year; the federal funds rate is expected to be 3.1% at the end of 2026, compared with 2.9% in December last year; the long-term federal funds rate is expected to be 3.9%. The funds rate is 2.6%, compared with 2.5% in December last year.

Golden Encyclopedia

▌What is a Pump and Dump Scheme in Cryptocurrency?

A "pump and dump" scheme involves an organized entity or group of individuals artificially pumping up a crypto currency tokens and then sell their cryptocurrency holdings for a profit, leaving investors with losses. Fraudsters engineer demand for the tokens by spreading misleading information about the tokens and by coordinating purchases, artificially Raise the price.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish correct investment concepts and be sure to Increase risk awareness.