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Spot Ethereum ETF Approval by SEC Could Happen by July 4: Source -… | EVM News
YEREVAN (CoinChapter.com) — The U.S. Securities and Exchange Commission (SEC) is on the verge of approving spot Ethereum ETFs, potentially as soon as July 4. This information comes from anonymous sources cited by Reuters, indicating that discussions between asset managers and regulators are in their final stages. Key players in this space include BlackRock, VanEck, and Franklin Templeton, all of whom are awaiting the SEC’s green light.
A lawyer involved in the process mentioned,
“We are down to the finishing touches,”
suggesting that the approval could happen within a week or two. Notably, executives from two firms confirmed that only minor issues remain unresolved. Once these are addressed, the ETFs can be listed and traded in the U.S.
Gary Gensler on Smooth SEC Approval Process for Ethereum ETFs
Gary Gensler, the acting SEC Chair, recently commented on the approval process, noting that it is progressing smoothly. He emphasized that the speed of the approval largely depends on how quickly issuers respond to the regulator’s queries. Gensler stated,
“It’s really about the asset managers making the full disclosure so that those registration statements can go effective.”
Critically, last month, the SEC approved 19b-4 forms for eight Ethereum ETFs, bringing the process closer to completion. Moreover, firms are now waiting for their registration statements, or S-1s, to be approved before trading can commence.
Modest Impact Expected from Spot Ethereum ETFs
The launch of spot Ethereum ETFs is expected to affect the cryptocurrency market, though less significantly than spot Bitcoin ETFs. Analysts suggest that the effect on the price of Ether will be relatively smaller due to its lesser market share compared to Bitcoin.
James Butterfill, head of research at CoinShares, highlighted this point, stating,
“Ethereum is not the same size in terms of market cap, nor does it have the same volumes.”
This perspective is important for investors considering the potential market dynamics post-approval.
Eric Balchunas Predicts July 2 Approval for Spot Ethereum ETFs
Eric Balchunas, a senior ETF analyst at Bloomberg, predicted that the approval of spot Ethereum ETFs could occur by July 2. His optimism is based on the recent comments and the overall pace of the approval process.
The SEC’s recent approval initially drew approximately $8 billion in assets. Moreover, as of late June, the total assets in these new products reached nearly $38 billion. This success sets a precedent and provides a hopeful outlook for the Ethereum ETFs.
Ethereum’s Market Performance
Ether’s performance in the market has seen fluctuations recently. As of now, Ether is priced at $3,370.65, with a market cap of $404 billion. Over the past seven days, the value of Ether has decreased by nearly 6%, and it has fallen by almost 14% in the last 30 days. Historically, despite these recent declines, Ether has shown an 80% increase since July 2023.
Notably, the trading volume of Ether has also seen a drop of 5.40% in the past 24 hours, reaching $11.4 billion. Additionally, DefiLama data indicates that Ethereum holds over $58.78 billion in total value locked (TVL), reflecting its significant position in the decentralized finance sector.
YEREVAN (CoinChapter.com) — Pump.fun’s cumulative revenue has crossed $50 million. The Solana-based memecoin launchpad is noted for its ease of use and Solana’s low transaction fees. According to DefiLlama data, Pump.fun generated over $598,000 in revenue within the past 24 hours.
Pump.fun’s Memecoin Launch and Continued User Engagement
Pump.fun has helped launch over 1.18 million memecoins. The platform’s popularity grew amid the recent meme-token boom, resulting in the creation of various political-themed cryptocurrencies, celebrity tokens, and more. Data from Dune Analytics confirms the high volume of memecoins deployed via Pump.fun.
Recent unfavorable market conditions have caused a dip in daily fees. However, Pump.fun still shows significant user engagement and economic activity on the Solana network.
Pump.fun Boosts Solana’s Economy Amid Rising Competition
The substantial fees generated by Pump.fun and the large number of tokens deployed have brought considerable economic activity to Solana. The platform maintains high user interest and drives transactions.
Dexscreener, a crypto data aggregator, launched a rival memecoin launchpad named Moonshot. Also based on Solana, Moonshot accumulated nearly $500,000 in revenue during its debut week, according to DefiLlama data. This new competitor adds another layer to the growing memecoin market on Solana.
Pump.fun’s Revenue Model and Celebrity Impact on Solana
Pump.fun charges a 1% fee on trades and a two SOL fee when tokens gain enough liquidity to list on Raydium, a decentralized exchange on the Solana blockchain. This revenue model has significantly boosted user engagement and transaction activity within the Solana ecosystem.
Celebrity involvement has also contributed to Pump.fun’s growth. Last month, Caitlyn Jenner launched her token, JENNER, on the platform and heavily promoted it. The token’s value quickly rose to $43.6 million after the launch but has since dropped by over 85%.
Key Numbers and Facts
- Pump.fun’s cumulative revenue: $50 million+
- Memecoins launched: 1.18 million+
- Recent 24-hour revenue: $598,000+
- Moonshot’s debut week revenue: $500,000
YEREVAN (CoinChapter.com) — Crypto exchange Gemini and Real Bedford football club, co-owned by Peter McCormack, have signed a five-year sponsorship deal. The deal, announced on Monday, aims to support the club’s success and create new opportunities for locals. It will be paid in Bitcoin.
Winklevoss Capital, owned by Gemini founders Tyler and Cameron Winklevoss, made a $4.5 million investment in the football club in April. The new sponsorship is in addition to the previous investment. The April investment made the Winklevoss twins co-owners of the club alongside McCormack. McCormack bought the club in 2022.
Company Logo to Feature on Jerseys in New Deal
A Gemini spokesperson explained that both the team’s jerseys and the pitch will feature Gemini’s logo as part of the sponsorship deal. Gemini has sponsored the club since 2022. The value of the new deal was not disclosed.
Real Bedford’s integration of Bitcoin into its operations stands out. Players are able to receive payments in cryptocurrency, and fans can buy tickets and merchandise using Bitcoin. This integration has led to a +62% return, strengthening the club’s financial position.
Real Bedford’s Bitcoin Strategy Secures 62% Return
Real Bedford football club holds its treasury in Bitcoin. The five-year sponsorship deal will be paid directly into this Bitcoin treasury. This strategy safeguards the club’s savings and investments against high inflation. The football club plans to use the sponsorship funds to build a new training center and launch a youth football academy for underprivileged children in Bedford, England.
“By integrating Bitcoin into our treasury, we have achieved a +62% return,”
McCormack said. This return has helped protect the club’s cost base against inflation. Bitcoin is a key part of its financial strategy.
“I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years.
McCormack commented
The sponsorship deal will provide significant support to children in Bedford. For example, the new training center and youth football academy are significant steps forward for the area. They will provide better opportunities for underprivileged children in Bedford, where McCormack lives.
Key Takeaways:
- Web3-Friendly Lampu festival used NFT ticketing for secure entry, reducing fraud.
- Payment options included traditional methods and USD Coin (USDC).
- Belong provided a branded platform with event schedules and real-time updates.
YEREVAN (CoinChapter.com) — The Lampu festival in Bali, inspired by the world-famous Burning Man, integrated Web3 technologies for its 2024 event. Held from Feb. 29 to March 3, the festival welcomed over 1,000 attendees who experienced NFT ticketing and crypto payments.
Lampu Festival Implements NFT Ticketing for Secure Entry
NFT ticketing was a feature of the Lampu festival. Each ticket, a unique digital asset stored on a blockchain, ensured authenticity and ownership. This method reduced fraud and improved operations for the organizers. Unlike traditional tickets, NFT tickets provided a secure method of entry, eliminating the risks of counterfeiting or loss.
Belong’s platform offered multiple ticket price tiers. After successful payment, users received their tickets in NFT form. The transaction ID was available on Etherscan, and the NFT was visible on the OpenSea platform. Gasless minting allowed payments with USDC without needing other cryptocurrencies like Polygon (MATIC) or Ether (ETH). Festivalgoers then scanned their QR code on the same platform to enter the event.
Jay, Belong’s founder, stated,
“Our goal is not only to provide software but also to enhance engagement and create meaningful connections within communities.”
Payment Options at Lampu Festival
The festival’s payment options included both traditional methods and USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Community owners received payments in USDC, simplifying the financial transactions.
Visitors to the Lampu festival could choose from Apple Pay, Google Pay, and Web3 wallets, providing a variety of payment options to suit different preferences. This flexibility ensured that both tech-savvy attendees and those less familiar with cryptocurrency could easily participate.
Belong’s platform developed a Lampu-branded landing page for the event. This page included event schedules, community links, and real-time updates. It was designed to be accessible to a diverse audience, including those unfamiliar with Web3 technologies.
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