El Salvador Eyes Bitcoin Bank: Dollars and Crypto to Collide?

El Salvador Eyes Bitcoin Bank: Dollars and Crypto to Collide?

El Salvador is pushing the envelope again! The government has proposed a new law to establish a private investment bank that could operate in both Bitcoin and US dollars.

This means the bank if approved, could accept deposits, grant loans, and potentially offer a wider range of financial services using Bitcoin alongside the traditional US dollar. This move underscores El Salvador's commitment to cryptocurrency adoption, having already made Bitcoin legal tender in 2021.

The reform doesn't stop there. It also proposes allowing existing private banks to apply for authorization to offer digital assets and Bitcoin-specific services. This could potentially open the door for a wider range of crypto-related financial products in El Salvador.

While the proposal needs to be approved by lawmakers, it's a clear sign that El Salvador is doubling down on its crypto ambitions. Will this pave the way for a new era of Bitcoin banking? Stay tuned for the next chapter in this evolving story!

Ripple vs. SEC Heats Up, Settlement Amount Reduced

The legal battle between Ripple and the SEC is taking a new turn! The SEC has slashed its proposed settlement amount for Ripple from a whopping $2 billion down to $102.6 million, according to a legal document.

This significant reduction comes just a day after Ripple argued that the initial $2 billion penalty was unreasonable. Ripple cited the recent Terraform Labs settlement of $4.4 million and previous SEC settlements as benchmarks for a fairer settlement amount.

They further argued that the SEC has historically agreed to penalties ranging from 0.6% to 1.8% of the defendant's revenue in similar cases. Based on this reasoning, Ripple has proposed a settlement fee of just $10 million.

Is this a sign of a potential resolution? While the gap has narrowed, there's still a significant difference between the two sides. We'll be watching closely to see how these negotiations unfold.

Mark Your Calendars! Ethereum ETF Launch Inches Closer

Ethereum enthusiasts, rejoice! The much-awaited launch of spot Ethereum ETFs is inching closer, with a potential July 2nd debut.

This optimistic timeline comes from Bloomberg ETF analyst Eric Balchunas, who cites the SEC's recent light comments on S-1 filings submitted by ETF issuers. These comments, with a one-week turnaround requested, suggest the SEC might greenlight the ETFs by next week, allowing them to start trading before the July 4th holiday weekend.

The groundwork has already been laid. The SEC previously approved 19b-4 forms for eight different issuers, including major players like BlackRock and Fidelity. However, the final hurdle remains – the approval of the S-1 filings.

Adding fuel to the fire, SEC Chair Gary Gensler himself hinted at the potential summer approval of an Ethereum ETF during a Senate hearing earlier this week.

With all these signs pointing towards a July launch, investors won't have to wait much longer to gain easier exposure to Ethereum through ETFs. Stay tuned for further updates as we approach this significant milestone for the Ethereum ecosystem!

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