Ethereum ETF Approval Delayed by SEC

Ethereum ETF Approval Delayed by SEC, Decision on Franklin Templeton Application Pushed to June

The wait for a U.S. exchange-traded fund (ETF) directly linked to Ethereum continues. The Securities and Exchange Commission (SEC) has postponed its decision on Franklin Templeton's application to launch an Ethereum ETF.

According to a document published on the SEC's website, the Commission needs more time to thoroughly review the application and its potential implications. A new deadline for their decision has been set for June 11th.

This delay comes as several major asset managers, eager to capitalize on investor interest in Ethereum, have filed applications for Ethereum spot ETFs. The SEC still faces deadlines for applications from VanEck and ARK/21Shares, with a final decision on those proposals expected by May 23rd.

The postponement for Franklin Templeton's application highlights the ongoing regulatory uncertainty surrounding cryptocurrency ETFs in the U.S. While a Bitcoin ETF was recently approved, the SEC appears to be taking a more cautious approach with Ethereum ETFs. Investors interested in gaining exposure to Ethereum through an ETF will need to wait a bit longer for a final decision.

Mt. Gox Bitcoin Payout Looms, Potentially Dampening Crypto Prices

Holders of Bitcoin and cryptocurrencies might want to brace for some potential volatility. Mt. Gox, the infamous crypto exchange that collapsed after a hack in 2014, is reportedly nearing a massive payout to creditors.

According to a recent report by K33 Research, Mt. Gox is preparing to distribute a staggering 142,000 Bitcoins (BTC), currently valued at roughly $9.5 billion, along with 143,000 Bitcoin Cash (BCH) worth around $73 million. This influx of coins could create a "substantial overhang" on digital asset prices, potentially leading to a price drop in the coming weeks.

The report's authors, Anders Helseth and Vetle Lunde, highlight the potential negative impact on crypto prices. This warning coincides with recent updates on the Mt. Gox claim filing system, where creditors have reportedly seen changes to their BTC and BCH claims. This could be a sign that payouts might arrive sooner than the previously anticipated October 31, 2024 deadline set by the defunct exchange's trustees.

While the exact timing and impact on prices remain uncertain, the potential release of a significant amount of Bitcoin from Mt. Gox adds another layer of complexity to the already volatile crypto market. Investors are advised to monitor the situation closely and consider potential adjustments to their investment strategies.

Stratos Scores Big with Meme Coins, Liquid Token Fund Soars 109%

Venture capital firm Stratos is celebrating a stellar first quarter, boasting a whopping 109% net return for their liquid token fund. This impressive performance is attributed to their strategic investments in various cryptocurrencies, with some exceeding expectations.

Solana and Nosana, established players in the digital asset space, played a role in the fund's success. However, the unexpected breakout star was the meme coin Dogwifhat (WIF), which delivered a staggering 300-fold return on investment for Stratos.

This single holding significantly boosted the overall performance of the liquid token fund, highlighting the potential – and volatility – associated with meme coins.

MEME OF THE DAY