Top Crypto News of the Day Handpicked by CoinChapter.com
SEC Approves Spot Ether ETFs
The U.S. Securities and Exchange Commission (SEC) has given the green light for the launch of spot Ether exchange-traded funds (ETFs) in the United States. This regulatory approval comes after the SEC approved rule changes through a filing on May 23. Major players in the crypto industry, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, can now list and trade their spot Ether ETFs on exchanges.
While the SEC has approved the rule changes, the ETF issuers still need the agency’s approval for their respective registration statements before the spot Ether ETFs can officially begin trading. Industry analysts suggest that this final approval process could take anywhere from days to months.
It is worth noting that the SEC’s Trading and Markets Division approved the spot Ether ETFs, not the agency’s commissioners led by Chair Gary Gensler. This is different from the SEC’s previous approval of spot Bitcoin ETFs, which required a vote by the commissioners.
Coinbase Loses Supreme Court Case
Coinbase has lost a case at the U.S. Supreme Court related to the crypto exchange’s 2021 Dogecoin sweepstakes promotion. In a unanimous 9-0 decision, the Supreme Court focused on a procedural issue rather than Coinbase’s crypto practices or broader regulatory concerns.
The Supreme Court ruled that a lower court should decide which agreement takes precedence. Coinbase had argued that a ruling favoring the plaintiffs could create legal chaos by undermining the arbitration agreement. However, the Court dismissed these concerns. The ongoing lawsuit alleges that Coinbase misled customers into thinking they had to buy or sell $100 worth of Dogecoin to be eligible for prizes when, in reality, they could have entered for free.
Sam Bankman-Fried Transferred to Oklahoma Prison
Former FTX CEO Sam Bankman-Fried has been transferred from the Metropolitan Detention Center in Brooklyn to the Federal Transfer Center in Oklahoma City. This move suggests that authorities may be preparing to relocate him to the Federal Correctional Institution in Mendota, California, despite a judge’s recommendation that he remain in Brooklyn to facilitate access to his appellate counsel.
Bankman-Fried has been incarcerated in New York since his bail was revoked in August 2023, following his November 2023 conviction on seven felony counts.
Phantom Wallet Surpasses PayPal on Google Play Store
The crypto wallet Phantom has surpassed PayPal to secure the second spot on the Google Play store. With over 5 million downloads, Phantom now ranks second behind Cash App. This achievement highlights the growing popularity of crypto and Web3 applications among mobile users. Originally built on the Solana blockchain, Phantom has expanded its support to include Ethereum, Polygon, Bitcoin, Bitcoin Ordinals, and BRC-20 tokens.
U.S. House Passes Bill to Ban Federal Reserve CBDC
The U.S. House of Representatives has passed the CBDC Anti-Surveillance State Act, largely along party lines. This bill aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). Introduced by Majority Whip Tom Emmer (R-Minn.), the bill addresses concerns that a U.S. CBDC could be used to monitor and control Americans.
Republicans expressed fears about potential government overreach, while Democrats argued that the concerns were exaggerated and that banning a CBDC would hinder public sector innovation and research. In the end, 213 Republicans and three Democrats voted in favor of the bill, while 192 Democrats opposed it.
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