Here is the top crypto news of the day curated by CoinChapter.com.
Spot Ether ETFs Get Green Light from SEC
The U.S. Securities and Exchange Commission (SEC) has approved the launch of spot Ether exchange-traded funds (ETFs) in the United States. Through a May 23 filing, the SEC gave the regulatory go-ahead for rule changes. Now major players like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise can list and trade their spot Ether ETFs on exchanges.
While the SEC has approved the rule changes, the ETF issuers still need the agency to approve their respective registration statements before the spot Ether ETFs can officially start trading. This final approval process could take anywhere from days to months, according to industry analysts.
Notably, the SEC did not approve Hashdex’s spot Ether ETF application.
It is noteworthy that SEC’s Trading and Markets Division approved spot Ether ETFs, not the agency’s commissioners led by Chair Gary Gensler. This contrasts with the SEC’s earlier approval of spot Bitcoin ETFs, which involved a vote by the commissioners.
Coinbase Loses Case at Supreme Court
The U.S. Supreme Court unanimously ruled against Coinbase in a case related to the crypto exchange’s 2021 Dogecoin sweepstakes promotion. The 9-0 decision 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 such concerns. The ongoing lawsuit alleges that Coinbase misled customers into believing they had to buy or sell $100 worth of Dogecoin to be eligible for prizes when, in fact, they could have entered for free.
Another Crypto News of the Day: Sam Bankman-Fried Transferred to Oklahoma Prison
Authorities have transferred Former FTX CEO Sam Bankman-Fried from the Metropolitan Detention Center in Brooklyn to the Federal Transfer Center in Oklahoma City. This move appears to be a step towards relocating 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Bankman-Fried had been incarcerated in New York since his bail was revoked in August 2023, following his November 2023 conviction on seven felony counts. His transfer to Oklahoma suggests that authorities may be preparing to move him to the Mendota facility.
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Phantom Wallet Overtakes PayPal on Google Play Store
The crypto wallet Phantom has surpassed the payment platform PayPal to secure the No. 2 spot on the Google Play store. Phantom, with over 5 million downloads, now ranks second behind Cash App. It left apps like TON Wallet, Chime, Venmo, Zelle, and Google Wallet behind.
Originally built on the Solana blockchain, Phantom has since added support for Ethereum, Polygon, Bitcoin, Bitcoin Ordinals, and BRC-20 tokens. Its meteoric rise in Google Play store rankings highlights the growing popularity of crypto and Web3 applications among mobile users.
Crypto News: U.S. House Passes Bill to Ban Federal Reserve CBDC
The U.S. House of Representatives has voted largely along party lines to pass the CBDC Anti-Surveillance State Act. This bill seeks to prevent the Federal Reserve from issuing a central bank digital currency (CBDC).
The bill, introduced by Majority Whip Tom Emmer (R-Minn.), aims to address concerns that a U.S. CBDC could be used to monitor and control Americans.
While Republicans expressed fears about potential government overreach, Democrats argued that the concerns were overblown and that banning a CBDC would hamper 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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