Web3🌑Friday Roundup: Solana ETF Eyes North America, Bitcoin Outflows, IRS Pushback, and Binance's USDT Move

Web3 is moving at breakneck speed, and this week has been no different. Buckle up as we dive into some of the hottest headlines. Stay tuned as we unpack these stories and explore what they mean for the future of Web3

1. Solana ETF Guns for North American First

Canadian investment fund manager 3iQ has filed to launch The Solana Fund (QSOL), which could become North America's first Solana ETF. Following the recent approvals of Bitcoin and Ethereum ETFs in the US, this move highlights growing interest in expanding crypto ETF offerings. QSOL aims to simplify exposure to Solana (SOL) by listing on the Toronto Stock Exchange and incorporating staking strategies. As Solana ranks as the fifth-largest cryptocurrency, this development raises questions about which cryptocurrencies US regulators will approve next for ETF treatment. Stay tuned for more updates on this evolving market.

Solana ETF Proposal Aims to Be First in North America - Decrypt

After Bitcoin and Ethereum ETF approvals in the United States, a firm aims to launch Canada’s first Solana ETF. Can the U.S. be far behind?

DecryptRyan Ozawa

2. Bitcoin ETFs See $900M Exodus This Week

Spot Bitcoin ETFs in the US witnessed their worst week since April, with over $900 million in net outflows over the past five days. Grayscale's GBTC and Fidelity's FBTC led the outflow, while BlackRock's IBIT was the only one with inflows. This comes after a strong inflow period in May and coincides with recent drops in Bitcoin price.

Bitcoin ETFs Post $900M in Net Outflows This Week

Thursday marked the fifth straight day of net outflows for the U.S.-listed ETFs in their worst performance since mid April.

CoinDeskShaurya Malwa

3. Consensys Challenges Unclear Crypto Tax Rules with IRS

A blockchain firm, Consensys, is asking the IRS to delay a new rule requiring crypto exchanges to report customer transactions. They say the rule is confusing and places a heavy burden on companies. The IRS wants crypto brokers to report like stock brokers, but Consensys argues this doesn't fit the crypto industry. They're worried the unclear rules will lead to mistakes and data privacy issues. With tax filing deadlines coming, they say companies need more time to understand how to comply.

Consensys asks IRS to delay new crypto reporting rules

Consensys said the proposed tax form may “single-handedly destroy” self-custody wallet providers in the U.S.

The Block[email protected]

4. Binance Opens the Door for Faster USDT Transfers with TON Integration

Binance now lets users move Tether (USDT) onto the TON blockchain. This allows for faster and cheaper transactions. However, be cautious! Upcoming EU regulations might restrict USDT use. Binance advises users to stay informed to avoid disruptions. This comes after another exchange, Uphold, delisted USDT due to these regulations.

Binance integrates USDT on TON, opens transactions

Binance integrates USDT on TON, allowing users to deposit and withdraw with improved transaction speeds and reduced fees.

CointelegraphJosh O’Sullivan

That's a wrap on this week's Web3 whirlwind! These developments paint a fascinating picture of the ever-evolving Web3 landscape. From the race for a North American Solana ETF to the ongoing debate around crypto regulations, it's clear that the future of this space is being actively shaped. Stay tuned for more in-depth dives into these stories and other exciting developments in the world of Web3. Until next week, happy exploring!

WEB3 AI ML