Web3🌗Wednesday Buzz: Cboe's Ether ETF Update, Uniswap vs. SEC, FTX Executive Sentencing, and Trump's Crypto Adoption!
1. Cboe updates Ether ETF filings, sparking approval optimism.
2. Uniswap reacts to SEC notice, rejects litigation.
3. Prosecutors seek 5–7 years for FTX ex-exec.
4. Trump embraces crypto donations.
Discover more insights below!✨
Welcome to our Web3 Wednesday roundup! Today, we delve into the latest developments reshaping the digital landscape. From regulatory updates to significant industry shifts, there's much to explore. Join us as we uncover the key highlights driving innovation in the world of Web3. Stay tuned as we navigate through the dynamic realm of Web3!
1. Cboe updates Ether ETF filings, sparking approval optimism.
The SEC is making progress on the potential approval of a spot Ether (ETH) exchange-traded fund (ETF). Cboe, associated with several issuers including Fidelity, VanEck, and Ark/21Shares, updated its filings in response to regulatory feedback. These updates, submitted with unified wording, signal significant progress, though final approval is not guaranteed. The SEC's request for revisions suggests movement towards approval, with some expecting decisions this week. However, the launch of the spot Ether ETFs also depends on the approval of the issuers' S-1 forms, which have seen less progress. Ether's price has risen 3.8% amidst this optimism.
Helene Braun and Nikhilesh De
2. Uniswap reacts to SEC notice, rejects litigation.
Uniswap has responded to the SEC's Wells notice with a 43-page submission, arguing against legal action. The DeFi platform claims its tokens are not securities and emphasizes that the SEC lacks authority over cryptocurrencies like Bitcoin and Ether. Uniswap highlights its decentralized nature, which complicates regulatory oversight, and warns that enforcement could push users to foreign platforms. The company calls for Congressional intervention to regulate the crypto industry, stating that litigation is not the solution. This response follows similar actions by Consensys and Robinhood, both also under scrutiny by the SEC.
Casey Wagner
3. Prosecutors seek 5–7 years for FTX ex-exec.
U.S. prosecutors are advocating for a 5-7 year prison sentence for Ryan Salame, former FTX executive, citing his involvement in crimes that contributed to the collapse of the FTX crypto exchange. Salame pleaded guilty to offenses related to misappropriating FTX investors' funds. However, his defense argues for a maximum of 18 months behind bars. Prosecutors emphasize the severity of Salame's actions, labeling them as some of the largest-ever campaign finance offenses in American history. They stress the need for significant incarceration to deter similar crimes and uphold the law. Salame's sentencing is scheduled for May 28, making him the first accomplice to face consequences following FTX co-founder Sam "SBF" Bankman-Fried's 25-year prison sentence. Other key figures involved in the FTX scandal await sentencing, prompting calls for legislative clarity on financial regulation regarding digital assets to prevent future incidents like FTX
Arijit Sarkar
4. Trump embraces crypto donations.
Donald Trump's campaign now accepts crypto donations, signaling a shift in U.S. politics. At a Mar-a-Lago event, he pledged to become the first major candidate to embrace digital currencies. This move follows his declaration as the crypto candidate, aiming to counter Senator Elizabeth Warren's anti-crypto stance. While Trump hasn't proposed specific crypto policies, supporters view his openness positively, contrasting with Biden's administration's anti-crypto stance. Democrats may reassess their approach as evidenced by House leadership's decision not to oppose upcoming crypto policy bills.
Danny Nelson
As we conclude our Web3 Wednesday roundup, it's evident that the landscape of digital innovation continues to evolve rapidly. From regulatory challenges to groundbreaking decisions by industry leaders, the Web3 ecosystem is full of excitement and opportunity. We hope you found today's insights informative and thought-provoking. Stay tuned for more updates on the latest developments shaping the future of Web3. Remember to subscribe to our newsletter for continued coverage of these transformative trends. Thank you for joining us on this journey through the dynamic world of Web3, and until next time, keep exploring and embracing the possibilities of the digital age!
