Kategorie: Crypto Markets

• Coinbase files with CFTC to list futures for five altcoins.
• The five altcoins futures include DOT, SHIB, XLM, AVAX, and LINK.
• Trading for these futures to begin on or after July 15, 2024.

Coinbase has filed with the Commodity Futures Trading Commission (CFTC) to list futures for five popular altcoins: Polkadot (DOT), Shiba Inu (SHIB), Stellar (XLM), Avalanche (AVAX), and Chainlink (LINK).

According to a release by Coinbase, these new futures products are set to start trading on or after July 15, 2024.

Coinbase seeks to expand its product suite

The addition of these futures is a significant step for Coinbase as it seeks to enhance its product suite and provide its users with more versatile trading options.

Futures contracts are financial derivatives that obligate the buyer to purchase, or the seller to sell, an asset at a predetermined future date and price. This allows traders to speculate on the future price movements of these altcoins with reduced upfront capital requirements compared to spot trading.

Coinbase emphasized the benefits of this expansion stating:

“With the addition of AVAX, LINK, DOT, XLM, and SHIB, our participants and their clients gain more access points to manage risk, speculate on price movements, and participate in the cryptoeconomy with reduced upfront capital requirements. This expansion not only diversifies our product suite but can also enhance our users’ overall trading experience.”

Among the five tokens, Avalanche (AVAX) holds the largest market capitalization, valued at $11.1 billion, followed by Shiba Inu (SHIB) with a market capitalization of $10.1 billion.

By introducing futures for these specific tokens, Coinbase is positioning itself to attract a broader range of traders and investors. The new futures products are expected to provide additional tools for market participants to hedge their investments and capitalize on the volatility of the cryptocurrency market.

Coinbase’s move underscores its commitment to innovation and growth within the rapidly evolving digital asset space, ensuring that it remains at the forefront of the industry.

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• The US Securities and Exchange Commission (SEC) has sued Consensys.
• SEC filed its lawsuit against the company on Friday, alleging unregistered broker dealer and offer of unregistered securities.

The US Securities and Exchange Commission (SEC) has sued Consensys, the Ethereum developer and software provider.

On Friday, June 28, the SEC filed a lawsuit against the company alleging Consensys has operated an unregistered broker dealer and offered unregistered securities. The regulator’s complaint is also about MetaMasks services – crypto swaps and staking.

“Consensys violated the federal securities laws by failing to register as a broker and failing to register the offer and sale of certain securities, thereby depriving investors of crucial protections that those laws afford,” the SEC alleged in the filing.

SEC highlights Lido, Rocket Pool staking

The SEC notes in the complaint filed at the United States District Court Eastern District Of New York that the MetaMask Swaps service has operated since October 2020, while Consensys has offered staking programs via the crypto wallet and platform since January 2023.

“By its conduct as an unregistered broker, Consensys has collected over $250 million in fees,” the SEC argues.

The lawsuit mentions Polygon (MATIC), Chiliz (CHZ), the Sandbox (SAND), Mana (MANA), and Luna (LUNA) as some of the securities.

SEC alleges that Lido (LDO) and Rocket Pool (RPL) staking programs are “investment contracts and, therefore, securities.”

According to the regulator, investors using the protocols expect profits with this coming from Lido and Rocket Pool’s managerial efforts. But Lido and Rocket Pool have both not registered with the SEC.

Today’s news comes a few days after Consensys said the SEC had ended its investigation into Ethereum 2.0. Consensys sued the regulator in April seeking clarification over Ethereum.

Notably, SEC approved spot Ethereum ETFs in May.

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• 21Shares has filed a Solana (SOL) ETF, with its Core Solana ETF application coming a day after VanEck’s Solana Trust.
• SOL price hovered around $142 after the news, having soared after VanEck’s filing on Thursday.

The Solana (SOL) ETF mania is picking momentum with yet another issuer filing for a spot Solana ETF.

A day after VanEck filed for a similar exchange-traded fund with the US Securities Exchange Commission (SEC), 21Shares has submitted its own application.

21Shares files for Solana ETF

According to the filing, the 21Shares Core Solana ETF will trade on the Cboe BZX Exchange and “track the performance of SOL, the native digital asset of the Solana blockchain.”

“21Shares is excited by the potential for an exchange traded product (ETP) in the US that provides access to the Solana ecosystem. We believe this is a necessary step for the crypto industry and it holds true to our mission to bring to market easily accessible financial products centered around crypto assets,” the firm wrote on X.

VanEck first to file SOL ETF in the US

VanEck and 21Shares are now the first two asset managers to file for SOL spot ETFs in the US and could be a matter of who next as the industry gears up for the spot Ethereum ETFs. The SEC approved Ether ETFs in May and experts say the final nod before products hit exchanges could come as soon as next week.

For Solana, Bloomberg senior ETF analyst Eric Balchunas says that it may be too early to pin a date to potential approval. However, “the odds of a Solana ETF being approved” in next 12 months may improve significantly if Trump wins this year’s election.

SOL price amid ETF news

On Thursday, Solana price rose sharply as the market reacted to VanEck’s filing.

On Friday, the cryptocurrency pared most of the gains as the broader ecosystem heaved under continued downside pressure.

However, as Bitcoin struggled below $61k and Ether battled near $3,400, SOL was looking to rebound above $142. Unlike BTC and ETH that were down 4.5% and 3% respectively over the past week, Solana’s price was up 8%.

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• Jesse Powell donates $1M in Ethereum to Trump’s 2024 presidential campaign.
• Powell criticizes Biden’s administration for unclear crypto regulations.
• Trump’s campaign collects over $14M in crypto after aligning with pro-crypto stance.

Jesse Powell, co-founder of the prominent U.S. cryptocurrency exchange Kraken, has made a significant financial contribution to Donald Trump’s 2024 presidential campaign.

The donation, amounting to $1 million and primarily composed of Ethereum (ETH) comes a few days after Gemini founders donated $2M to Trump.

Powell believes Trump is the only pro-crypto candidate

Jesse Powell’s substantial donation to Donald Trump’s campaign is rooted in his belief that Trump represents the only major party candidate with a pro-crypto stance.

Powell has expressed frustration with the current administration’s handling of cryptocurrency regulation. He argues that under President Biden, the U.S. has failed to establish clear and supportive regulations for the crypto industry. This regulatory ambiguity, according to Powell, stifles innovation and pushes web3 startups to more crypto-friendly jurisdictions such as Europe, Singapore, UAE, and El Salvador.

Moreover, Powell has been vocally critical of key figures in the current administration, including Senator Elizabeth Warren and SEC Chair Gary Gensler. He accuses them of hindering the growth of the U.S. crypto market through stringent regulatory measures.

Powell’s endorsement of Trump is also tied to the latter’s pledge to free Ross Ulbricht, the founder of the defunct darknet marketplace Silk Road, which has been a point of contention within the crypto community.

Donald Trump has become a darling of the crypto community

Powell’s donation is part of a larger wave of support for Trump from the cryptocurrency sector.

Other notable figures, such as the Winklevoss twins of Gemini, have also made significant contributions to Trump’s campaign, donating approximately 15.47 BTC.

Additionally, major crypto firms like Ripple and Coinbase have funneled millions into the FairShake super PAC, aiming to elect crypto-friendly candidates.

This political mobilization underscores a strategic effort within the crypto community to influence future regulatory landscapes in favor of digital asset innovation.

The Trump campaign has capitalized on this support, raising over $14 million in cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), and Circle’s USDC stablecoins.

Trump’s overall crypto portfolio has grown to over $30 million, reflecting his increasing alignment with the crypto sector. This support is anticipated to have significant implications for the U.S. crypto market, potentially leading to clearer regulations and a more robust blockchain ecosystem.

As the 2024 election approaches, the strategic donations from influential crypto figures like Jesse Powell signal a shift in political dynamics, with the potential to shape the future of cryptocurrency regulation in the United States.

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