Regulation
NYSE Arca files 19b-4 for Grayscale Cardano ETF as Bitcoin Pepe’s presale goes live
- NYSE Arca has filed for Grayscale Cardano ETF, seeking to list a Cardano Trust under the ticker GADA.
- Bitcoin Pepe presale launches on February 11, 2025.
- Bitcoin Pepe aims to build a Layer-2 solution for Bitcoin leveraging Solana’s speed and low fees and Bitcoin’s security.
On February 10, 2025, NYSE Arca filed a 19b-4 form with the SEC to list the Grayscale Cardano Trust, marking a significant step toward the first US spot Cardano (ADA) ETF.
Notably, the ADA ETF filing coincides with the launch of Bitcoin Pepe’s presale, which is scheduled to go live today (February 11, 2025).
SEC has 45 days to give feedback on the Grayscale Cardano ETF
According to the NYSE Acra filing, Grayscale, a leading crypto asset manager, has partnered with NYSE Arca to propose the Grayscale Cardano Trust under the ticker GADA, seeking to list and trade shares on the NYSE. The trust would hold Cardano’s ADA tokens, with each share representing fractional ownership of the assets, minus expenses.
The filing, submitted under NYSE Arca Rule 8.201-E, reflects the growing institutional interest in altcoin ETFs, following the SEC’s approval of Bitcoin and Ethereum spot ETFs last year. The trust’s net asset value will be calculated daily using an index price from regulated exchanges like Coinbase and Kraken, with Coinbase Custody safeguarding assets and BNY Mellon serving as administrator.
Following the news, the price of Cardano’s native token, ADA, had surged by over 14% to $0.7948 at press time. However, regulatory hurdles remain, as the SEC previously categorized Cardano as security in lawsuits, and the absence of CME ADA futures could delay approval.
Nevertheless, the SEC has 45 days to approve, deny, or extend its review, with market optimism tempered by caution over regulatory challenges.
Bitcoin Pepe presale, the first Bitcoin meme ICO, launches today
As the crypto community celebrate the Cardano ETF proposal that could impact the price of ADA if approved, another crypto project, Bitcoin Pepe, is set to launch the world’s first meme-focused ICO on Bitcoin today with 50% of its BPEP token supply will be available pre-market.
Starting at $0.021, BPEP’s price will increase by 5% after each stage sells out, with early investors potentially seeing gains of over 4x before exchange listings.
Besides the presale, the Bitcoin Pepe project aims to build a Layer-2 solution for Bitcoin, combining Solana’s speed and low fees with Bitcoin’s security, introducing the PEP-20 token standard to enable meme coin launches on the blockchain.
Bitcoin Pepe seeks to unlock $2 trillion of dormant Bitcoin capital for the $100 billion meme coin market. It offers a meme-friendly ecosystem, including a decentralized exchange akin to Solana’s pump.fun.
While the project has garnered over 10,000 social media followers and reflects retail enthusiasm for meme coins, its speculative nature carries significant risks just as with any other memecoin project.
However, the Bitcoin Pepe presale launch aligns with a broader meme coin boom, following successful raises by projects like Pepe Unchained and Wall Street Pepe, signalling a possible presale success.
Notably, both the Grayscale Cardano ETF filing and Bitcoin Pepe’s presale highlight the dynamic evolution of the cryptocurrency market, with regulated investment vehicles and speculative ICOs catering to diverse investor appetites.
With the Cardano ETF awaiting clearance by the US SEC, investors could try the Bitcoin Pepe presale for possible returns once it gets listed on exchanges once the presale concludes.
The US Securities and Exchange Commission (SEC) and crypto exchange Binance recently agreed to a 60-day pause in their ongoing legal battle. This has raised speculations that the much-anticipated Ripple SEC settlement could be on the horizon, a development that will put an end to a long-running legal battle that began in 2020.
Will A Ripple SEC Settlement Happen Following Pause In Binance Case?
There is the possibility of a Ripple SEC settlement happening following the pause in the Binance lawsuit. The SEC and the top crypto exchange agreed to a 60-day pause in the legal battle, citing the creation of the crypto task force as the reason for this move.
Both parties believe that this crypto task force could impact the case’s resolution since this initiative is to help provide clarity to the crypto industry, something which the Binance case borders on. Both parties argue that the pause will help conserve resources and potentially avoid further proceedings if an early resolution is reached.
A major takeaway from this case is the fact that the Commission looks prepared to abandon its regulation by enforcement approach with the crypto industry. This makes a Ripple SEC settlement likely, especially with the Binance lawsuit likely to also lead to a settlement.
Fox journalist Eleanor Terrett stated that she expects other non-fraud cases like the one against Ripple to follow suit in a similar manner to the Binance situation.
The SEC’s crypto task force, headed by Commissioner Hester Peirce, could undoubtedly impact the Ripple case as the task force will determine whether crypto transactions are investment contracts. Depending on the task force’s recommendations, there might be no need to move forward with the SEC’s appeal against Ripple.
While giving their predictions on the crypto ETFs, Bloomberg analysts Eric Balchunas and James Seyffart asserted that the SEC and Commissioner Peirce’s task force would untangle some of the security vs. commodity implications from lawsuits.
Paul Atkins Could Also Play A Major Role
US SEC Chair nominee Paul Atkins could also play a major role in the potential Ripple SEC settlement. Former SEC lawyer Marc Fagel had previously stated that he believes a settlement could take place after Atkins takes charge as Donald Trump’s administration might try to facilitate a settlement.
As Terrett noted, it could still take a while before Atkins assumes office. The Senate would need to vote on all cabinet members first before proceeding to other administration members. Based on precedence, Atkins might not assume office until sometime in April.
The Senate didn’t confirm former SEC Chair Gary Gensler until April 2021 despite being nominated in January of that same year. Meanwhile, Gensler’s predecessor, Jay Clayton, didn’t assume office until May 2017.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a major development, crypto exchange Binance and the U.S. Securities and Exchange Commission (SEC) have filed a joint motion to pause the legal proceedings for 60 days. This is the first major development in the Binance lawsuit after Chairman Mark Uyeda took charge of the SEC last month. As per the joint motion filed with the court, both parties have cited the establishment of the crypto task force under Hester Peirce as the reason behind it.
Binance Lawsuit to Pause for 60 Days, What’s Next?
Both parties in the Binance lawsuit have filed a joint motion to pause the legal proceedings for a period of 60 days. The filing cites the potential implications of the SEC’s newly formed crypto task force by Chairman Mark Uyeda, under the leadership of crypto mom Hester Peirce. The motion was filed on February 10, 2025, in the U.S. District Court for the District of Columbia.
Both parties agree the task force’s work could impact case resolution. At the end of the 60-day period, they will submit a status report on whether an extension is needed. The temporary pause aims to conserve resources and potentially avoid further court proceedings if an early resolution is reached. The motion notes this would eliminate the need to address Binance’s pending motions to dismiss the amended complaint, as per the filing.
Last month in January, both Binance and founder Changepng Zhao (CZ) filed a motion to dismiss the ongoing Binance lawsuit stating that the US SEC has failed to demonstrate how its complaint satisfies the Howey test. They further argued that the SEC has not provided a clear framework for the court to differentiate between tokens sold as investment contracts and those sold as commodities, such as Bitcoin (BTC) and Ether (ETH).
Will US SEC Drop More Lawsuits Like Ripple, Kraken, Etc?
Following the development in the Binance lawsuit, Fox Business journalist Eleanor Terrett anticipates that other non-fraud crypto cases involving entities such as Ripple, Coinbase, and Kraken may follow a similar path. The move highlights a potential shift in how regulatory cases against cryptocurrency firms are being approached under the SEC’s new leadership.
The Story is developing further….
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bloomberg analysts James Seyffart and Eric Balchunas have revealed their predictions for the Solana, XRP, Dogecoin, and Litecoin ETFs. As part of their predictions, they outlined the approval odds for each of these crypto ETFs.
Bloomberg Analysts Give Take On Crypto ETFs
In an X post, Bloomberg analyst James Seyffart stated that he and Eric Balchunas were putting out relatively high odds of approval across the board with a focus on Solana, XRP, Dogecoin, and Litecoin for now.
These Bloomberg analysts put the odds of approval for Solana ETFs at 70% in 2025. Meanwhile, they put the approval odds for XRP, Dogecoin, and Litecoin ETFs at 65%, 75%, and 90%, respectively.
These analysts had previously predicted that the US Securities and Exchange Commission (SEC) would likely approve a Litecoin ETF first because of its non-security status. Moreover, the Commission is already engaging with Canary Capital on its Litecoin ETF. So far, Canary, Grayscale, and CoinShares are the three issuers that have filed to offer a Litecoin ETF.
Dogecoin ETFs have higher odds than the Solana and XRP ETFs because these analysts believe that there is a huge likelihood that the SEC also views the top meme coin as a commodity, like Litecoin. However, the Solana ETFs have an edge over the Dogecoin ETFs as the US SEC has acknowledged the 19b-4s for the former.
Why XRP ETFs Have The Lowest Approval Odds
The Bloomberg analysts explained that the XRP ETFs have the lowest approval odds because of the Ripple SEC lawsuit. According to them, the SEC is unlikely to approve an XRP ETF until it settles the litigation against Ripple.
This comes just as legal expert Jeremy Hogan predicted that the Ripple lawsuit would end before the XRP ETF approval. The lawyer explained that he holds this opinion because of how long it takes before the Commission approves such funds. Legal expert Marc Fagel previously predicted that the Ripple SEC case could end as soon as Paul Atkins takes office as the SEC Chair.
Paul Atkins’ Confirmation Could Still Take A While
The US Senate would need to confirm Paul Atkins before he can assume office as the SEC Chair. In an X post, FOX journalist Eleanor Terrett explained how this could still take a while.
She mentioned that the Senate needs to approve dozens of new administration members, and cabinet members are usually the first to get confirmed. Currently, the Senate still needs to decide on nine cabinet members.
As such, Atkins’ confirmation is unlikely to happen anytime soon. The US SEC Chair nominee will need to have his hearing before the Banking Committee, although a date has not been set. The Senate will proceed to vote if his nomination advances out of the committee.
The journalist mentioned that the Senate didn’t confirm former SEC Chair Gary Gensler until April 2021 despite being nominated by Joe Biden in January. Similarly, Gensler’s predecessor, Jay Clayton, wasn’t confirmed until May 2017 after Donald Trump nominated him in January 2017.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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