Altcoin
U.S. SEC Can Approve 19b-4 for Spot Ethereum ETF, What It Means?
As the decision for the spot Ethereum ETF looms around, Nate Geraci, the President of the ETF store shares his views on what can happen going ahead this week. For the spot Ethereum ETFs to trade on Wall Street, the SEC needs to approve both – the 19b-4s (exchange rule changes) & S-1s (registration statements).
Spot Ethereum ETH Approval
As we know, the spot Ethereum ETF will directly hold Ether as its underlying asset, and will trade on the stock exchanges just similar to stocks. However, for them to trade on exchanges, they must receive the SEC nod for both – 19b-4s as well the S-1 filings.
SEC decision deadline this week on spot eth ETFs…
SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.
Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).
— Nate Geraci (@NateGeraci) May 19, 2024
Rule 19b-4 refers to the filing that a national securities exchange, such as the NYSE or Nasdaq, submits to the SEC when proposing to change rules or introduce new products. For Ethereum ETFs, the exchanges need SEC approval on these filings to list the ETFs. Essentially, this process involves the exchange requesting permission to add these new Ethereum products to their trading platforms.
The S-1 is the initial registration form required for new securities offered to the public. It provides the SEC and potential investors with detailed information about the company’s business operations, financial condition, and management. For ETFs, this document details the structure of the fund, its management, and how it intends to replicate the performance of Ethereum.
The SEC must approve both the 19b-4 filings and the S-1 registration forms in order to legally sell the ETFs to the public. The SEC typically has a statutory timeframe of 45 days, extendable up to 240 days, to make an initial decision on the 19b-4 filings. Approval of the 19b-4s permits the ETFs to be listed on exchanges. However, without approval of the S-1s, the ETFs cannot be legally sold to investors.
Chances of A Delay
Even if the U.S. SEC approves the 19b-4s, it can go slow with the approval of the S-1s. This also means that the regulator can take even longer in order to review and approve these documents. Also, the lack of engagement among the issuers and the SEC highlights that the regulator could undertake a more cautious approach due to the complexities and risks involved with crypto products.
The decision on Ethereum ETFs is crucial, as approval could boost mainstream adoption of Ethereum and offer a more regulated and secure investment environment for those interested in cryptocurrency. Conversely, a delay or denial might indicate ongoing regulatory concerns about the stability and security of cryptocurrency investments.
As the decision looms around, the Ethereum price has given a partial bounceback to $3,100 over the last weekend.
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.
Elon Musk’s time at the Department of Government Efficiency (DOGE) is coming to an end following White House chatter. While DOGE has had a significant impact since its launch, Musk’s departure will have unintended consequences for Dogecoin price.
Is Elon Musk Leaving DOGE?
A Politico report suggest that the curtain could be falling on Elon Musk’s time at DOGE after nearly four months. Musk has been leading operations at the department since its formation, stifling fraud and reducing government inefficiency.
However, the report notes that the Tesla CEO will be leaving the agency to focus on his business empire. Per the report, Musk’s departure is linked to growing criticisms over his handling of DOGE operations since taking over the reins.
Elon Musk’s supporters argue that a transition is in order with the blueprint for DOGE already established. Furthermore, whispers of a departure are coinciding with the end of a 130-day exemption for Musk to operate as a special government employee, allowing him to sidestep a maze of conflict of interest rules.
Despite, clear signals for his Elon Musk’s departure, President Trump vows to keep the billionaire at DOGE for as long as possible. While Musk will not call the shots at DOGE in the future, pundits say Trump will offer Musk with an advisory role.
Will Elon Musk’s Exit Affect Dogecoin Price?
The exit of Elon Musk from DOGE will have far-reaching effects on Dogecoin’s price. His appointment to DOGE triggered a rally for the memecoin and pundits theorize that his exit may trigger negative sentiments.
Musk’s influence on the memecoin is far-reaching and previous actions have triggered price swings. After Musk teased a Ghibli-themed DOGE, Dogecoin price showed glimpses of a strong rally.
His comments that there are no DOGE adoption plans by the US sent dampened enthusiasm for a potential rally. At the moment, Dogecoin is trading at $0.1742, holding onto its April 1 gains. However, weekly charts indicate a 12% draw down that may worsen if Elon Musk leaves DOGE.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Crypto analyst Javon Marks has provided a bullish outlook for the XRP price, predicting that the altcoin could record a 44x increase. The analyst also explained why he believes that XRP could witness such a parabolic surge.
Why The XRP Price Could Surge 44x
In an X post, Javon Marks asserted that the XRP price could 44x from its current level. He explained that in 2017, XRP broke out of a pennant pattern and surged wildly towards its first target at $0.0609 before using it as a light resistance and breaking well above on a run towards the meeting of its second.
The analyst revealed that XRP recently broke out of a larger pennant pattern, surging widely towards its first target at $3.317 before using it as a light resistance. He added that next up can be a break well above this first target at $3.317 and a run towards the meeting of the second target, which is currently at $99.
Marks noted that $99 is currently over 4,331% away, meaning that the XRP price could 44x from here. In the short term, crypto analyst Egrag Crypto has revealed what lies ahead for Ripple’s coin, predicting that it could revisit the lows around $1.9 to $1.7 and then test the upper range at $2.80 to $3.00.
A retest of this $3 range could ultimately lead to a breakout from this light resistance, as mentioned by Javon Marks. XRP would then rally to a new all-time high (ATH), which could eventually pave the way to the $99 target.
The Altcoin Is Approaching A Critical Breakout Zone
Crypto analyst CasiTrades stated that the XRP price is approaching a critical breakout zone. She noted that after testing the .786 Fib support at $2.05 over the last few days, the altcoin is now bouncing strongly again, with the price heading right back into the first big test at $2.17.
The analyst remarked that this level has acted as key resistance before, and while the structure is looking bullish, the altcoin is not in the clear just yet. She went on to outline two scenarios, which she laid out on her accompanying chart.
The first scenario is the bullish case. Here, the analyst stated that if the $2.05 low was the final bottom, then XRP is now building a new impulsive trend. She added that a clean breakout above $2.25 would be a major sign of strength. Meanwhile, a break above $2.36 and hold would officially invalidate any idea of one final move lower, as it would confirm that Wave 1 is in.
The second scenario CasiTrades outlined is the bearish case. She claimed that if the XRP price struggles to flip $2.17 and $2.25 to support, then the altcoin could still be inside a final subwave 5 down toward the $2 region. The analyst remarked that $2.26 would be a short-term confirmation, while a break above $2.36 would confirm a trend reversal and that XRP is heading for new highs.
The Bitcoin price is currently rallying and hit $87,000 today, which is bullish for altcoins like XRP. However, all eyes are still on the effects of Donald Trump’s reciprocal tariffs as they could significantly impact the crypto market.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
American multinational investment management company Franklin Templeton has made global headlines this Wednesday by revealing that it is eyeing a crypto ETP launch in Europe. The company with over $1.5 trillion in AUM (Assets Under Management) now follows the footsteps of its rivals BlackRock and 21Shares, who previously revealed similar plans for the region. Following its remarkable success in the U.S. with a Bitcoin ETF, this mover has echoed a notable market buzz, paving the way for further investor interaction with the digital asset class.
Franklin Templeton Considers Crypto ETP Launch In Europe
According to an X post by Bitcoin Magazine on April 2, Franklin Templeton is considering launching Bitcoin and crypto ETP in Europe. With this decision, the asset manager is poised to join the fray alongside BlackRock and 21Shares to achieve such a feat in the region.
A company spokesperson revealed that while plans to launch a digital asset-backed ETP are not “immediate, “observing and keeping pace with the evolving regulatory framework in Europe and elsewhere to create those cryptocurrency products that best cater to our clients’ demands” remain vital. Also, they added, “We are constantly exploring the possibility of launching innovative products in all asset classes,” ETF Stream reported.
Franklin Templeton Follows BlackRock & 21Shares’ Footsteps?
Meanwhile, CoinGape recently reported that BlackRock also launched its iShares Bitcoin Trust in the same region. This ETP is featured on Xetra and Euronext Paris under the ticker IBIT, while investors can also find it on Euronext Amsterdam.
Additionally, asset manager 21Shares expanded its crypto ETP offerings in Europe the previous week. Reportedly, the asset manager launched Bitcoin, Solana, and XRP Exchange-Traded Products (ETPs) on Nasdaq Stockholm, enhancing regional investor participation for the digital asset class. Overall, the European crypto ETP scenario continues to take a paradigm-favorable shift as Franklin Templeton now joins the race, adding to institutional support in the region.
Bitcoin ETF Success In The U.S. Garners Attention
Simultaneously, it’s worth taking into account the prominent market success of Franklin Templeton Digital Holdings Trust (EZBC) in the U.S. Sosovalue data indicates that the asset manager currently holds net assets worth $428.52 million within its spot Bitcoin ETF holdings. The considerably large holdings in just a year of BTC ETF’s inception underline the trading products and the asset manager’s phenomenal success. This market capitalizing stand also fuels optimism for crypto ETPs launch in Europe, given the feat happens ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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