US SEC approves eight spot Ethereum ETFs, PEPE breaks through $0.000015

Headline

▌The U.S. SEC approved the 19b-4 documents of eight spot Ethereum ETFs at the same time, and trading may start in a few weeks

The U.S. Securities and Exchange Commission (SEC) officially approved the 19b-4 documents of eight spot Ethereum ETFs, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Investment, Invesco Galaxy and Franklin Templeton.  

Although the 19b-4 documents have been approved, ETF issuers need to make the S-1 registration statement effective before they can start trading. The SEC has begun discussing the S-1 form with issuers. It is not clear how long this process will take, but some analysts speculate that it may take weeks.  

Bloomberg ETF analyst James Seyffart believes that this process usually takes several months, such as up to 5 months in some cases, but ETF analyst Eric Balchunas believes that this may be accelerated.

▌PEPE broke through 0.000015 US dollars, setting a new historical high

The market shows that PEPE broke through 0.000015 US dollars and is now at 0.00001525 US dollars, setting a new historical high. The intraday decline reached 11.9%. The market fluctuated greatly, so please do a good job of risk control.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,903.62, with a daily increase or decrease of -1.8%;

ETH's latest transaction price is $3,768.20, with a daily increase or decrease of +1.0%;

BNB's latest transaction price is $598.75, with a daily increase or decrease of -2.5%;

SOL's latest transaction price is $176.11, with a daily increase or decrease of -0.4%；

DOGE's latest transaction price is $0.1597, with a daily increase or decrease of -3.9%；

XPR's latest transaction price is $0.5287, with a daily increase or decrease of +0.5%。

Policy

▌Texas court rules that cryptocurrency investor and influencer Ian Balina violated securities laws

A Texas district court ruled that cryptocurrency investor and influencer Ian Balina violated U.S. securities laws when offering and selling SPRK tokens. The judge held that the SPRK tokens met the Howey test criteria and were therefore securities subject to U.S. securities laws.  

Balina was charged by the SEC in September 2022 for participating in an unregistered initial coin offering (ICO). The SEC accused him of purchasing $5 million worth of SPRK tokens and promoting them on platforms such as YouTube and Telegram. In addition, Balina failed to disclose the 30% bonus paid by Sparkster as promotional compensation, and also organized a 68-person "investment pool" for token sales. The SEC believes that Balina should register the offering.  

Balina did not respond to a request for comment and called the SEC's allegations "baseless efforts" on its website.

▌U.S. CFTC: JPMorgan Chase fined $200 million for regulatory failures

The U.S. Commodity Futures Trading Commission (CFTC) said JPMorgan Chase (JPM.N) was fined $200 million for regulatory failures.

▌FTX Group paid more than $25 million to seven whistleblowers to reach a settlement

According to the review report released on Thursday, the bankrupt cryptocurrency trading platform FTX paid more than $25 million to seven unnamed whistleblowers who discovered problems with the company.  

It is reported that one of the whistleblowers is described as a former executive of FTX.US, who once believed that the FTX Group "misled regulators and investors and lacked a proper corporate structure" and made suggestions to executives such as SBF. He resigned in September 2022 and agreed to a settlement worth more than $16 million.

Blockchain Applications

▌Robinhood Wallet to Enable Gas-Free Swaps on Arbitrum

According to the Robinhood team, "Robinhood Wallet will enable gas-free swaps on Arbitrum starting Thursday, and users can swap on Arbitrum without using ETH. 0x is the DEX aggregator behind the swap. Once launched, users will get the best swap rates, whether it is gas swaps or gas-free swaps, without having to pay additional fees to Robinhood."

▌ZK Hardware Acceleration Company Cysic Raises $12 Million in Pre-Series A Financing

ZK (zero-knowledge) hardware acceleration company Cysic announced that it has successfully raised $12 million in pre-series A financing. The round was led by HashKey Capital and OKX Ventures, and the team said it "aims to speed up the generation of ZK proofs in a faster, more cost-effective, user-friendly and decentralized way."

Cryptocurrency

▌Coinbase Chief Legal Officer: Ethereum is actually considered a commodity

After the spot Ethereum ETF was approved, Coinbase Chief Legal Officer Paul Grewal said, "Ethereum is actually considered a commodity, as we have always known."

▌Data: Grayscale Ethereum ETF's discount rate has narrowed to -7.19%

The Block data shows that the discount rate of Grayscale Ethereum ETF (ETHE) has narrowed to -7.19%. According to previous news, the SEC has approved the 19B-4 form of 8 Ethereum spot ETFs, including Grayscale.

▌In the past 12 hours, the entire network has been liquidated for $319 million, and the amount of ETH liquidation exceeds BTC

Data shows that in the past 12 hours, the entire network has been liquidated for $319 million, of which long orders have been liquidated for $237 million and short orders have been liquidated for $81.2424 million. BTC liquidated for $66.6292 million and ETH liquidated for $122 million.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in June is 99.1%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in June is 99.1%, and the probability of raising interest rates by 25 basis points is 0.9%. The probability of the Federal Reserve keeping interest rates unchanged by August is 88.9%, the probability of a cumulative interest rate cut of 25 basis points is 10.2%, and the probability of a cumulative interest rate hike of 25 basis points is 0.8%.

▌UBS lists four major factors that will lead the S&P 500 to rise to 5,500 points

David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, raised his year-end target for the S&P 500 to 5,500 from 5,000 points and set his 12-month target at 5,600 points for the first time. "The current environment remains supportive, with four key positive drivers of the stock market largely in place: solid earnings growth, falling inflation, a shift in Fed policy, and a surge in artificial intelligence investment," Lefkowitz wrote in a report Thursday.

▌The three major U.S. stock indexes closed lower, with most popular technology stocks falling

The three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average down 1.53%, its worst one-day performance since March 2023, the Nasdaq down 0.39%, the S&P 500 down 0.74%, and most hot technology stocks down. Nvidia rose more than 9% against the market, Intel fell more than 4%, Tesla and AMD fell more than 3%, Apple fell more than 2%, Google and Amazon fell more than 1%.

Golden Encyclopedia

▌What is a reentrancy attack in a smart contract?

In a smart contract, a reentrancy attack occurs when a contract calls another contract or function from the outside before completing its own state change. This allows the called contract to reenter the calling contract and potentially execute some of its operations again, which can lead to unforeseen and frequent malicious behavior. For example, contract A calls contract B to send funds and then modifies its own state. Contract B's code may contain a callback function that allows it to reenter contract A and potentially re-execute the transfer function before contract A completes its state change. This would allow an attacker to obtain funds from the contract multiple times before completing the initial transaction.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment concept and be sure to raise risk awareness.