Bittersweet: ETH ETFs Get Approval

As many of you know by now, on Friday of last week, the SEC officially approved spot Ethereum ETFs. The SEC's last-minute pivot represents one of the wildest stories in crypto so far this year.

For many months, it seemed that the BTC ETF was all we were going to get before the election cycle. Then, on Monday, rumors started circulating that the SEC was making a pivot. By Friday afternoon, the SEC made the unusual decision to approve 19b-4 filings while S-1s were still being finalized. The entire turnaround took less than five days.

Quick Thoughts: This is a massive win for the industry. Having both BTC and ETH ETFs in conjunction with an increasingly bipartisan pro-crypto government (see stories below) are two new bullish narratives for 2024 that most didn't see coming.

We can only wonder if we'll ever truly know the behind-closed-doors details of what happened in the Democratic party over the last couple of weeks.

We'll take these wins, no doubt about it. But these decisions and quick pivots are so obviously political that it's almost depressing. What kind of leverage will the administration or SEC have now? Are our government officials actually listening? Are they proponents of the underlying tech here? Or are they just fighting for a longer term?

So far, the situation remains shrouded in mystery.

Trump Doubles Down on Crypto

President Trump continues doubling down on his stance as the pro-crypto candidate, pulling on every crypto-lover's heartstring he can get his hands on. In a speech Saturday at the Libertarian party convention, Trump vowed to ensure crypto stays in the US, to support the right to self custody, to stop any development of a CBDC, and promised to “keep Elizabeth Warren and her goons away from your Bitcoin.”

Trump also promised to commute Ross Ulbricht, who is serving a life sentence for creating the darknet marketplace known as Silk Road, stating:

Crypto Regulation Takes a Major Step Forward

Late last week, behind all the ETH ETF chaos, crypto market structure bill FIT21 passed the House with a decisive 279-136 vote, including support from 71 Democrats. The vote signals a shift in the political landscape, with prominent leaders like Nancy Pelosi voting in favor.

While the bill faces an uphill battle in the Senate, this overwhelming bipartisan support demonstrates that the era of anti-crypto sentiment is waning. The vote is a clear message to the Biden administration that opposing crypto might be a losing strategy this year.

Related: Coinbase makes another push to appeal its case against the SEC, citing lawmakers' FIT21 vote

Can Crypto Fix the Weather?

From time to time in this rag, we love to highlight real-world use cases of crypto outside of hedging against corrupt fiat systems. Our latest comes from a company called WeatherXM, which just raised a $7.7 million Series A to make better weather forecasts. Here’s how it works:

Speaking of WXM, the token will hit exchanges tomorrow. Here's a bit more detail on the raise and what WeatherXM is up to.

Crypto Miners Are Getting Hostile

Crypto miner Riot Platforms (RIOT), having acquired a 9.25% stake in competitor Bitfarms (BITF), is pursuing a takeover attempt at $2.30 per share – a 24% premium over Bitfarms’ prior share price.

Bitfarms has rejected the offer, responding that it “significantly undervalues the company and its growth prospects.” If the combination is consummated though, RIOT will become the largest publicly traded Bitcoin miner.

Regardless of the outcome, the potential takeover is a significant event that will be closely watched by all in the industry. It could mark a new era in publicly traded crypto companies, potentially reshaping the landscape of the industry.

Tweet Of The Week

Other Content You Might Enjoy

About CoinSnacks

Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors.

In a space flooded with new projects, research, and narratives, you may feel overwhelmed or confused. CoinSnacks offers a solution by doing the digging for you, so you don't have to spend hundreds of hours sifting through the noise. Learn more here »

Reach Our Audience

If you’re a brand interested in partnering with CoinSnacks to find your next customers, partners, or allies, we’d love to hear from you. Learn more here.

*Some taxes may apply. We recommend you consult your tax, legal or investment advisor.
**See bitcoinira.com/disclosures for more information.