Outside Source
|
|
Top Stories of The Week
SEC seeks more time to mull options on Ethereum ETFs
US regulators said they need more time to decide whether to permit the trading of options tied to Ether exchange-traded funds (ETFs), according to a Feb. 7 regulatory filing.
The filing was a response to Nasdaq ISE’s July request for permission to list options contracts for BlackRock’s iShares Ethereum Trust (ETHA). The US Securities and Exchange Commission now has until April 2025 to reach a decision, per the filing.
Nasdaq’s proposed rule change would apply exclusively to options on ETHA, which is the only Ether ETF listed on Nasdaq’s electronic exchange. Others are listed on the New York Stock Exchange’s Arca or Cboe.
Haliey Welch, aka ‘Hawk Tuah,’ speaks out after nearly two months
Haliey Welch, widely known as the “Hawk Tuah” girl, made her first media appearance after nearly two months of silence following the launch of the HAWK memecoin and the subsequent crash of the token’s price.
In a leaked interview conducted with YouTuber FaZe Banks, Welch claimed the project manager for the memecoin told her the token would have a long-term time horizon and would be positive for the crypto space.
Welch said she initially did not want to launch the memecoin and was unfamiliar with the asset sector but did so because she was told half the money from the token would go to her charity.
Alex Mashinsky requests one-month delay for sentencing hearing
Roughly two months after pleading guilty, former Celsius CEO Alex Mashinsky has requested a delay in his sentencing hearing, which is scheduled for April 8.
In a Feb. 5 filing in the US District Court for the Southern District of New York, Mashinsky asked the court to push his sentencing hearing from April 8 until May 8. According to the former Celsius CEO’s lawyers, Mashinsky was “simultaneously being pulled in a number of directions” amid his guilty plea in criminal court and litigation in bankruptcy court.
“The defense wants to ensure that it has sufficient time to prepare a sentencing submission that accurately presents Mr. Mashinsky’s views on his offense conduct, along with the many other factors to be considered by the Court in weighing an appropriate sentence,” said the filing.
Cboe BZX files XRP ETFs for Bitwise, WisdomTree, Canary and 21Shares
Cboe BZX Exchange has just submitted 19b-4 filings on behalf of four asset managers looking to list the first spot XRP exchange-traded funds in the United States.
On Feb. 6, the exchange lodged 19b-4 filings for Canary Capital, WisdomTree, 21Shares and Bitwise for ETFs tracking the price of XRP, currently the fourth-largest cryptocurrency by value.
The 19b-4 filings inform the US Securities and Exchange Commission of a proposed rule change and, if approved, would lead to the first XRP ETFs in the country.
The SEC, under former Chair Gary Gensler, allowed ETFs tracking Bitcoin and Ether to begin trading at the start of 2024.
However, now headed by crypto-friendly Acting Chair Mark Uyeda, analysts have noted an uptick in the number and variety of crypto-related ETF filings as issuers probe what products a Trump administration-influenced SEC will allow.
Kanye West claims to have rejected $2M offer to promote crypto scam
Kanye West, who now goes by Ye, says he rejected a $2 million offer to participate in a crypto scam. The scheme allegedly involved him posting a fraudulent crypto promotion to his 32.6 million followers and claiming his account was hacked hours later. By that point, victims could have already lost significant sums of money.
“I was proposed 2 million dollars to scam my community. Those left of it. I said no and stopped working with their person who proposed it,” West said in a Feb. 7 post on X.
Read also
The offer promised West an upfront payment of $750,000 to share the crypto promotion and keep it live for 8 hours, after which he could claim his account was hacked and that he didn’t make the post.
This would be followed by a $1.25 million payout 16 hours later.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $96,120, Ether (ETH) at $2,589 and XRP at $2.38. The total market cap is at $3.11 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Berachain (BERA) at 665.67%, MANTRA (OM) at 13.60% and DeXe (DEXE) at – 4.76%.
The top three altcoin losers of the week are Virtuals Protocol (VIRTUAL) at 42.74%, dogwifhat (WIF) at 42.17% and Pyth Network (PYTH) at 38.47%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me.”
Jesse Powell, co-founder of Kraken
“The majority of traders have no plans to trade crypto or digital coins.”
“Broadly speaking, many misguided crypto folks wish for the US government to print dollars and purchase Bitcoin as part of a national stockpile. […] I believe these folks are asking for the wrong things.”
Arthur Hayes, chief investment officer and co-founder of Maelstrom Fund
“Interestingly, all previous cycles had concluded approximately one year after the first ATH break, which highlights the atypical nature of our current cycle, which first reached a new ATH in March 2024.”
“If the SEC provides relief, it could introduce clearer criteria distinguishing security tokens from true utility tokens. For example, tokens issued primarily for access to a service or platform or those structured to function more like digital goods rather than equity substitutes.”
Franco Jofré, attorney and senior adviser at Miller & Chevalier
“It appears Trump is not soliciting money in exchange for an investment or tangible product […] but soliciting money in exchange for nothing — that is, asking for a gift that will benefit him personally.”
Public Citizen, consumer advocacy organization
Top Prediction of The Week
‘Altseason’ ended in 2024: Bitcoin dominance should hit 71% before it returns
Bitcoin dominance of the overall crypto market needs to pass 70% to restart “altseason,” new analysis says.
In his latest X posts, popular trader and analyst Rekt Capital warned that the most recent altseason has already finished.
Bitcoin market capitalization dominance spiked to near four-year highs this week as altcoins took major losses amid a broad risk-asset rout.
Dominance reached 64.3%, data from Cointelegraph Markets Pro and TradingView confirms, before returning to circle 61%.
As BTC price strength held up better in the face of macroeconomic uncertainty, attention began to focus on the altcoin market’s prospects going forward.
FUD of The Week
Coinbase to face lawsuit over unregistered securities sales, judge rules
A US federal judge has rejected Coinbase’s argument that it does not meet the definition of a “statutory seller” under federal law, forcing the cryptocurrency exchange to face an investor lawsuit in the state of New York.
According to a Feb. 7 Reuters report, US District Judge Paul Engelmayer has compelled Coinbase to face plaintiffs’ allegations that it sold securities without registering as a broker-dealer. Specifically, the plaintiffs accused Coinbase of selling 79 cryptocurrencies that were securities without proper registration.
As Cointelegraph reported, the class-action lawsuit was initially dismissed in the District Court of Southern New York in February 2023. However, the Circuit Court of Appeals revived parts of the lawsuit more than one year later.
Bitcoin reserve may end up a ‘potent political weapon’ — Arthur Hayes
A Bitcoin strategic reserve in the US could be a “net negative” for the industry, as it could be used as a “political weapon” and even reversed if Democrats win the election in 2028 and decide to sell the stockpile, according to an industry executive.
Read also
“Broadly speaking, many misguided crypto folks wish for the US government to print dollars and purchase Bitcoin as part of a national stockpile. […] I believe these folks are asking for the wrong things,” said Maelstrom Fund chief investment officer Arthur Hayes in a Feb. 6 blog.
Hayes argued that the potential Bitcoin stockpile would simply be another financial asset that could be both bought and sold.
“There would be 1 million Bitcoin just sitting there, ready to be sold; it just takes a signature on a piece of paper,” said Hayes.
It turns a Bitcoin reserve or “national stockpile of shitcoins” held by the US government into a “potent political weapon,” he added.
US Treasury sued for giving Elon Musk’s DOGE access to sensitive info
Union groups have sued the US Treasury, accusing it of breaking federal laws by giving Elon Musk’s Department of Government Efficiency enforcers access to sensitive financial and personal information.
The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the country’s largest union group, sued the Treasury and Secretary Scott Bessent in a Washington, DC, federal court on Feb. 3 to stop what it alleged is an “unlawful ongoing, systematic, and continuous disclosure of personal and financial information” to Musk and DOGE.
“The scale of the intrusion into individuals’ privacy is massive and unprecedented,” the AFL-CIO said. “People who must share information with the federal government should not be forced to share information with Elon Musk or his ‘DOGE.’”
Top Magazine Stories of The Week
Trump’s crypto ventures raise conflict of interest, insider trading questions
Donald Trump’s memecoin and crypto ventures raise new questions about political figures profiting from crypto.
Justin Sun reignites HTX feud, India reconsiders crypto hate: Asia Express
Justin Sun publicly accuses HTX co-founder, India rethinks crypto stance, Thailand cuts power to border regions to stop crypto scams.
Ethereum L2s will be interoperable ‘within months’: Complete guide
The Ethereum L2 roadmap successful scaled transactions, but created massive interoperability problems. That’s getting solved in months.
Subscribe
The most engaging reads in blockchain. Delivered once a week.
This article first appeared at Cointelegraph.com News
