American multinational investment firm Franklin Templeton has filed an amended S-1 application for its proposed spot Ether exchange-traded fund (ETF) product, becoming the first among the applicants to disclose fees to investors.
“The fees of the Sponsor accrues daily at an annualized rate equal to 0.19% of the net asset value of the Fund,” Franklin Templeton stated in a filing with the United States Securities and Exchange Commission on May 31.
Bloomberg ETF analyst Eric Balchunas highlighted the significance of this move, stating that “the opening shot in the ETH ETF fee war has been fired from Franklin” in an X post on the same day.
He dismissed the notion that the fee might be temporary, asserting that it “looks permanent” as it matches Franklin’s spot Bitcoin ETF product.
Sponsor fees, which compensate the fund manager for administration expenses, are a crucial factor for ETF products as investors generally prefer funds with lower fees.
On the same day, VanEck, Invesco, and Galaxy also submitted amended S-1 applications, but none disclosed their sponsor fees.
This has led to speculation and anticipation in the market regarding their potential fee structures.
Balchunas noted, “Also no fees in any of the new S-1s. Fee war on hold for now,” indicating that the competitive fee adjustments seen with Bitcoin ETFs might not yet be replicated with Ether ETFs.
Prior to the launch of spot Bitcoin ETFs in January, the industry experienced frequent S-1 filing amendments for fee adjustments, a phenomenon Balchunas referred to as the “fee wars.”
Some issuers even waived fees to enhance competitiveness; for instance, Bitwise waived all fees on its spot Bitcoin ETF for the first six months and the first $1 billion in assets.
Grayscale Investments and BlackRock submitted amendments on May 30 and May 29, respectively. Balchunas commented at the time that it was a “Good sign. Probably see rest roll in soon.”
He suggested there might be another round of amendments to “fine-tune” SEC comments, but expressed optimism that spot Ether ETFs could launch by the end of June, calling it a “legit possibility.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
United States President Joe Biden has missed the chance to “correct” his stance on cryptocurrency assets by vetoing the repeal of controversial cryptocurrency accounting guidelines, claims pro-crypto U.S. Senator Cynthia Lummis.
“Congress gave the administration the opportunity to correct its position on crypto assets,” Lummis stated on May 31 on X, after Biden vetoed a Congressional resolution aimed at overturning the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.
Lummis argued that Biden acted against the “will of the American people” by preventing the repeal of these guidelines. She emphasized her determination to continue addressing the issue.
“I will not stand idly by as the administration attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this administration seems hellbent on stifling,” Lummis wrote.
READ MORE: Robinhood Approaches Settlement with Investors Over 2021 Meme Stock Trading Halt
The SAB 121 guidelines require firms holding customers’ crypto assets in custody to record them as a liability on their balance sheet, with a corresponding asset, making it a less attractive option for publicly reporting banks.
Lummis’s statement came just hours after she sent a letter to Biden urging him not to veto the Congressional repeal of the SEC’s SAB 121.
“By inappropriately issuing guidance instead of engaging in notice and comment rulemaking, the SEC’s rulemaking was able to avoid a vote by the full commission on a contentious policy,” Lummis wrote.
Despite the House of Representatives and Senate votes favoring the repeal of the controversial guidelines, support for cryptocurrency is increasing among Senators.
Republican Senator Ted Cruz, another pro-crypto official, shared with his 6.3 million X followers that he has begun Bitcoin mining.
“I just bought 3 Bitcoin miners that started hashing today in Iraan, TX. I’m proud to join the ranks of Texas Bitcoin miners,” Cruz wrote in a May 31 X post.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Eminem’s Spaghetti could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Eminem’s Spaghetti (EMINSPAG), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because EMINSPAG has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Eminem’s Spaghetti can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Eminem’s Spaghetti could become the next viral memecoin.
Eminem’s Spaghetti launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Eminem’s Spaghetti on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Eminem’s Spaghetti by entering its contract address – 2ZWPydBxNByXx8D7m2h8CiFkMpjgMWTsrztXLhw1bohd – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like EMINSPAG.
21Shares has filed an updated application for its Ethereum spot ETF S-1, rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.
Additionally, ARK Invest has ended its partnership with 21Shares and will no longer be involved with the ETF.
The newly amended Form S-1 indicates no updated fees.
Despite recognizing Ethereum’s groundbreaking potential and long-term value, an ARK Invest representative confirmed that the firm has decided not to proceed with an Ether ETF, citing a need to reassess its investment strategy.
This decision does not affect the ongoing collaboration between 21Shares and ARK Invest on other projects, such as the ARK 21Shares Bitcoin ETF launched in January.
In their partnership, 21Shares sponsored the ETF, with Delaware Trust Company acting as the trustee. Coinbase Custody Trust Company securely holds the underlying Ether assets, while ARK Investment Management played a supporting role as a sub-adviser responsible for marketing the shares to investors.
Apart from Bitcoin and Ethereum futures, the duo launched another product called the ARK 21Shares Blockchain and Digital Economy Innovation ETF.
This ETF is designed to invest in public equities of companies within the blockchain industry.
READ MORE: Robinhood Approaches Settlement with Investors Over 2021 Meme Stock Trading Halt
According to 21Shares, this provides investors with what it describes as a “holistic exposure” to the growth of blockchain technology.
ARK Invest and 21Shares revised their spot Ether ETF proposal on May 10, dropping plans to stake a portion of the fund’s assets through third-party providers.
In their Feb. 7 filing, the companies included a clause stating that 21Shares anticipated receiving ETH as a reward for staking and intended to classify the resulting earnings as income generated by the fund.
In September 2023, ARK Invest and 21Shares submitted an application for a spot Ether ETF.
The fund aims to offer direct exposure to Ether and will be traded on the Cboe BZX Exchange, utilizing the CME CF Ether-Dollar Reference Rate – New York Variant.
Last week, the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs. Issuers still need their S-1 statements to become effective before trading can begin.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Putin Boss (PUTINBO) presents a similar opportunity for a limited time.
Putin Boss (PUTINBO), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
PUTINBO will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Putin Boss.
Currently, Putin Boss can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy PUTINBO on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Putin Boss by entering its contract address – 34bBAvQ8kkQrP3LPVcmhLQKY9UJNUkK3dtq42m7DD7Ru – in the receiving field.
PUTINBO currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has begun serving his sentence at a low-security federal prison in Lompoc, California.
CNBC confirmed the news through Zhao’s legal team at Latham and Watkins.
The crypto community has shown support for Zhao during this time. A Reddit user highlighted that Zhao’s prison sentence could safeguard Binance from potential risks.
User Ilsemprelaziale commented:
“If FTX downfall hit Crypto hard, just imagine what would happen if Binance collapsed. He pleaded guilty and stepped down as CEO.”
Zhao has revealed his plans following his four-month sentence.
He intends to resume his involvement in the cryptocurrency sector, maintaining his holdings and focusing on passive investing, demonstrating his unwavering confidence in digital assets.
He emphasized this period as “a new stage for the crypto industry,” highlighting the critical need for adherence to regulations and compliance.
In April, Zhao, also known as “CZ,” was sentenced by Judge Richard Jones in the U.S. District Court for the Western District of Washington.
The charges were related to money laundering at Binance, resulting in a four-month prison term and a $50 million fine.
This sentence is notably less severe than the three years federal prosecutors initially sought.
Despite sentencing guidelines recommending 12 to 18 months in prison, Zhao’s lawyers advocated for five months of probation.
Before his sentencing, Zhao apologized and reflected on his actions, accepting responsibility for Binance’s inadequate Anti-Money Laundering (AML) program.
Following Judge Jones’ decision, Zhao stated he would report to prison on a date to be determined.
In November, Zhao reached an agreement with the U.S. government to resolve a multiyear investigation into Binance.
As part of the settlement, he resigned as CEO of Binance.
The U.S. government also imposed a $4.3 billion fine for “civil regulatory enforcement actions,” of which Zhao agreed to pay $50 million.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Pepe Bitcoin (PEPEBTC), a new Solana memecoin that was launched this week, is poised to explode over 14,000% in price in the coming days.
Currently, Pepe Bitcoin can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Pepe Bitcoin could become the next viral memecoin.
In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.
Pepe Bitcoin launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Pepe Bitcoin on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe Bitcoin by entering its contract address – 9GX4RGAyW6FZgdEm5WxLzdRaeLQdmvcFHcupcZUeN1nR – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PEPEBTC.
Eminem’s Spaghetti could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Eminem’s Spaghetti (EMINSPAG), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because EMINSPAG has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Eminem’s Spaghetti can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Eminem’s Spaghetti could become the next viral memecoin.
Eminem’s Spaghetti launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Eminem’s Spaghetti on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Eminem’s Spaghetti by entering its contract address – 2ZWPydBxNByXx8D7m2h8CiFkMpjgMWTsrztXLhw1bohd – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like EMINSPAG.
The Uniswap Foundation, which oversees the decentralized exchange Uniswap, has postponed the much-anticipated May 31 vote on UNI staking and delegation rewards.
The postponement was announced on X, attributing the delay to concerns raised by a stakeholder. This prompted a more thorough review and examination of the proposal, leading to a delay in the decision-making process.
The vote was intended to move the decentralized exchange closer to activating its “fee switch” and provide incentives to UNI tokenholders who staked and delegated their tokens.
Erin Koen, the lead official overseeing the Uniswap DAO governance forum, stated in an announcement on the forum that the proposed upgrade requires rigorous vetting due to its sensitive and irreversible nature, emphasizing the importance of thorough scrutiny before proceeding.
The Uniswap DAO has been exploring the possibility of enabling a fee switch for several years, but previous proposals have stalled due to concerns about potential violations of U.S. securities laws. This cautious approach has delayed progress on the issue.
Dan Robinson, a partner at the crypto venture capital firm Paradigm, criticized the Uniswap Foundation’s decision to delay the vote, accusing them of yielding to pressure from another unnamed venture capital firm.
READ MORE: PayPal Expands Stablecoin to Solana, Introduces Confidential Transfers
Another user pointed out the irony, questioning if the delay discredits the idea of decentralized governance.
They implied that the unnamed VC firm’s actions had revealed its significant influence, which could be seen as undermining the decentralized values.
The Uniswap Foundation’s latest proposal, introduced in February, seeks to address previous concerns and has gained community support through an advisory vote, known as a “temperature check,” held earlier this year.
To prepare for the initially scheduled May 31 vote, UNI holders had to delegate their tokens on the platform before the voting went live, the Uniswap Foundation explained a week earlier.
The Uniswap Foundation recently disclosed holding $41.41 million in fiat and stablecoins and 730,000 tokens as of the end of the first quarter.
According to a publication by the Foundation, it committed $4.34 million in new grants during this period and disbursed $2.79 million in previously committed grants.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Putin Boss (PUTINBO) presents a similar opportunity for a limited time.
Putin Boss (PUTINBO), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
PUTINBO will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Putin Boss.
Currently, Putin Boss can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy PUTINBO on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Putin Boss by entering its contract address – 34bBAvQ8kkQrP3LPVcmhLQKY9UJNUkK3dtq42m7DD7Ru – in the receiving field.
PUTINBO currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.