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Bitcoin Price Under Pressure as SEC Delays ETF Approvals, Traders Turn to TradeSanta for Risk Management

The Securities and Exchange Commission’s (SEC) reluctance to approve the first Bitcoin Exchange-Traded Fund (ETF) has put immense pressure on Bitcoin’s price, causing distress among crypto investors.

Fortunately, TradeSanta offers automated trading tools connected to both spot and futures trading platforms, enabling traders to mitigate risks and capitalize on market downturns.

Throughout the year, Bitcoin made several attempts to establish a firm foothold above the $30,000 mark, all of which ended in failure.

As the year draws to a close, there is a growing concern that the cryptocurrency may continue trading below this critical psychological level.

One significant contributing factor to this sustained bearish pressure is the SEC’s ongoing delay in approving a spot Bitcoin ETF.

The SEC’s reluctance to approve Bitcoin ETFs has affected numerous applicants, including industry giants like BlackRock, which had initially encouraged other institutions to submit their applications.

Many asset managers, brokers, index fund providers, and other institutions have sought approval for a Bitcoin ETF to attract more institutional and retail capital to the crypto market.

Notable applicants include:

BlackRock: The world’s largest asset manager, with $8.6 trillion under management, submitted its application for a spot Bitcoin ETF in mid-June, with Coinbase as its primary data provider and crypto custodian. The SEC accepted BlackRock’s application for review one month later.
Fidelity: After being rejected in 2021, financial services giant Fidelity reapplied for its Wise Origin Bitcoin Trust to become an ETF in July of the current year.
VanEck: An early applicant since 2018, VanEck rejoined the race for a Bitcoin ETF in July 2023, after previously withdrawing its application.
ARK Invest: Investment management firm ARK has been awaiting SEC approval for its ARK 21Shares Bitcoin ETF since June 2021.
Invesco and Galaxy Digital: These two firms joined forces to seek approval for the Invesco Galaxy Bitcoin ETF, a physically backed Bitcoin ETF with Invesco as the sponsor.

Numerous others, such as WisdomTree, Valkyrie Investments, Bitwise, and GlobalX, are also planning to launch Bitcoin ETFs.

However, at the end of August, the SEC delayed its decision on all these applications.

The SEC’s delay had a noticeable impact on the Bitcoin market.

By the end of August, Bitcoin was attempting to retest the $30,000 resistance level but faced a downturn due to the uncertainty surrounding ETF approvals.

This uncertainty pushed the price down to around $25,000, and in mid-September, it even broke below this level, marking the lowest point since mid-June when BlackRock’s filing had triggered a rally.

Despite bearish market conditions, active traders can find opportunities by opening short positions. TradeSanta’s trading bots and automation tools offer a way to do this efficiently and without emotional interference.

The platform provides algorithmic strategies and risk management controls, enabling traders to navigate market downturns effectively.

TradeSanta supports over 100 cryptocurrencies and integrates with major exchanges, simplifying the trading process.

Moreover, it offers technical analysis tools to help traders identify trends and market sentiment. With stop-loss and trailing stop-loss features, traders can minimize losses during bearish trends.

Additionally, TradeSanta allows for copy trading, enabling users to replicate successful strategies for maximum profitability.

Feedback and statistics indicate that TradeSanta’s risk management tools have been effective in helping users minimize losses and navigate volatile market conditions, offering a valuable resource for traders in challenging times.

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Binance and CEO CZ Zhao Seek Dismissal of SEC Lawsuit Overreach

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Binance and CEO CZ Zhao Seek Dismissal of SEC Lawsuit Overreach

Crypto News Today

Binance CEO Changpeng “CZ” Zhao and the cryptocurrency exchange he leads have jointly filed a motion to dismiss the lawsuit filed against them by the United States Securities and Exchange Commission (SEC).

This legal development unfolded in the United States District Court for the District of Columbia, with both Binance Holdings and Zhao asserting that the SEC had exceeded its jurisdiction in their lawsuit.

In a detailed 60-page petition, the legal representatives for Binance and Zhao contended that the SEC’s actions were problematic due to a lack of clear regulatory guidance within the crypto industry prior to the lawsuit.

They accused the SEC of attempting to retroactively assert its regulatory authority over cryptocurrency transactions, dating back as far as July 2017 when the SEC had yet to provide any public guidance on cryptocurrencies.

The petition stated, “The SEC pursues these novel theories retroactively, seeking to impose liability for sales of crypto assets that occurred as far back as July 2017, before the SEC provided any public guidance concerning cryptocurrency.

“It is clear that the SEC’s lawsuit has no foundation in the currently enacted securities laws.”

Furthermore, Binance’s legal team argued that the SEC had misinterpreted securities laws and their applicability to crypto assets, contending that the regulator distorted the text of these laws in its pursuit of regulatory control over the crypto industry.

Notably, Binance’s American counterpart, Binance.US (legally known as BAM Trading Services), also took a similar stance by filing a separate 56-page petition on the same day, seeking the dismissal of charges.

The SEC initially filed the lawsuit against Binance and its affiliates on June 5, alleging that Binance offered the sale of unregistered securities and conducted unlawful operations within the United States.

This legal action followed a similar move by the Commodity Futures Trading Commission (CFTC), which sued Binance three months prior for failing to register and violating its regulatory guidelines.

The ongoing regulatory scrutiny has significantly impacted Binance.US, with daily trading volumes plummeting by over 98% since September 2022.

The exchange also announced layoffs amounting to 30% of its workforce on September 13, with its president and CEO, Brian Shroder, departing from the company amidst these challenges.

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Alchemy Pay Secures Key U.S. Money Transmitter License, Expanding Crypto-to-Fiat Services

Crypto News Today

Alchemy Pay, the cryptocurrency payment gateway, is making significant strides in its global expansion efforts following the acquisition of a substantial payment license in the United States.

On September 20th, the company proudly revealed that it had secured a Money Transmitter License from the Arkansas Securities Department, granting it the authority to engage in various financial activities.

This newly acquired license empowers Alchemy Pay to offer services encompassing the issuance and sale of payment instruments, stored value, prepaid access, as well as the transmission and reception of money, digital currency, or monetary value.

Notably, this development marks a historic moment for Alchemy Pay as it represents the company’s very first Money Transmitter License in the United States.

The license aligns Alchemy Pay with other cryptocurrency firms, such as Coinbase, Block (founded by Jack Dorsey), MoonPay, and bitFlyer exchange, that are permitted to facilitate crypto-to-fiat transactions within the state of Arkansas.

For Alchemy Pay, this milestone is a testament to its commitment to compliance and its strategy to navigate local regulatory landscapes in key global markets.

The company has already obtained licenses in countries like Indonesia and Lithuania and is actively pursuing additional Money Transmitter Licenses in various U.S. states.

Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized the company’s dedication to regulatory compliance, noting the significant investments made in securing licenses worldwide.

He articulated the company’s aspirations to expand its presence and services in the United States, further advancing its mission of bridging the gap between fiat and crypto economies.

Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates seamless transactions between fiat currencies like the U.S. dollar and the euro and cryptocurrencies like Bitcoin and Ether.

Currently, their platform supports payments in 173 countries, including regions such as Australia, Canada, Hong Kong, the United Arab Emirates, and India.

Notably, this announcement follows Alchemy Pay’s recent recognition as a compliant service provider within Mastercard’s Site Data Protection program in June 2023.

Earlier in the year, in January 2023, Alchemy Pay was officially listed as an official service provider by Visa, further solidifying its position in the global payment ecosystem.

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Binance CEO Refutes $250 Million Loan Claim Amid SEC Legal Battle

Crypto News Today

Binance CEO Changpeng Zhao has refuted claims made in a recent Decrypt report alleging that he had taken a $250 million loan from BAM Management, a company affiliated with Binance.US.

The report, which emerged on September 19, cited court documents pertaining to the ongoing legal dispute between Binance and the United States Securities and Exchange Commission (SEC).

According to Decrypt, Binance.US’ legal team had asserted in these documents that BAM Management US Holdings had issued a $250 million convertible note to Zhao in December.

However, Zhao took to social media to challenge the accuracy of this report.

In a post shared on X (formerly Twitter), Zhao presented a screenshot of the Decrypt article and asserted that the report had misconstrued the situation.

Contrary to the report’s claims, Zhao clarified that he had actually provided BAM Management with a $250 million loan and had not yet received repayment.

Throughout his response, Zhao hinted at the presence of additional inaccuracies in the report but refrained from specifying which details were erroneous.

This lack of clarification left room for speculation regarding the extent of inaccuracies within the original article.

READ MORE: DeFi Ecosystem Faces Challenges as On-Chain Activity Declines and Stablecoins Feel the Pressure

The backdrop to this dispute is the ongoing legal battle between Binance and the SEC. The SEC has repeatedly voiced its difficulties in obtaining information from Binance and Binance.US since the inception of the lawsuit.

In response, the SEC filed a motion demanding that Binance make its executives more available for depositions and furnish detailed information.

Nevertheless, during a recent hearing regarding the SEC’s motion, a judge expressed hesitance to grant the inspection request at the current juncture.

This episode underscores the high-stakes nature of the legal wrangling between Binance and the SEC, as well as the potential for conflicting narratives and interpretations to emerge from court documents and reports.

The intricacies of financial dealings and legal disputes within the cryptocurrency industry continue to captivate and challenge both regulatory authorities and market participants, leaving many questions unanswered and contested.

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SEC Faces Setback as Judge Denies Immediate Access to Binance.US Software

Crypto News Today

The United States Securities and Exchange Commission (SEC) encountered a setback in its pursuit of immediate access to Binance.US’s software during a hearing held on September 18.

The SEC had filed a motion to compel Binance to provide detailed information and make its executives more available for depositions, a contentious issue in their recent interactions.

Judge Faruqui presided over the hearing and expressed reluctance to grant immediate access, stating that he was “not inclined to allow the inspection at this time.”

Instead, he suggested that the SEC should formulate more specific discovery requests and engage with a broader array of witnesses, as reported by Bloomberg on September 18.

The SEC has been vocal about its difficulties in obtaining information from Binance.US ever since it filed a lawsuit against the American branch of the cryptocurrency exchange, along with its global affiliate Binance Holdings Ltd and CEO Changpeng “CZ” Zhao on June 5.

The lawsuit alleges their involvement in the sale of unregistered securities.

On September 15, the SEC accused Binance.US of noncooperation in the investigation.

The regulator pointed out that Binance.US’s parent company, BAM Trading, had produced a mere 220 documents during the discovery process.

Many of these documents were described as “unintelligible screenshots and documents without dates or signatures.”

Furthermore, BAM had been reluctant to make crucial witnesses available for deposition, agreeing only to four depositions of their choosing.

Binance, on the other hand, argued that the SEC’s repeated discovery requests were “unduly burdensome.”

The SEC countered by accusing Binance of uncooperative behavior, despite having previously consented to a discovery order in the SEC’s case regarding unregistered securities operations and other allegations.

Judge Faruqui’s decision to deny immediate access to Binance.US’s software and documentation represents a partial setback for the SEC in its ongoing case against the exchange.

The SEC’s primary concern revolves around the custody of Binance.US customer assets and the need for a more comprehensive investigation to uncover potential connections with the global arm of the exchange.

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Secure Your Crypto Wallet Against Scams With These Essential Tools

Crypto News Today/DeFi

Crypto holders must always be on their toes, as scammers are continuously looking for opportunities to trick users into giving up the all-important private keys that can unlock their digital assets.

These dangers were highlighted once again in a recent report by the Web3 security firm Beosin. In June, it reported that $656 million worth of crypto was stolen through scams, hacks and rug pulls in the first half of the year. The majority, $471.43 million, was lost in 108 confirmed protocol attacks. More worrying for individual users though is that $108 million was stolen through a variety of “phishing” scams.

Crypto users can’t do much about protocol attacks, but they can definitely take steps to secure their wallets and protect themselves from scammers. Bad actors use phishing to direct crypto holders to fake websites, applications and other forms of malware, and there’s no telling when and where they might strike. The good news is you can protect yourself using the following essential crypto wallet security tools.

FairSide

First off, it’s important to understand that no matter what security tools you use, you can never be totally sure you won’t fall victim to a scam. So it makes sense to have an insurance policy if you are holding significant digital assets, and that’s exactly where FairSide stands out with its comprehensive wallet protection.

The startup’s decentralized crypto insurance is available to any user who’s looking to protect themselves against wallet theft, covering almost every kind of digital asset in virtually any wallet. Should anyone with a policy fall victim to a phishing attack, they can immediately make a claim. Once the theft has been verified, users can expect to receive a payout within 72 hours.

Fairside is committed to offering full coverage, regardless of what tokens users hold. It partners with multiple reliable insurance industry firms to offer its coverage, and uses professional security researchers to properly investigate and vet every claim. It charges an annual fee of just 1.95% of all covered assets, up to a maximum of 100 ETH per policy. In addition, Fairside also offers bespoke coverage solutions for investors that need to protect higher amounts.

Umbra

Many ingenious scammers will use blockchain explorer tools to identify high-value crypto wallets they wish to target, and so it makes sense to try and mask the value of the assets you hold. Umbra enables users to do this through anonymous transactions.

It has created a smart contract and a set of standards that allow users to create “stealth” wallet addresses on the Ethereum network. Using a stealth address, it’s possible to send any ERC20 token to a wallet controlled by the receiver, without revealing its identity. To anyone who’s studying the blockchain, the transaction will look like a simple transfer to an unused address. However, off-chain, the sender can generate a new, encrypted address using a public key. Tp date, Umbra claims to have processed more than 85,000 anonymous transactions since launching in June 2021.

Fire

It’s all too easy to make a mistake when engaging in a complicated DeFi transaction, and so it pays to understand exactly what will happen when you engage with a smart contract. This is what Fire aims to do, and it’s really an essential tool for users who are in the habit of making multiple transactions each day.

Fire is a Chrome browser extension that allows you to preview what assets will enter and exit your wallet before they sign any transaction. Essentially, it simulates each transaction before you go through with it, showing you exactly how much will leave, and what will be deposited into your wallet. This way, you can confirm you aren’t making any mistakes.

Blowfish

Crypto is all about self-custody, and there’s no comeback if someone is able to access your wallet and authorize transactions. Because of this, crypto security begins with your choice of digital wallet. But how do you know which wallet you should choose? How can you trust its safety features and security?

Blowfish is the answer. It’s a risk-assessment tool for every Web3 wallet. It relies on built-in machine learning algorithms to comprehensively scan any crypto wallet and detect all of the possibilities for fraudulent transactions that may exist when interacting with Web3 protocols. Developers can also use Blowfish to assess their own wallets before making them available to users. It’s compatible with any wallet on Ethereum, Polygon and Solana.

Carapace

The risk of phishing attacks is one thing, but self-custody also means that you need to ensure you can always access your cryptocurrency holdings. If you lose access to your smartphone or laptop and cannot find the seed phrase required to access your wallet to another device, you’re basically screwed.

But not if you use Carapace, which is a decentralized social recovery protocol that provides fallback options. It works by creating an abstraction between users and its smart contracts. Users can define rules to shape specific use cases, such as wallet recovery in the event the seed is lost, crypto inheritance and more.

Pocket Universe

Because there have been so many scams affecting crypto users in the past, security researchers have created databases that list all known malicious URLs and smart contracts. Pocket Universe leverages these to ensure that you’ll never transact with a known scammer.

It’s a free, Chrome-based browser extension that provides peace of mind for every transaction you make. If you’re about to sign off on a transaction to a suspicious wallet address, or visit a risky URL, it will pop-up with a red alert warning you of the danger. Pocket Universe claims it can protect against almost any kind of phishing scam, as well as honeypot NFTs, counterfeit tokens and malicious seaport transactions.

urToken

You can never have too many lines of defense, and urToken provides a way for security-conscious crypto holders to safeguard their ERC20 and BEP20 tokens by converting them to something that’s more secure.

The way it works is it wraps your tokens and converts them into digital assets based on stricter security standards that will resist any malicious approvals in your wallet. In this way, it offers protection against Transferform exploits in smart contracts that are used to drain user’s wallets of their funds.

Security Is YOUR Problem

The risks of buying, holding and transacting with crypto are ever-present and the decentralized nature of the industry means that the onus is on you, and only you, to secure your assets. The smartest crypto users will be aware of the never-ending risk and use multiple available tools to ensure they don’t become the next victim.

If you’re invested in crypto and possess more than you can afford to use, be sure to protect yourself with the best available crypto wallet security tools.

OKX Achieves SOC 2 Type II Certification, Demonstrating its Industry-Leading User Safety, Security and Compliance Standards

Crypto News Today/Press Releases

Hong Kong, Hong Kong, September 20th, 2023, Chainwire

OKX, a leading crypto exchange and Web3 technology company, today announced that it has successfully completed the Service Organization Control (SOC) 2 Type II audit, demonstrating that the company’s processes for governing its services, managing sensitive data and protecting data privacy meet the highest global standards.

The internationally recognized SOC 2 Type II report, a framework developed by the American Institute of Certified Public Accountants, is one of the most comprehensive audits in the market. The report, completed by an independent external auditor, reviews a company’s policies, procedures and controls over an extended period of time.

Achieving SOC 2 Type II certification is a testament to OKX’s unwavering efforts in ensuring the highest possible standards of safety, security and compliance. It also mirrors OKX’s core operating philosophy and commitment to security, transparency and trust.

This certification underscores the protocols and safety measures OKX has implemented to ensure a premium experience on its industry-leading platform. Moreover, these measures affirm that OKX’s infrastructure specifications, service availability and robustness adhere to stringent criteria, solidifying its position as one of the world’s most secure platforms.

OKX President Hong Fang said: “Completing the SOC 2 Type II audit is an important achievement for OKX, because of the reassurance it provides to all our users, and the diligence and time commitment required in the pursuit of this certification. It demonstrates that OKX is operating at standards comparable to tech giants and traditional finance services firms, as well as our commitment to implementing such standards and practices throughout OKX’s global operations. OKX’s goal is to build the world’s most secure and reliable Web3 ecosystem, and this latest milestone is another crucial step towards our vision.”

About OKX

OKX is a leading global crypto exchange and Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Contact

Media
media@okx.com

FTX Reopens Secure Customer Claims Portal Following Cyberattack

Crypto News Today

Following a cyberattack, bankrupt cryptocurrency exchange FTX has reinstated its customer claims portal with enhanced security measures.

Customers can resume submitting claims for assets owned on the platform prior to its insolvency.

On Sept. 16, FTX updated the community via X (previously Twitter), stating that the cyber intrusion, which targeted its bankruptcy claims agent, Kroll, didn’t impact its systems.

Although certain non-sensitive claimant data got exposed, crucial details like account passwords and funds remained untouched.

Account holders from FTX, FTX US, Blockfolio, FTX EU, FTX Japan, and Liquid can access their accounts and initiate the claims process for digital assets held before the November 2022 bankruptcy announcement.

Cointelegraph revealed on Sept. 11 that claims worth $16 billion from about 36,075 customers were lodged against FTX and FTX US, with 10% settled.

Another 2,300 non-customer claims, totaling $65 billion, included those from notable entities like Genesis, Celsius, and Voyager.

FTX emphasized that account freezing was precautionary, with further security actions now in place.

After discovering the cyberattack against Kroll, FTX temporarily suspended affected user accounts on Aug. 27.

Nevertheless, proofs-of-claims could still be dispatched via Kroll’s online form and by post.

Introduced on July 11, the customer claims portal faced disruptions, becoming inaccessible within an hour of its launch for unspecified reasons.

In parallel developments, the U.S. Bankruptcy Court for the District of Delaware approved FTX’s digital assets sale.

Judge John Dorsey’s Sept. 13 ruling allows FTX to sell assets in weekly tranches, with an initial cap of $50 million and $100 million in the following weeks.

However, FTX cannot currently offload its Bitcoin, ETH, and specific insider-affiliated tokens.

For selling these assets, FTX would need to issue a 10-day advance notice to the related committees and the U.S. trustee, awaiting a separate decision.

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SEC Accuses Binance.US of Non-Cooperation

Crypto News Today

The United States Securities and Exchange Commission (SEC) has escalated its confrontation with Binance.US, alleging a lack of cooperation on September 14th.

In a recent court filing, the SEC criticized Binance.US, accusing its holding company, BAM, of providing only a paltry 220 documents during the discovery process.

Many of these documents, as per the SEC’s assertion, were plagued by unintelligible content, lacking essential dates or signatures.

The SEC further accused BAM of evading the production of vital witnesses for deposition, opting to cooperate with only four depositions it considered suitable.

Moreover, the regulatory body claimed that Binance.US responded to requests for pertinent communications with blanket objections, and conveniently asserted that certain documents crucial to their business operations did not exist.

Ironically, the SEC later obtained some of these supposedly non-existent documents from alternative sources, raising serious concerns about the exchange’s transparency.

The SEC also voiced apprehensions about Binance.US’s utilization of Ceffu, a wallet custody software provided by global entity Binance Holdings Ltd.

Inconsistent statements from BAM regarding Ceffu’s role in wallet and customer funds management drew the SEC’s attention.

Initially, BAM had declared Ceffu as its wallet custody software and service provider but later switched its stance to claim that Binance fulfilled this role.

This inconsistency led the SEC to question whether Binance.US’s use of Ceffu contravened a prior agreement designed to prevent fund diversion overseas.

The SEC’s legal battle against Binance commenced on June 5th, with the regulatory body leveling 13 charges against the crypto exchange.

These charges encompassed unregistered securities offerings, as well as allegations related to the Simple Earn and BNB Vault products and its staking program.

According to the SEC, Binance.com, Binance.US, and BAM Trading should have registered as clearing agencies, broker-dealers, and exchanges, respectively.

Furthermore, the unregistered sale of Binance.US’ staking-as-a-service program necessitated BAM Trading to register as a broker-dealer.

These fresh allegations by the SEC come amidst a backdrop of internal turmoil at Binance.US.

The departure of CEO Brian Shorder and a string of high-ranking executives, including the head of legal and the chief risk officer, have raised questions about the exchange’s stability and management. Binance.US has yet to provide a response to these latest accusations.

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Nasdaq Seeks SEC Approval for Innovative Ethereum ETF by Hashdex

Crypto News Today

The Nasdaq stock exchange has made a significant move by submitting an application to the Securities and Exchange Commission (SEC) in hopes of gaining approval to list an Ethereum Exchange-Traded Fund (ETF) offered by Hashdex, a reputable asset management company.

What sets this ETF apart is its innovative approach to cryptocurrency investment within the boundaries of regulatory compliance.

Dubbed the Hashdex Nasdaq Ethereum ETF, this investment vehicle marks a milestone as the first Ethereum futures filing under the ’33 Act.

It is administered and overseen by Toroso Investments, a registered commodity pool operator with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association.

The recent influx of cryptocurrency ETF applications has put a spotlight on whether these proposed funds will include futures contracts or spot assets.

While the SEC has given the green light for the former, the latter remains unapproved.

Fund managers are now exploring a middle-ground strategy, testing the waters in this evolving regulatory landscape.

The primary objective of the Hashdex fund is to ensure that its shares closely reflect the daily fluctuations in the Nasdaq Ether Reference Price.

To achieve this, the fund plans to diversify its assets by investing in ether, ether futures contracts traded on the CME, and maintaining cash and cash equivalents.

According to Nasdaq’s 19b-4 form, the fund’s approach is to reduce its dependence on the spot market, which could be susceptible to price manipulation, by incorporating a mix of Spot Ether, Ether Futures Contracts, and cash.

Hashdex’s strategy differs from recent filings in the cryptocurrency ETF space.

Notably, it will not rely on the Coinbase surveillance sharing agreement, opting instead to acquire spot Bitcoin from physical exchanges within the CME market.

In recent developments, both Ark Invest and 21Shares have also submitted applications to the SEC for spot ether ETFs, a type of ETF also sought after by VanEck.

The SEC has yet to make determinations on all the applications it has received for spot cryptocurrency funds, keeping investors and enthusiasts eagerly awaiting further developments in the evolving landscape of cryptocurrency investments.

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