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Avail, Long-Awaited 'Data Availability' Blockchain Project, Launches Main Network
The project, spun out of Polygon in 2023, has raised $75 million of funding and claims unique technologies as a provider of "data availability," or DA – the speciality of storing reams of transactional data produced by Ethereum layer-2 networks.
U.S. House Passes Crypto Illicit Finance Bill That's Likely to be Rebuffed in Senate
The U.S. House of Representatives has approved another piece of cryptocurrency legislation with a routine voice vote, though the bill to set up a government working group to assess how to keep bad actors from using digital assets isn't likely to become a law as-is.
Ethereum ETFs Approved by SEC, Bringing Popular Funds to Second-Largest Cryptocurrency
U.S. regulators have given final approval for spot exchange-traded funds that hold Ethereum's ether {{ETH}}, giving Americans access to a second major cryptocurrency via the easy-to-trade vehicles. The decision caps a years-long process to get ether ETFs approved by the Securities and Exchange Commission and follows the regulator's approval of bitcoin {{BTC}} ETFs in January. Packaging ether in an ETF wrapper could make them more palatable to conventional investors since the funds can be bought and sold through traditional brokerage accounts. Since their debut in January, bitcoin ETFs have attracted tens of billions of dollars of investment. Approval did not seem certain just weeks ago. But in late May, SEC officials abruptly began engaging with wannabe ETF issuers after a long silence. Then, on May 23, the regulator approved a key filing, opening up a pathway to full approval through the latest decision. "We've now fully entered the ETF era of crypto," Matt Hougan, chief investment office at Bitwise, said. "Investors can now access more than 70% of the liquid crypto asset market through low-cost ETPs."
Ethereum ETFs Could See Underwhelming Demand, Partly Due to Lack of Staking, Two Research Firms Predict
A couple of prominent crypto firms see a relatively muted debut from exchange-traded funds that hold Ethereum's ether {{ETH}}. Wintermute, a major market maker, sees ether ETFs collecting $4 billion, at most, of inflows from investors over the next year. That's below the $4.5 billion to $6.5 billion expected by most analysts – and that latter number is already roughly 62% less than the $17 billion that bitcoin ETFs have so far collected since they began trading in the U.S. six months ago. Wintermute does, however, see ether's price gaining as much as 24% over the next 12 months, driven by those inflows. The ETFs got regulators' final blessing Monday night, meaning issuers including BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Bitwise, 21Shares and Invesco can start offering the funds and they can begin trading Tuesday.
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