Crypto Roundup: SEC Delays (Again), Congress Turns Up The Heat, An ETH Milestone

Welcome to an autumn edition of Crypto Roundup! 🍂

As the days get shorter and the leaves start to fall, you know it’s official. Summer is dead and gone, and all those plans you had for summer are meaningless. You might as well embrace the season.

But I believe there’s such a thing as going too far. Like when you see things like this at the local Sam’s Club:

Umm, no, thank you.

Anyway, with the crisp air comes crisp news, and we’re here to deliver the freshest picks of the patch. So, grab your favorite cozy sweater, pour yourself a pumpkin-spiced something-or-other, and let’s dive into this week’s roundup of crypto happenings. And just for fun, imagine reading today’s edition in your favorite NPR podcast voice. Nice and smooth. 🍵

Let’s get to it!


Shutdown Showdown: SEC Delays (Again) ⌛

Hold the phone! The Securities and Exchange Commission (SEC) is back at it with its delay tactics. This week, the SEC announced it was postponing decisions on four major Bitcoin ETFs from industry giants like BlackRock and Bitwise.

This is the second delay in a month. Adding fuel to the fire? An impending government shutdown. The SEC is racing against time, making expedited announcements as they and other federal agencies prepare for a potential close of nonessential government business.

This year has been a whirlwind, with no less than seven firms vying for the right to list a spot-price Bitcoin exchange-traded fund (ETF). Remember, there are already other Bitcoin-related ETFs out there. But an ETF that tracks the spot price of Bitcoin is seen as a clean, efficient way for retail investors to gain crypto exposure.

Also worth remembering is that one of the pioneers of this whole Bitcoin ETF race, Grayscale, is back in the mix, too. As we discussed recently, the D.C. Court of Appeals overturned the SEC’s initial rejection of their application. That initially reignited hopes for future approvals, but the recent spate of delays is shaking up investor hopes.

Bottom line, a government shutdown is not just a showdown on Capitol Hill. It could throw a monkey wrench in the works for crypto investors hoping for a fresh price catalyst. A pile-up of applications is probably just delaying the inevitable, though. Once the government wheels start turning again, who knows what could happen next…

Congress Turns Up The Heat On Gensler 🔥

A coalition of U.S. Congress members is turning up the heat on SEC Chair Gary Gensler. Ahead of scheduled testimony before the House Financial Oversight Committee, they sent a letter to Gensler – a list of grievances, if you will.

In short, they’re all about getting that green light for listing spot-bitcoin ETPs (exchange-traded products).

Their argument? Gensler has stated that his goal is to protect investors from crypto scams, poor asset custody practices by crypto exchanges, and more. So what better way to protect retail investors than a regulated spot bitcoin ETF? Heck, it’s even better than Bitcoin futures ETFs, which are already approved. It could be the golden ticket for investors, offering a transparent and secure gateway to crypto investments.

Here are some choice quotes from the letter, courtesy of Crypto Briefing:

“Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress.”

“There is no reason to continue to deny such applications under inconsistent and discriminatory standards.”

“A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s current posture is untenable moving forward.”

Fast-forward to Wednesday and the verbal beat-downs continued as Gensler delivered testimony to the House committee. In a 5-hour session, members grilled the SEC boss on everything from whether Bitcoin is a security to whether a tokenized Pokemon card is a security.

One representative, Andy Barr (R-KY), may have had the line of the day. He referred to Gensler’s previous comments comparing U.S. capital markets to a gold medal olympian, stating:

“You are the Tonya Harding of securities regulations.”

Ouch. Too soon?

Ethereum Revenue Outshines Tech Giants 💰

Here’s a surprising bit of news. Ethereum, the decentralized smart contract platform, has quietly accumulated revenue of over $10 billion since its inception in 2015.

This feat is noteworthy, considering it took Meta (formerly Facebook) a smidgen over 7.5 years and Microsoft a whopping 19 years to hit the same milestone!

So, how did Ethereum pull this off? That impressive revenue stream comes from the fees collected on a myriad of transactions and activities on its network. Whether it’s using decentralized finance apps, trading and minting NFTs, or sending cryptocurrency payments, Ethereum has been THE go-to platform.

However, it’s not all roses currently. Ethereum’s revenue has dipped by 77% from the previous year amid the overall crypto market downturn, raking in only $1.7 billion so far this year.

Despite the recent downturn, the future seems promising. A projection by VanEck suggests a potential rise in Ethereum’s network revenue from $2.6 billion annually to a staggering $51 billion by 2030 if the current adoption trend continues.

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