Good night, people.
In at this time’s high tales: two headline-worthy updates simply dropped on subjects we’ve been monitoring.
Our crew has been refreshing X each 12 seconds monitoring the state of affairs, and we’re right here to deliver you the newest developments – reside, unfiltered, and straight into your inbox.
1/ GENIUS Act
The GENIUS Act – aka the invoice that desires to make stablecoin rules clearer – handed the Senate with a 68-30 vote.
(Should you’re questioning what this invoice really does or why some individuals do not f*ck with it – we defined all of it right here.)
So, what occurs now?
It heads over to the Home of Representatives. From right here, they will:
👉 Vote on the GENIUS Act as-is;
👉 Push their very own stablecoin invoice, the STABLE Act, which is stricter and treats stablecoin issuers like banks;
👉 Mix the 2 into a brand new draft.
Both approach, each chambers must agree on one thing earlier than it lands on Trump’s desk, who, btw, desires it signed earlier than Congress goes on break in August.
2/ Altcoin ETFs
Final week, we talked about how we could be heading into an altcoin ETF summer time.
Now there’s a brand new replace on that:
The SEC opened public feedback on two proposed crypto ETFs from Franklin Templeton – one for XRP, one for Solana.
This pushes the choice deadline by 35 days, so we’re late July now.
Wait, the SEC delayed it?? Is that dangerous?
Don’t be concerned, it isn’t. Sort of the alternative.
Bloomberg ETF analyst James Seyffart mentioned delays like this are regular.
What actually issues is that the SEC is definitely reviewing the filings, not ignoring them. That is a win.
And you understand what’s an excellent greater win? The SEC can be reviewing a Solana staking ETF.
That issues as a result of proper now, if you wish to earn yield from staking one thing like Solana or Ethereum, you must leap via a bunch of hoops: handle your personal pockets, lock up your property, select a validator, and so on.
A staking ETF would change that. It will let common buyers earn staking rewards simply by holding a traditional ETF – no wallets, no staking setup, no technical information wanted.
That may open up a brand new stream of demand for these property.
Nevertheless it’s not easy. There are some large hurdles:
Custody: the fund has to stake consumer property securely with out violating SEC guidelines;
Legality: the SEC has beforehand prompt that providing staking companies would possibly rely as promoting unregistered securities;
Technical dangers: validators can fail, slashing can occur, and protocols can replace in ways in which mess with staking mechanics.
So, the truth that the SEC is even speaking about this – as a substitute of rejecting it outright – is a powerful signal of progress.
Similar goes for the Franklin ETFs. Delays are annoying, positive, however the engagement is a inexperienced flag.
And that, pricey viewers, wraps tonight’s broadcast. Your inbox is formally up to the mark.
This has been your favourite correspondent, reporting reside from the frontlines of crypto.
Keep knowledgeable and mildly skeptical.
Now you are within the know. However take into consideration your pals – they most likely do not know. I’m wondering who may repair that… 😃🫵
Unfold the phrase and be the hero you understand you might be!
