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PDAXScope : BlackRock Amends Ethereum ETF Application

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May 31, 2024

4 min read

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Crypto News:

BlackRock Amends Ethereum ETF Application; Bloomberg’s Balchunas Sees ETF Going Live By June

BlackRock filed an amended S-1 form for its proposed spot ether (ETH) exchange-traded fund (ETF) that revealed more information about the product that was recently approved for listing in the U.S. Subject to regulatory approval, assets held in the ETF can be redeemed for cash or even ether. The iShares Ethereum Trust ether ETF will list and trade under “ETHA.” Bloomberg analyst Eric Balchunas called the updated S-1 a “good sign,” adding that a launch by the end of June was “a legit possibility.” The updated S-1 comes nearly a week after the Securities and Exchange Commission (SEC) approved several ether ETFs for listing in the U.S., buoying bullish sentiment in the broader crypto market.

U.S. Lawmaker at Center of Crypto Negotiation Predicts Digital Assets Law by Next Year

Rep. Patrick McHenry – the chief GOP negotiator on crypto legislation – said future policy is now assured by a major bipartisan showing for his effort in the House of Representatives. McHenry, who has been wrangling the crypto legislation in the House, argued that the outcome is assured by the massive level of bipartisan backing last week for his Financial Innovation and Technology for the 21st Century Act (FIT21) – with more than a third of House Democrats showing up to vote, despite pushback from the White House. He said the momentum will carry into the next congressional session in 2025, if it has to, and will lift the market-structure bill and the long-awaited legislation to regulate stablecoin issuers.

Global News:

Guilty on all counts, Donald Trump becomes first US president convicted of a crime

Donald Trump became the first U.S. president to be convicted of a crime on Thursday when a New York jury found him guilty of falsifying documents to cover up a payment to silence an adult star ahead of the 2016 election. After two days of deliberation, the 12-member jury pronounced Trump guilty on all 34 counts he faced. Justice Juan Merchan set sentencing for July 11, just days before the Republican Party is expected to nominate Trump for president ahead of the Nov. 5 election. Trump faces a maximum sentence of four years in prison, though others convicted of that crime often receive shorter sentences, fines or probation. Incarceration would not prevent him from campaigning, or taking office if he were to win. He will not be jailed ahead of sentencing.

Yen's relentless slide revives Japan's interest in structural reforms

Japanese policymakers are turning their attention to more structural economic factors behind persistent yen declines, convinced that market intervention is limited in its ability to reverse the currency's broader slide. Data due out on Friday is likely to show Japan spent roughly 9 trillion yen late April through early May to slow the decline in the yen, which hit a 34-year low below 160 to the dollar. While the wide U.S.-Japan interest rate gap is typically blamed for the yen's declines, the currency's persistent weakness has alerted policymakers to other more fundamental drivers such as Japan's dwindling global competitiveness.

Local News:

Peso slumps to near 19-month low

Philippine Peso sank to a near 19-month low on Thursday due to a strong dollar as US Treasury yields surge amid a hawkish US Federal Reserve. The Peso closed at P58.635 per dollar on Thursday, weakening by 21.5 centavos from its P58.42 finish on Wednesday, Bankers Association of the Philippines data showed. This was the peso’s worst finish in almost 19 months or since its P58.80-per-dollar close on Nov. 3, 2022. The Peso is now down by P3.265 from its end-2023 close of P55.37. The dollar held steady on Thursday after rising to a two-week high as a rout in US Treasuries pushed up yields, boosting the currency’s allure, Reuters reported. 

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