Here’s what happened in crypto today

cyptouser5 months agoCryptocurrencies News154

Here’s what happened in crypto today

The SEC has accepted a second spot Bitcoin ETF for review - Valkyrie's spot Bitcoin ETF filing - just a few days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13. Meanwhile, Ark Invest CEO Cathie Wood says she remains optimistic over the fate of Coinbase and other digital asset exchanges after the recent Ripple ruling, and Ripple Labs says the recent court ruling could lead to more adoption of its XRP  token.

Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list

The United States’ Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal for official review. According to data from the SEC’s Nasdaq rulemaking list, Valkyrie’s proposal for its spot Bitcoin ETF entered the official docket on July 17.

Valkyrie’s listing on the docket is the second spot Bitcoin ETF proposal being considered by the SEC, and comes just a few days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13.

The filing is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the United States. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In response to regulatory pushback from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.

In an attached notice, SEC deputy secretary Matthew DeLesDernier mentioned that Nasdaq refiled for a proposed rule change allowing the listing of a spot Bitcoin ETF by Valkyrie on July 3.

“The trust will only hold Bitcoin, and will, from time to time, issue baskets in exchange for deposits of Bitcoins and to distribute Bitcoins in connection with redemptions of baskets,” DeLesDernier noted in the statement.

Cathie Wood bullish on Coinbase after Ripple court ruling

The founder and CEO of ARK Investment Management said she remains upbeat over Coinbase shares, particularly after Ripple’s recent partial victory over the SEC.

While Wood noted the ruling wasn’t in outright favor of Ripple, she lauded the outcome as “by and large, very positive for [crypto] exchanges.”

On July 17, three of Wood’s ARK Investment exchange-traded funds (ETFs) cashed in on the crypto exchange’s recent rally, selling a total of 248,838 shares, worth $26.3 million at the time. These sales came six days after the ARKInnovation ETF sold an additional $12 million worth of Coinbase stock on July 11.

Ripple Labs exec says court ruling could boost XRP adoption

With Ripple Labs scoring a partial victory in its legal battle with the SEC, the XRP token could be poised for wider adoption in cross-border transactions, according to Stu Alderoty, Ripple Labs’ chief legal officer.

“I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business, real-world problems in terms of moving value across borders without incurring obscene fees,” Alderoty said, according to CNBC.

Alderoty said the third quarter would be especially pivotal in driving conversations with customers about XRP’s utility, which could generate meaningful business for the company.

Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled partially in favor of Ripple Labs on July 13 by determining that XRP was not necessarily a security. The favorable judgment prompted several U.S. crypto exchanges to relist XRP.

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