Good night, of us.
In right this moment’s prime tales: two headline-worthy updates simply dropped on matters we’ve been monitoring.
Our workforce has been refreshing X each 12 seconds monitoring the scenario, and we’re right here to convey you the most recent developments – stay, unfiltered, and straight into your inbox.
1/ GENIUS Act
The GENIUS Act – aka the invoice that wishes to make stablecoin rules clearer – handed the Senate with a 68-30 vote.
(If you happen to’re questioning what this invoice truly 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’ll:
👉 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 manner, each chambers must agree on one thing earlier than it lands on Trump’s desk, who, btw, needs 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 season.
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 unhealthy?
Don’t be concerned, it isn’t. Sort of the other.
Bloomberg ETF analyst James Seyffart stated 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 what’s a good larger 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 bounce by way of a bunch of hoops: handle your individual pockets, lock up your belongings, select a validator, and many others.
A staking ETF would change that. It will let common buyers earn staking rewards simply by holding a standard ETF – no wallets, no staking setup, no technical information wanted.
That may open up a brand new stream of demand for these belongings.
But it surely’s not easy. There are some large hurdles:
Custody: the fund has to stake consumer belongings securely with out violating SEC guidelines;
Legality: the SEC has beforehand urged that providing staking companies may 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 robust signal of progress.
Similar goes for the Franklin ETFs. Delays are annoying, positive, however the engagement is a inexperienced flag.
And that, expensive viewers, wraps tonight’s broadcast. Your inbox is formally on top of things.
This has been your favourite correspondent, reporting stay from the frontlines of crypto.
Keep knowledgeable and mildly skeptical.
Now you are within the know. However take into consideration your folks – they in all probability do not know. I’m wondering who may repair that… 😃🫵
Unfold the phrase and be the hero you’re!
