KEYTAKEAWAYS
- SEC's acknowledgment of multiple ETF applications shows continued expansion of crypto investment products beyond Bitcoin and Ethereum ETFs.
- Franklin Templeton's European tokenized Treasury fund launch marks significant institutional adoption of blockchain in traditional finance.
- EU's approval of 10 stablecoin issuers under MiCA regulations reshapes the European crypto landscape, notably excluding Tether.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. SEC Acknowledges Multiple ETF Filings Including 21Shares Staking ETH ETF
The SEC has acknowledged multiple ETF filings, including 21Shares’ application to permit staking for spot ETH ETF, CoinShares’ spot XRP ETF, and CoinShares’ spot LTC ETF. Additionally, the SEC formally accepted WisdomTree’s XRP ETF application, seeking public comments within 21 days of Federal Register publication.
2. Franklin Templeton Expands Tokenized U.S. Treasury Fund to Europe
Franklin Templeton has launched its first fully tokenized U.S. Treasury fund, the Franklin OnChain U.S. Government Money Fund, in Luxembourg. The fund will be available to institutional investors across eight European countries through the Stellar network. The U.S. version has attracted over $580 million in assets since its 2021 launch.
3. EU Approves 10 Stablecoin Issuers Under MiCA, Tether Not Included
The EU has approved 10 firms to issue stablecoins under its Markets in Crypto-Assets (MiCA) framework, including Circle, Crypto.com, and Societe Generale. The approved issuers will offer 10 euro-pegged and 5 USD-pegged stablecoins. Notably, Tether, the largest stablecoin issuer with over $141 billion market cap, was not among the approved companies.
4. Bloomberg: 86% of Traders Lost Money on LIBRA, Total Losses Reach $251M
According to Bloomberg, Nansen data shows 86% of crypto traders lost money investing in the LIBRA token endorsed by Argentine President Javier Milei, with cumulative losses reaching $251 million while insiders profited $180 million.
5. Binance Sued in Nigeria, Faces $81B Fine
Nigerian authorities have sued Binance for over $79 billion in economic losses and $2 billion in back taxes. The country’s Federal Inland Revenue Service claims Binance operated illegally within Nigeria, with the total fine amount being nearly 19 times larger than Binance’s $4.3 billion U.S. settlement in 2023.
NOON NEWS
1. Bitwise CIO: Largest U.S. Crypto ETP Yet to Launch
Bitwise CIO Matt Hougan predicts that the largest U.S. crypto ETP hasn’t launched yet and believes it will be an index-based product. He suggests that resolving the security-commodity definition debate could trigger explosive growth in U.S. crypto products.
2. Thailand Plans to Issue $148M Tokenized Government Bonds
Thailand’s Finance Minister announced plans to issue 5 billion baht ($148 million) in government bonds directly to public before the fiscal year ends September 30. The initial issuance will serve as a sandbox project, tradable on a digital bond platform.
3. LIBRA Incident Impact: Pump.fun Metrics Decline
Following the LIBRA token incident, Pump.fun’s daily trading volume has decreased 27% from $184 million to $134 million. New wallet registrations hit their lowest since November 2024, with only 59,000 new wallets registered on Tuesday.
4. CoinDesk Indices Launches CoinDesk 100 and Memecoin Index
CoinDesk Indices announced two new index products at Consensus Hong Kong: one tracking the top 50 memecoins by market cap and another following the top 100 tokens, meeting institutional demand for diverse crypto sector exposure.
5. SEC Voluntarily Withdraws Appeal on DeFi Rulemaking Case
The SEC has voluntarily withdrawn its appeal of a ruling that prevented the agency from expanding existing securities laws to cover DeFi users and projects, a move seen as a significant victory for the digital assets industry.
EVENING NEWS
1. Survey: 2 Million Australian Crypto Investors Could Influence Federal Election
A Swyftx survey reveals that cryptocurrency investors could become a crucial voting bloc in Australia’s next federal election, with 59% of crypto investors more likely to support pro-crypto candidates, potentially forming a voting bloc of around 2 million people.
2. IntoTheBlock: Base Ecosystem Token Trading Volume Down 78% Since December
Despite Base becoming a popular Layer-2 platform for retail traders in 2024, recent market corrections have pressured its ecosystem. On-chain trading volume for eight tracked Base tokens has declined 78% since December 2024.
3. Canary Capital Launches Canary AXL Trust
Digital asset investment firm Canary Capital has launched the Canary AXL Trust, providing institutional and accredited investors access to AXL investment opportunities, with Coinbase appointed as the official custodian.
4. Blockchain Association Supports Senator Cruz’s Move to Repeal DeFi Broker Rule
The Blockchain Association, representing 76 crypto organizations, has urged congressional leaders to support Senator Ted Cruz’s effort to repeal the IRS’s DeFi broker rule, with major firms like a16z Crypto and Grayscale among the signatories.
5. Over $920M USDT Net Deposits Flow into Binance
IntoTheBlock data reveals that Binance received over $920 million in net USDT deposits yesterday, with approximately $800 million originating from the Tether treasury.
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