⏱️ SEC Isn't Rushing Spot Ether ETFs to Market

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Gary Gensler has put to bed speculation that spot Ether ETFs will hastily enter the market. Speaking to CBNC, Gensler said it would “take some time” for the regulator to greenlight the prospective funds’ S-1 registration statements.

Joe Biden’s decision to veto legislation passed by both the U.S. House of Representatives and Senate that would have struck down the SEC’s controversial crypto accounting rule has dashed hopes that the Democrats may be abandoning their anti-crypto stance.

Robinhood Crypto is set to acquire the veteran cryptocurrency exchange Bitstamp. Robinhood said the move would help it break into markets outside of the U.S.

Plus, Bitcoin miners continue to struggle post-halving, Taiko completes a nine-figure airdrop, BNB tags new all-time highs, and a wallet tagged as belonging to Donald Trump amasses millions in memecoin holdings.

✍️ In today’s newsletter:

SEC slowly works through spot Ether ETF filings
Outrage over Biden vetoing SAB 121 resolution
Robinhood to buy Bitstamp for $200M
Bitcoin miner reserves sink to a three-year low
Taiko airdrops token at $2.1B FDV
BNB tags new highs above $700
‘Donald Trump’ owns $28M in memecoins

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$69,0051.87	%
Ethereum	$3,774	-0.17 %
Gold 1st Future	$2,347 1.02	%
S&P 500	5283.40 0.11	%
Arch Web	32.35	-1.10 %
Learn more about Arch Indices		%

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🔎Gary Gensler Says Spot Ether ETF Launch Will Take Time

SEC chair Gary Gensler said his agency is not rushing to approve the S-1 registration statements of spot Ether ETF applicants. However, while Gensler told CNBC the SEC will “take some time” to greenlight the filings, he did not indicate that the funds will not receive approval.

💔Biden’s Surprise Veto Signals Democrats’ Crypto-Friendly Era May Have Been Wishful Thinking

The crypto community is outraged by the Biden administration’s move to veto a resolution that passed through both U.S. houses with bipartisan support rejecting the SEC’s controversial crypto accounting rule. The move came after Biden’s recent decision not to veto the pro-crypto FIT21 bill gave some analysts hope that the Democrats were warming to crypto amid the election cycle.

🤝Robinhood To Acquire Veteran Crypto Exchange Bitstamp

Robinhood is expanding its crypto operations with the acquisition of Bitstamp. The deal is set to go down in the first half of 2025, with Robinhood acquiring the long-standing exchange for just $200 million in cash.

⛏️Bitcoin Miners Struggle Post-Halving as Reserves Plunge

Bitcoin miner reserves have slumped to their lowest level since July 2021 amid the post-halving revenue crunch. The Bitcoin network’s hash rate is also down 8%, signaling that many miners have been forced offline since block rewards halved.

🌍 ELSEWHERE

Franklin Templeton Eyeing New Crypto Fund After Ethereum ETF Approval: Report (Decrypt)
Binance reinstates crypto buys via Mastercard (Cointelegraph)
Chinese expats can trade crypto on Bybit, the exchange officially announces (The Block)
Cosmos Hub Resumes Block Production After 4-Hour Outage (Unchained)