Here are some of the major developments in the world of crypto over the past few days.
BlackRock has updated its Form S-1 for its Spot Ether ETF, which analysts say is a "good sign" that the issuer and the SEC are committed to launching the ETF. The US Spot Ether ETH $3,721 exchange-traded fund (ETF) has a "legitimate chance" of hitting the market by the end of June after BlackRock updated a key filing required for its launch, analysts said.
Bloomberg ETF analyst James Seifert said BlackRock's latest S-1 indicates that the issuer and the SEC are committed to launching a spot ethereum ETF, so that's arguably the exposure we've been looking for. BlackRock’s amended S-1 gave information about its seed capital investor the entity that allocates money to the fund so it can start trading.
On May 21, the investors, an affiliate of BlackRock, agreed to purchase 10 million shares worth of stock on May 21, 2024, acquiring 400,000 shares at a price of US$25,00 per share on May 21, 2024, the filing stated. Some have speculated that ETH could face price pressure as Grayscale Ethereum Trust (ETH) could see an average of $110 million in daily outflows in the weeks following the conversion and discount reduction.
The Treasury Department of the United States has released its first-ever financial risk assessment for non-fungible tokens (NFTs), aiming to provide regulators with a more thorough understanding of potential risks and security issues in the rapidly evolving market. Contrary to common belief, the report highlights that the majority of illegal activities still occur through traditional currency rather than digital assets.
Additionally, the Treasury's analysis reveals that instances of digital asset fraud often originate from age-old schemes predating the emergence of blockchain and cryptocurrencies, such as Ponzi schemes or insider trading. Despite acknowledging the risks associated with NFTs, the report indicates minimal evidence of their involvement in serious illegal activities like terrorism or drug trafficking.
The report concluded with several recommendations to mitigate potential abuse through NFTs, including regulating the NFT market, working with industry insiders to prevent fraud, collaborating with foreign partners to prevent illicit geopolitical activity, and educating consumers on the potential risks surrounding nonfungible tokens and digital assets.
Vitalik Buterin co-founder of Ethereum ETH, 30 Ethers, worth $113,000, a wallet associated with him transferred, to Juicebox, an open-source crypto crowdfunding platform. The funds were allocated for legal assistance to support Tornado Cash developers Alexey Pertsev and Roman Storm.
Crypto veterans, including Buterin, have long advocated for crypto privacy and tools that help users manage their assets privately. Buterin himself has published numerous papers and suggestions on how to enhance privacy on Ethereum and thus, his support for the cause doesn’t come as a surprise. As law enforcement agencies hunt for the software developers, experts warn that this could have far-reaching implications for the cryptocurrency industry.
The law enforcement crackdown on crypto privacy has deeply impacted privacy-focused coins such as Monero, which has been delisted from major exchanges worldwide. The crypto community’s voice has helped the moment gain the attention of former President Donald Trump, who promised to pardon Ulbricht if elected president.