Here are some of the major developments from the world of crypto over the past few days
The SEC responded on the S-1 forms and recommended that they be resubmitted by July 8, potentially delaying the introduction of spot Ether ETFs until mid- to late July. The SEC's review delay for Ether ETF issuers' S-1 forms pushes the debut date to mid-July or later, according to Bloomberg's Eric Balchunas and James Seyffart. Although the timeframe has not been established, the SEC has hinted at a summer rollout.
The S-1 forms' approval is the second stage of a two-phase procedure that must be completed before the ETFs may go live. The first phase required approving the issuers' 19b-4 filings in May. On May 23, the SEC authorized 19b-4 submissions from eight ETF bidders. Unlike 19b-4 forms, S-1 forms do not have a set deadline.
The SEC has authorized a rule modification that allows significant issuers like as BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco to participate in the process. Gensler placed the responsibility for the Ether ETF listings on the applicants, claiming that the process is totally dependent on their response timeframes.
Several PolitiFi and animal-themed memecoins surged in the second quarter, despite the larger market downturn, which included NFTs. Apollo Crypto's chief investment officer cites a 44% drop in Q2 NFT sales to a surge of celebrity, political, and animal-themed memecoins, as well as a crypto market collapse.
Q2 was a difficult market with Bitcoin declining by 15% and many altcoins performed significantly worse than that. While NFT sales have decreased, Memecoins continue to trade at tremendous volumes, including $3.4 billion in the last 24 hours alone. Bitcoin-based NFT breakthroughs may soon supplant traditional NFTs, CoinTelegraph reported.
NFTs made a slight recovery in the fourth quarter of 2023, with sales exceeding $3 billion, raising hopes for an NFT rebound in the second half of 2024. In December 2023, NFT sales reached $1.77 billion, the highest level since the summer 2022 downturn. NodeMonkes and Bitcoin Puppets, the top Ordinals projects, with market capitalizations of $121.1 million and $94.2 million, respectively.
The Floki Inu memecoin project has alerted users and the larger cryptocurrency community about persistent frauds utilizing unapproved tokens that are erroneously linked to its name. The fraudulent coins available on Base and Solana are deceiving investors. Floki Inu advised its users to only obtain token information from reputable sources in order to prevent fraud.
Floki Inu keeps improving the usefulness and functioning of its ecosystem in spite of these security risks. The launch of the FLOKI Name Service on the BNB Chain mainnet is a noteworthy development. With the .floki extension, this service enables users to register decentralized domain names. On the BNB Chain, Floki Inu has overtaken 417,400 holders.
The canine-themed memecoin revealed its 2024 roadmap in March, including a number of planned features and utility-focused projects. Users will be able to open and fund regulated digital banking accounts using FLOKI tokens as part of the proposals. These staking products, according to the SFC, provide yearly returns ranging from 30% to over 100%.