ALSO: Will tonight's debate address crypto?
The biggest crypto news and ideas of the day |
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VanEck Files for Solana ETF; SOL Rises |
Asset manager VanEck filed to sell shares in a Solana exchange-traded fund (ETF), the first such registration in the U.S. The S-1 registration form lodged with the Securities and Exchange Commission (SEC), helped lift the SOL token's 24-hour gain to 9%. The CoinDesk 20 Index, a measure of the broader crypto market, has added about 3%. The SEC approved the first spot bitcoin ETF in January, while an ether ETF appears to be on the near horizon. |
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Sicc SOL Gainz? Could Happen Under Trump |
Under the Biden administration, Solana has appeared nowhere close to getting its own ETF in the U.S. (at least until the VanEck filing referenced above). But, according to market-making firm GSR, if Donald Trump retakes the White House, it might be closer than many observers think and price-wise have far more upside than bitcoin did when its spot ETF debuted. The U.S. presidential election could provide a breakthrough for additional crypto ETFs like SOL, per the research note shared with CoinDesk. If Trump becomes president again, he could shake up the established playbook for launching crypto ETFs, which usually takes years and starts with the introduction of federally regulated futures contracts – something Solana lacks. |
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This U.S. presidential election has been the first where cryptocurrencies have come up as a major policy issue, and the industry is lobbying (and bracing for) the possibility that President Joe Biden and former President Donald Trump may bring it up when they face off in a Thursday debate. To that end, crypto advocacy group Stand With Crypto set up an online letter-writing campaign to convince hosts CNN to raise crypto as a talking point. A spokeswoman for the group said Wednesday that almost 2,300 people had signed and sent the notes "calling for a crypto question."
"It would be a huge miss for CNN to punt this opportunity to let Americans know where the presidential candidates stand on this important economic issue," spokeswoman Sabrina Siddiqui told CoinDesk. She pointed out that the group's number of members in Georgia, where the 9 p.m. EDT (01:00 UTC) event will take place, far exceeds the gap between the candidates in their previous 2020 contest. |
| The U.S. Supreme Court ruled Thursday to strip the U.S. Securities and Exchange Commission (SEC) of one of its key enforcement processes, deciding in a 6-3 vote that the federal agency’s use of in-house judges is a violation of the constitutional right to a jury trial. In the past, the SEC has sometimes used an internal process presided over by administrative law judges, rather than suing in federal court, to handle civil securities fraud accusations and levy financial penalties. The SEC’s ability to handle matters internally was granted in 2010 by the passage of the Dodd-Frank Act in response to the 2008 global financial crisis. After the Supreme Court’s decision, the SEC will be forced to once again rely solely on federal trial courts to enforce securities laws and seek financial penalties. |
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The Takeaway: CBDCs That Aren't Dystopian |
Central bank digital currencies have gone from a wonky white-paper idea to an election issue, with Western politicians sounding alarms about privacy threats and China-style social credit systems. But is a monetary panopticon the only plausible outcome? At Consensus 2024 last month, I hosted a town hall discussion about the possibilities for digital fiat without Big Brother. Watch the replay. – M.H. |
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