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INCOMING SEC CHAIR TO WEIGH MORE THAN 70 CRYPTO ETF FILINGS—INCLUDING SOLANA AND XRP
Spot crypto ETFs are currently limited to Bitcoin and Ethereum in the U.S., but analysts expect new approvals this year.
▪️Incoming SEC Chair Paul Atkins will have more than 70 crypto ETF hopefuls to review when he begins in the role.
▪️Funds pegged to Dogecoin, Pengu, Solana, XRP, and the Melania meme coin are all in the mix.
▪️After punting on XRP ETFs in March, the agency can delay its final decision until mid-October.
Incoming SEC Chair Paul Atkins will have an avalanche of crypto-related applications to sift through when he officially takes control of the regulator.
Hopeful issuers now await feedback on 72 crypto-linked exchange-traded funds in the U.S., including requests to list options, according to Bloomberg ETF analyst Eric Balchunas.
“Gonna be a wild year,” he said on X, formerly Twitter, on Monday, noting ETF hopefuls have positioned themselves to offer funds for assets ranging from Solana to the first lady’s meme coin.
Atkins was confirmed as U.S. President Donald Trump’s pick to lead the Securities and Exchange Commission by a full Senate vote around two weeks ago. His swearing-in ceremony is expected to take place soon, marking an official start to the SEC’s push to regulate crypto collaboratively under new leadership.
Although Atkins was a proponent of deregulation during his previous stint at the SEC, analysts say the crypto-friendly veteran may have to make a few first-time calls, specifically when it comes to which cryptocurrencies can be approved for listings as commodity-based trusts.
Balchunas did not immediately respond to a request for comment from Decrypt.
Last year, the SEC approved spot Bitcoin and Ethereum ETFs under former SEC Chair Gary Gensler. While the approvals represented a landmark moment for the crypto industry, it raised deeper questions about which cryptocurrencies should be regulated as commodities, and therefore be allowed to trade on Wall Street in a similar fashion to assets like gold.
In total, asset managers are looking for feedback on applications tied to 15 different cryptocurrencies beyond Bitcoin and Ethereum. Those include applications centered on digital assets with large valuations like Solana, Dogecoin, and XRP—alongside relatively nascent ones like the Solana-based tokens Bonk, Pengu, and Official Trump.
Under Acting SEC Chair Mark Uyeda, the agency has chipped away at some regulatory uncertainty. In February, the SEC said that it generally doesn’t consider meme coins to be securities, but it didn’t advise whether they were fitting for Wall Street wrappers.
For assets like XRP, the SEC won’t be forced to make a decision immediately after Atkins takes the reins at the agency. After punting on XRP ETFs in March, the agency can delay its final decision until mid-October.
@ Newshounds News™
Source: Decrypt
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BRICS: CHINA UNVEILS FIRST GOLD ATM: MELTS AND CONVERTS GOLD
BRICS member China has unveiled the world’s first Gold ATM that melts, tests, and converts gold into instant bank transfers. The ATM has already witnessed long queues of people trying to sell off their generational gold. Users need to book an appointment to use it, and according to early reports, appointment slots are full until as late as May.
The Gold ATM is operated by China’s Kinghood Group and is installed at a mall in Shanghai. The machine weighs, checks the quality, and analyses the Gold before dispensing the money equivalent to the price that was put in. The ATM is designed to accept gold items of over three grams with a purity of at least 50 percent.
“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective. This reflects the fact that, with rising gold prices, the value of gold held by the public has increased significantly, leading to a stronger desire to cash out,” Wion quoted Xu Weixin, a member of the Shanghai Gold Association, as saying. “There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases.”
XAU/USD Surges to All-Time High as China Begins Using Gold ATM
Furthermore, the development from China also comes as Gold prices globally are skyrocketing. Indeed, the precious metal touched the historic milestone of $3,400 on Monday.
The XAU/USD index, which tracks the performance of the precious metal, showed the commodity surging 70 points, spiking more than 2% in the day’s trade. The Spot Gold prices have risen close to 30% year-to-date, generating stellar returns to investors.
Commodity traders who took an entry position this year are all enjoying profits as the metal is heading north. This is the highest the glittery metal has surged in the last four months since 2010.
The steady yet unending accumulation of gold, as well as China’s new Gold ATM, could send its prices higher by the end of 2025. Senior Bloomberg strategist Mike McGlone recently predicted that the metal could soon hit the $4,000 mark next.
“We’re putting in a pretty good base now around $3,000,” McGlone said. “It’s going to head into $4,000, the question is time. Anything in between there is for the traders, which I used to do.”
@ Newshounds News™
Source: Watcher Guru
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