Ethereum ETF Staking News + Ripple CEO Expects XRP ETF🚀

Tether Becomes Seventh-Largest Buyer of US Treasurys, Surpassing Major Countries

Tether, the issuer of the world’s largest stablecoin, USDt, has become the seventh-largest buyer of US Treasurys, acquiring over $33.1 billion in 2024. This places Tether ahead of countries like Canada, Taiwan, and Mexico. The investment in US Treasurys is part of Tether’s strategy to back its stablecoin with highly liquid and secure assets. As stablecoin adoption grows, legislation regulating these assets is expected to pass by August, further shaping the market’s future.

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Coinbase Urges SEC to Clarify Crypto Regulatory Authority as Industry Faces Shifting Landscape

Coinbase has submitted recommendations to the SEC on how to better clarify its authority over the crypto market, urging the agency to define digital assets like network tokens and NFTs as “digital commodities” rather than securities. The exchange emphasized the importance of Congress addressing uncertainties around regulations, especially regarding stablecoins, and called for clearer guidelines on secondary market transactions. This comes as the SEC, under new leadership since the Trump administration, moves toward a more flexible approach, shifting away from the prior administration’s stance on crypto regulation.

Ripple CEO Expects XRP ETF by Late 2025 Amid Legal Victory and Growing Institutional Interest

Ripple CEO Brad Garlinghouse sees XRP as part of the White House’s proposed digital asset stockpile and anticipates an XRP ETF approval before the end of 2025. His optimism follows Ripple’s legal win against the SEC. Garlinghouse highlighted pending ETF applications from firms like Bitwise and Franklin Templeton, citing strong confidence in regulatory approval. Meanwhile, XRP surged 11% to over $2.51, overtaking USDT as the third-largest cryptocurrency by market cap.

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Ethereum ETF Staking Gains Momentum as NYSE Arca Files Rule Change Proposal

The push to allow spot Ethereum ETFs to earn yield through staking is progressing. BlackRock’s Robert Mitchnick emphasized the potential demand unlocked by staking, while NYSE Arca filed a proposed rule change to enable Bitwise’s ether ETF to stake. The SEC’s previous stance under Gary Gensler made staking approvals unlikely, but with a more crypto-friendly government, approvals now seem more feasible. If approved, Ethereum ETFs could generate additional revenue, mirroring proposals from Grayscale, 21Shares, and Fidelity. Despite billions in inflows, Ethereum ETFs still lag far behind their Bitcoin counterparts.

SEC’s Latest Crypto Mining Statement Adds More Confusion Than Clarity

The SEC’s Acting Chairman has issued yet another non-binding interpretation on crypto mining, marking at least ten such statements in nine weeks. Rather than providing transparency, the latest statement relies on flawed logic, assuming miners operate solely for rewards and not profits from others’ efforts—leading to a predetermined conclusion that mining is not a security. However, the statement limits itself to general Proof-of-Work (PoW) mining without addressing specific protocols. A footnote ultimately confirms that a proper Howey analysis is still required, leaving the legal status of mining unchanged. The statement mirrors past SEC guidance on meme coins, which was widely misinterpreted.

Resources:

The Block

sec.gov