Trump's Truth Social Bitcoin And Ethereum ETF Gets SEC Nod

The US Securities and Exchange Commission (SEC) has accepted Trump Media's application for a Bitcoin and Ethereum exchange-traded fund (ETF). According to the filing with the US SEC, this ETF will offer exposure to Bitcoin and Ethereum to investors, through shares listed on NYSE Arca, and will be backed by crypto assets. Around 75 per cent of the assets will be allocated to Bitcoin and the rest to Ethereum.

According to Cointelegraph, the US SEC is going through all the other ETF applications rigorously, and is looking for a more simplified listing structure for crypto ETFs. 

US President Donald Trump’s social media platform, Truth Social, has proposed that the net asset value (NAV) of its ETF will be examined everyday. The Bitcoin portion of it is based on the CMF CF Bitcoin reference, and will be calculated by aggregating trade data collected from multiple top crypto exchange platforms. The Ether allocation will follow the Ether CMF CF reference rate to allocate its value.

A crypto custodian will also be appointed to keep track of the fund's Bitcoin and Ether in separate accounts and will also hold the private keys in cold storage. 

65 Crypto Firms Request US Congress To Back CLARITY Act

A total of 65 crypto firms and industry groups have urged the US Congress to pass the CLARITY Act, a bill aimed at defining how digital assets should be regulated. The group has argued that the current uncertainty in the US crypto regulation is stifling innovation, and driving investment away. It is also pushing crypto businesses to other countries with more supportive legal frameworks.

The CLARITY Act proposes to divide regulatory responsibility between the Commodity Futures Trading Commission (CFTC) and the US SEC. Under this bill, the CFTC would regulate most cryptocurrencies and trading platforms, while the SEC would focus only on tokens that fall under securities law. The aim is to reduce confusion, avoid overlapping enforcement, and make it easier for developers and companies to comply with rules.

The push for the bill comes ahead of “Crypto Week,” starting July 14, when the US House is expected to take up several major crypto-related bills. Along with the CLARITY Act, lawmakers are also set to consider the GENIUS Act, which focuses on Stablecoin regulation, and the CBDC Surveillance State Act, which seeks to restrict the use of central bank digital currencies.

While many in the crypto industry support the CLARITY Act, some lawmakers have raised concerns about rushing the legislation. 

Dormant Ethereum Wallets From 2015 Move $2.9 Million Worth Of ETH

Two Ethereum wallets that had been inactive since the network's launch in July 2015 have suddenly become active after nearly a decade. Together, they moved a total of 1,140 ETH, which is worth around $2.9 million at current prices.

These wallets are known as “genesis wallets” because they received their ETH during Ethereum’s very first distribution. Back then, Ether was worth less than $1. The sudden movement of these funds has caught the attention of the crypto community, especially because the wallets had remained untouched for over 3,600 days.

According to Cointelegraph, the reason behind the transfers is not known. It’s unclear whether the original owners regained access, or if someone else controls the wallets now. In recent months, there has been a trend of old crypto wallets becoming active again, often moving large amounts of assets that have gained massive value over time.