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Asset management behemoth Franklin Templeton has filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF), making it the latest Wall Street giant to enter the spot Bitcoin ETF race.

Binance.US, the American subsidiary of the globally recognized cryptocurrency exchange, has reduced its workforce by approximately a third, translating to a loss of 100 job positions. The move was accompanied by the departure of its CEO Brian Shroder.

The Nasdaq stock exchange has filed with the U.S. Securities and Exchange Commission (SEC) to launch an Ethereum ETF from Brazilian asset manager Hashdex, with the product encompassing both spot ether and futures contracts.

Top stories in the Crypto Roundup today:

  • Franklin Templeton Joins the Race for a Spot Bitcoin ETF
  • Binance.US Lays Off One-Third of Workforce, Sees CEO Depart
  • Nasdaq Files for an Ethereum ETF with Spot and Futures Exposure
  • Chart of the Week: SOL Price Faces Challenges in the Wake of FTX Aftermath

 
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Franklin Templeton Joins the Race for a Spot Bitcoin ETF

 

Asset management behemoth Franklin Templeton has filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF), making it the latest Wall Street giant to enter the spot Bitcoin ETF race.

The firm, which manages $1.4 trillion in assets, filed to list “The Franklin Bitcoin ETF,” which would be a component of the Franklin Templeton Digital Holdings Trust, as outlined in the filed documentation.

The Franklin Bitcoin ETF would be listed and traded on the Cboe BZX Exchange, and the Nasdaq-listed cryptocurrency exchange Coinbase would be the fund’s custodian. Coinbase has notably been chosen by other spot Bitcoin ETF applicants as the would-be custodian and surveillance-sharing partner.

The SEC is currently reviewing a number of spot Bitcoin ETF applications from various traditional finance behemoths, including BlackRock, Fidelity, and Invesco.

 
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Binance.US Lays Off One-Third of Workforce, Sees CEO Depart

 

Binance.US, the American subsidiary of the globally recognized cryptocurrency exchange, has reduced its workforce by approximately a third, translating to a loss of 100 job positions. The move was accompanied by the departure of its CEO Brian Shroder.

A Binance.US spokesperson confirmed the layoffs and the CEO’s departure, and emphasized these actions gave the exchange “more than seven years of financial runway,” as it moves to become a solely cryptocurrency-focused exchange.

Following Shroder's departure, Chief Legal Officer Norman Reed will step in as the interim leader.

Earlier this year, both the SEC and the Commodity Futures Trading Commission took legal actions against Binance, its US subsidiary Binance.US, and co-founder Changpeng “CZ” Zhao.

The allegations revolved around operating an unauthorized exchange, dealing in unregistered securities, violating commodities regulations, and potential mishandling of customer funds.

 
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Nasdaq Files for an Ethereum ETF with Spot and Futures Exposure

 

The Nasdaq stock exchange has filed with the U.S. Securities and Exchange Commission (SEC) to launch an Ethereum ETF from Brazilian asset manager Hashdex, with the product encompassing both spot ether and futures contracts.

The ETF, bearing the moniker 'Hashdex Nasdaq Ethereum ETF', falls under the management purview of Toroso Investments. The firm is registered as a commodity pool operator with the Commodity Futures Trading Commission and a member of the National Futures Association.

The Hashdex ETF is meant to reflect daily changes in the price of the Nasdaq Ether Reference Plan, and will invest in Ether, Ether futures contracts on the CME, cash, and cash equivalents. Nasdaq wrote:

"Instead of holding 100% spot Ether, which could make it more susceptible to price manipulation in the spot market, the Fund will hold a mix of Spot Ether, Ether Futures Contracts, and cash.”

The firm added that by holding Ether fuutres contracts in addition to spot Ether, the fund “redices  its dependence on the spot market, thereby mitigating concerns about potential manipulation in unregulated Ether spot exchanges.”

The inclusion of futures contracts as a way to mitigate concerns about potential market manipulation is important, as the SEC has so far rejected spot Bitcoin ETFs over these concerns, but allowed futures ETFs to be listed.

 
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Chart of the Week: SOL Price Faces Challenges in the Wake of FTX Aftermath

 

The price of Solana has been facing challenges linked to the collapsed cryptocurrency exchange FTX, and this week’s Chart of the Week examines those.

Between August 1st and September 11th, SOL has seen significant downturns when compared to leading cryptocurrencies, recording dips of 13.2% versus BTC and 10.7% against ETH.

 
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