Ether futures exchange-traded funds (ETFs) are set to start trading in the United States as early as next week, according to analysts who said it appears the U.S. Securities and Exchange Commission (SEC) might be gearing up to greenlight a series of ETH futures ETFs in the coming days.

Popular cryptocurrency exchange Kraken is laying the groundwork to facilitate the trading of US-listed stocks and exchange-traded funds (ETFs) on its platform, with the new service set to be offered in the US and the UK via a newly established division, Kraken Securities.

Leading cryptocurrency exchange Binance has revealed it’s fully divesting from the Russian market as it keeps on facing legal risks in the country. In a statement, Binance detailed it agreed to sell its business in Russia to crypto exchange CommEX.

Top stories in the Crypto Roundup today:

• Ether Futures ETFs Could Launch in US Next Week, Analysts Say
• Kraken Plans to Expand Beyond Crypto into Stock Trading
• Binance Exits Russia, Sells Business to New Crypto Exchange CommEX
• USDC Stablecoin Loses Market Share for 9th Consecutive Month

Ether Futures ETFs Could Launch in US Next Week, Analysts Say

Ether futures exchange-traded funds (ETFs) are set to start trading in the United States as early as next week, according to analysts who said it appears the U.S. Securities and Exchange Commission (SEC) might be gearing up to greenlight a series of ETH futures ETFs in the coming days.

The comments came shortly after ETF analyst Eric Balchunas shared whispers on the SEC wanting to “accelerate the launch of Ether futures ETFs.” Balchunas suggested the futures could start trading as early as Tuesday next week.

The SEC is reportedly looking to launch ETH futures ETFs ahead of a potential US government shutdown. Should the US government fail to secure funding agreements for the next fiscal year by October, a 1 shutdown is imminent from 12:01 am ET.

While the analysts didn’t specify where they heard the whispers from, there are 15 Ether futures ETFs from nine different issuers awaiting approval from the SEC.

Kraken Plans to Expand Beyond Crypto into Stock Trading

Popular cryptocurrency exchange Kraken is laying the groundwork to facilitate the trading of US-listed stocks and exchange-traded funds (ETFs) on its platform, with the new service set to be offered in the US and the UK via a newly established division, Kraken Securities.

Kraken has reportedly already received the necessary regulatory clearances in the UK and is in the process of applying for a broker-dealer license in the US through the Financial Industry Regulatory Authority (FINRA).

The exchange is targeting a 2024 launch for these new services, which will see it compete against existing zero-commission platforms like Robinhood and Public.com.

Once Kraken’s stock trading features become available, the exchange will prompt qualifying customers to enable the service, which once activated will show a consolidated dashboard that reflects their holdings across cryptocurrencies, stocks, and ETFs.

Binance Exits Russia, Sells Business to New Crypto Exchange CommEX

Leading cryptocurrency exchange Binance has revealed it’s fully divesting from the Russian market as it keeps on facing legal risks in the country. In a statement, Binance detailed it agreed to sell its business in Russia to crypto exchange CommEX.

CommEX is notably a newly launched cryptocurrency exchange that offers “a wide range of product suites including Spot, Futures, Simple Futures and P2P service to engage with the world of cryptocurrency."

Noah Perlman, Binance’s Chief Compliance Officer, said in a statement that “operating in Russia is not compatible with Binance’s compliance strategy,” and added the firm will focus on “the 100+ other countries in which we operate.”

The firm clarified that the assets of its Russian users remain safe, with the off-boarding process taking up to one year as assets are migrated. The exchange added:

“Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.”

The move comes after reports suggested Binance was helping people in Russia move money abroad and amid an investigation from the U.S. Justice Department on whether Russians used the exchange to evade U.S. sanctions.

USDC Stablecoin Loses Market Share for 9th Consecutive Month

As part of its plan to expand utility and reach, Circle has announced it’s launching its USDC stablecoin on six additional blockchains over the next two months, coinciding with Coinbase’s investment in Circle in August.

Coinbase’s investment reinforces the commercial relationship between the firms that launched the stablecoin half a decade ago. The market capitalization of USDC has, meanwhile, kept on sliding for the 9th consecutive month, dropping 0.5% to $25.7 billion.

Ethereum remains the dominant platform hosting the bulk of USDC’s supply, claiming 83% of the total

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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