Republican Presidential candidate Donald Trump has chosen Ohio Senator JD Vance, a crypto-friendly former venture capitalist who holds between $100,000 and $250,000 in Bitcoin on cryptocurrency exchange Coinbase, according to a financial disclosure.

The U.S. Securities and Exchange Commission (SEC) has told prospective spot Ether exchange-traded fund issuers that the funds can start trading as soon as next week. The regulatory green light comes after issuers submitted amended applications last week.

BlackRock Chairman and CEO Larry Fink has recently revealed he believes Bitcoin is a legitimate financial instrument that offers unique benefits such as uncorrelated returns, which can be particularly valuable in times of economic instability.

Top stories in the Crypto Roundup today:

•   Trump Picks Bitcoin-Holding Senator JD Vance for Vice President
•   Spot Ether ETFs to Start Trading Next Week, SEC Tells Issuers
•   BlackRock’s CEO Calls Bitcoin a ‘Legitimate Financial Instrument’
•   Euro Stablecoins Tumble After Multiple EURT Delistings

Trump Picks Bitcoin-Holding Senator JD Vance for Vice President

Republican Presidential candidate Donald Trump has chosen Ohio Senator JD Vance, a crypto-friendly former venture capitalist who holds between $100,000 and $250,000 in Bitcoin on cryptocurrency exchange Coinbase, according to a financial disclosure.

Vance, who also owns a brokerage account with Robinhood, up to $100,000 in a crude oil exchange-traded fund (ETF), up to $250,000 in a checking account with Charles Schwab, and up to $250,000 in a gold ETF, has worked on legislation on how the US regulates digital assets.

The Ohio Senator’s plan would overhaul how the SEC and the CFTC regulate the cryptocurrency market and build on a previous bill he introduced that would protect banks from regulatory pressure to stop serving cryptocurrency firms by prohibiting regulators from citing “reputational risk” against lenders.

Vance also issued a statement in 2021 opposing an amendment to the Infrastructure Bill, saying it would lead to “mass surveillance” of the cryptocurrency industry and a “backdoor ban” on Bitcoin.

Notably, Trump has increasingly embraced the cryptocurrency industry during his campaign, vowing to support it last month via his social media platform Truth Social, and calling for remaining BTC to be mined within the United States.

Spot Ether ETFs to Start Trading Next Week, SEC Tells Issuers

The U.S. Securities and Exchange Commission (SEC) has told prospective spot Ether exchange-traded fund issuers that the funds can start trading as soon as next week. The regulatory green light comes after issuers submitted amended applications last week.

SEC officials reportedly told one issuer that they had no outstanding issues with the filings, and final versions were due by Wednesday, paving the way for a listing on exchanges by Tuesday, July 23, according to one source. A second source indicated trading might begin a day later, following the ETFs' official go-ahead.

While some details, like management fees, remain largely undisclosed with only a few issuers like VanEck and Invesco Galaxy revealing them, analysts predict significant investor interest.

Crypto exchange Gemini predicted potential inflows of up to $5 billion in the first six months, with Steno Research projecting a more aggressive figure of $20 billion within the first year.

BlackRock’s CEO Calls Bitcoin a ‘Legitimate Financial Instrument’

BlackRock Chairman and CEO Larry Fink has recently revealed he believes Bitcoin is a legitimate financial instrument that offers unique benefits such as uncorrelated returns, which can be particularly valuable in times of economic instability.

Speaking on CNBC’s “Squawk on the Street” to discuss the company’s latest quarterly financial results, Fink revealed he believes Bitcoin serves as a hedge when there is a belief that countries are debasing their currencies through excess deficits.

The CEO of the world’s largest asset manager pointed out that in countries where people fear for their everyday existence, Bitcoin offers an opportunity to invest in something outside their country’s control, thereby providing more financial control.

Fink also likened Bitcoin to digital gold, expressing confidence that Bitcoin would become one of the asset classes that investors look at, particularly for those seeking to express their financial acumen in uncertain times. 

Euro Stablecoins Tumble After Multiple EURT Delistings

The total market capitalization of Euro stablecoin has dropped 2.51% to $307 million, its lowest level since November 2023. Tether’s EURT suffered a particularly sharp blow, with its market capitalization falling by 26% in June after multiple exchange delistings.

The European Union's Markets in Crypto Assets (MiCA) regulation, which came into effect on June 30th, has intensified scrutiny of stablecoins. Only a handful of stablecoins, including Circle's USDC and EURC, Societe Generale's EURCV, Monerium's EURe, Membrane's EUROe, and Quantoz's EURD, are MiCA compliant.

Anchored Coins AEUR and Stasis EURO remain the market leaders in European stablecoins, with market capitalizations of $61.1 million and $47.7 million respectively

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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