The Securities and Exchange Commission (SEC) could approve spot Ether exchange-traded funds (ETFs) as soon as July 4, with eight asset managers including major players like BlackRock and Franklin Templeton looking to list these funds after the success of spot Bitcoin ETFs.

Major asset manager State Street Global Advisors (SSGA) has partnered with crypto investment firm Galaxy Digital to launch a suite of exchange-traded funds (ETFs) focused on the digital asset ecosystem.

Cryptocurrency investment platform Abra and its founder and CEO William Barhydt have reached a settlement agreement with financial regulators in 25 states, resolving allegations that Abra operated its mobile application without the necessary money transmitter licenses.

Top stories in the Crypto Roundup today:

• Spot Ether ETFs on the Horizon as Approval Could Come by July 4
• State Street and Galaxy Digital to Launch Crypto ETFs ‘Beyond Bitcoin’
• Abra Reaches $82 Million Settlement with 25 States for Operating Without Licenses

Spot Ether ETFs on the Horizon as Approval Could Come by July 4

The Securities and Exchange Commission (SEC) could approve spot Ether exchange-traded funds (ETFs) as soon as July 4, with eight asset managers including major players like BlackRock and Franklin Templeton looking to list these funds after the success of spot Bitcoin ETFs.

Discussions between the SEC and asset managers are reportedly in the final stages, with sources indicating that only minor issues remain in the offering documents. A lawyer involved in the process expressed optimism about a swift approval saying it’s “probably not more than a week or two away.”

SEC Chair Gary Gensler has previously stated that the launch date depends on the responsiveness of applicants to the regulator’s queries. Gensler has also in the past said these ETFs are on track to be approved in the summer.

Earlier this month, asset management firms looking to get their spot Ether ETFs trading in the United States submitted amended registration statements providing details on fees and seed investments.

State Street and Galaxy Digital to Launch Crypto ETFs ‘Beyond Bitcoin’

Major asset manager State Street Global Advisors (SSGA) has partnered with crypto investment firm Galaxy Digital to launch a suite of exchange-traded funds (ETFs) focused on the digital asset ecosystem.

In separate statements, both firms suggested these funds would go “beyond” spot Bitcoin ETFs, with SSGA noting that institutional and retail interest in digital assets have surged since the introduction of these spot ETFs early in the year, and adding investors are “seeking exposure to this asset class through investment options beyond pure spot bitcoin.”

The partnership comes as State Street proposed the SPDR Galaxy Digital Asset ecosystem ETF, which would invest in publicly traded companies within the digital asset space. This could encompass crypto exchanges, mining firms, hardware wallet providers, and crypto-focused venture capital firms, while potentially incorporating futures and existing spot ETF products.

SSGA has also proposed to the SEC the SPDR Galaxy Emerging Technology Enablers ETF and the Hedged Digital Asset Ecosystem ETF. State Street has been in the cryptocurrency space since 2021 after launching a dedicated digital assets division.

Abra Reaches $82 Million Settlement with 25 States for Operating Without Licenses

Cryptocurrency investment platform Abra and its founder and CEO William Barhydt have reached a settlement agreement with financial regulators in 25 states, resolving allegations that Abra operated its mobile application without the necessary money transmitter licenses.

Under the terms of the agreement, Abra will reimburse up to $82.1 million in cryptocurrency to its customers residing in the involved states, and will cease accepting new crypto deposits from U.S. Abra Trade customers while stopping facilitating any cryptocurrency buying, selling, or trading activities for these customers within the U.S.

According to an announcement from the Conference of State Bank Supervisors (CSBS), Barhydt is additionally subject to a five-year restriction on involvement, beyond that of a passive investor, in any money transmitting or money services businesses within the settling states.

The settlement encompasses states like Washington, Arkansas, and Connecticut. It comes on top of previous settlements Abra reached with individual state securities regulators, including those in New Mexico and Texas, regarding the sale of unregistered securities.

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