The past few weeks had been tense in the crypto ecosystem as investors around the world eagerly anticipated a crucial decision from the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot bitcoin exchange-traded fund (ETF).
This landmark decision, which was approved on January 10, is expected to impact the crypto market significantly. While the spotlight is on mainstream cryptocurrencies, meme coins like Bonk and Rebel Satoshi ($RBLZ) have been gaining traction, emerging as intriguing options for investors seeking unconventional opportunities in the crypto space.
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SEC Finally approves Bitcoin ETF after rigorous scrutiny
The SEC, which is the regulatory body in the United States, implemented a rigorous scrutiny of the applications from 13 prominent companies seeking approval for a spot bitcoin ETF.
Notable applicants include Grayscale Bitcoin Trust, Ark/21Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, and others. The SEC’s consideration involved two key components: a 19b-4 filing and approval of S-1. The former informs the SEC of a proposed rule change, and the latter registers a new security, providing details about its structure.
With all 13 companies vying for a Bitcoin ETF, investors were keen to understand the fee structures associated with these products. Fee announcements had started trickling in, with Fidelity’s Wise Origin Bitcoin Fund leading the way at 39 basis points (0.39%). Invesco’s Galaxy Bitcoin ETF has set its expense ratio at 59 basis points, Ark/21Shares and Valkyrie at 80 basis points, and Grayscale Bitcoin Trust currently charging 2%, with plans to lower the fee upon approval.
Subsequently on January 10, the SEC caved in and made a positive ruling on these applications to delight within the crypto ecosystem. The decision is expected to set the stage for the approval of other spot crypto ETFs in the United States.
SEC Chair Gary Gensler’s Influence and Regulatory Landscape
Amidst these developments, SEC Chair Gary Gensler’s stance on the crypto industry remains a significant factor. Gensler has been embroiled in legal battles with major crypto players, reflecting the regulatory uncertainty in the crypto space. Despite losing some battles, Gensler continues to assert that most crypto assets are securities under SEC purview, emphasizing the need for regulatory oversight.
The ongoing case against Coinbase, the largest U.S. crypto exchange, highlights the regulatory challenges. The SEC alleges that Coinbase violated rules requiring registration as an exchange, asserting regulatory authority over certain crypto assets traded on the platform. Similar legal battles, such as the one against Binance, further contribute to the unclear regulatory landscape.
Bonk and Rebel Satoshi ($RBLZ) – Emerging Memecoins
While mainstream cryptocurrencies dominate headlines, meme coins like Bonk and Rebel Satoshi ($RBLZ) have quietly gained popularity. Bonk, fueled by its recent listing on Coinbase, experienced a remarkable 64% surge, landing it at the meme-friendly #69 spot on CoinGecko’s market ranking. Its market cap soared above $1 billion, marking a significant milestone.
Rebel Satoshi ($RBLZ) has also been making waves in the crypto community. With a presale that has already sold over 100 million $RBLZ and raised $1.5 million, the project is on the verge of hitting the $2 million mark. Built on the secure Ethereum network, Rebel Satoshi stands out as a compelling investment option. The project’s smart contracts have undergone auditing by Source Hat, a reputable auditing firm, ensuring the safety of investor funds. This is one of the reasons why it is regarded as the best memecoin.
As the crypto market celebrates the SEC’s decision to approve spot bitcoin ETFs, investors are exploring diverse opportunities beyond mainstream cryptocurrencies. Meme coins like Bonk and Rebel Satoshi ($RBLZ) offer a unique investment landscape, capturing the attention of those looking for unconventional and potentially rewarding ventures in the ever-evolving world of cryptocurrency. For those wondering how to get into cryptocurrency or which crypto to buy today for long-term gains, Rebel Satoshi offers a compelling proposition.
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