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The Spot ETH ETF drama continues with a new delay from the SEC…

Let’s digest: 

1. Spot ETH ETFs Are Delayed After SEC Comments

2. Mark Cuban is Selling His NFTs

3. Sony To Restart Japanese Crypto Exchange

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

Spot ETH ETFs Are Delayed After SEC Comments

The anticipated launch of the first U.S.-based spot ETH ETFs has been pushed to mid-July or later, following delays from the SEC.

Initially expected as early as July 2, the delay stems from the SEC's review process, affecting the timeline for potential issuers.

• The SEC is taking additional time to assess the S-1 forms submitted by the ETF hopefuls, with resubmissions requested by July 8.

• Nate Geraci, president of the ETF Store, noted that recent revisions requested by the SEC were relatively minor.

• He anticipates that once the final submissions are made, the SEC could authorize trading within two to three weeks, though the exact timing remains fluid.

The process for launching these ETFs involves two critical steps…

• The approval of the issuers’ 19b-4 forms, which was completed on May 23 for eight ETF applicants.

• The approval of the S-1 forms, which outline detailed fund operations and are currently under review.

SEC Chair Gary Gensler confirmed that the process is advancing smoothly, but he also indicated that listing the ETFs on stock exchanges could extend into September.

This delay highlights the scrutiny by regulatory bodies as they introduce crypto-based financial products into mainstream markets.

 🖼️ NFTs

Mark Cuban Is Selling His NFTs

Billionaire entrepreneur Mark Cuban has begun to offload a significant portion of his NFT collection.

Over a span of just three days, from June 22 to June 24, Cuban sold multiple NFTs through OpenSea, garnering over $39,000.

• Among the sold items, a standout transaction was his Pudgy Penguin NFT, which fetched a whopping $30,950.

• Cuban also has listed his #MFFL Hashtag NFT for 15 ETH (approximately $52,043) and his Deuteronomy 25:4 Bible NFT for 5 ETH (around $17,347).

• Cuban has nearly 1,600 items remaining in his crypto portfolio. 

The overall NFT market has experienced a steep 45% decline in volume this quarter, with June poised to mark the lowest number of NFT transactions since March 2021.

This downturn mirrors the broader bearish sentiment in the cryptocurrency market, particularly affecting Bitcoin.

🟠 Crypto

Sony To Restart Japanese Crypto Exchange

Sony is gearing up to relaunch Whalefin, a crypto exchange it acquired from the crypto lender Amber Group last year.

Initially reported by Wu Blockchain and detailed by the Block, the technology giant announced this strategic move under its subsidiary Quetta Web, which purchased Amber Japan in August 2023.

• Whalefin, previously known as DeCurret before Amber Group's acquisition in 2022, is poised for a fresh start under Sony's guidance.

• A recent notice indicated that Amber Japan is rebranding to S.BLOX, signaling a new chapter in the company’s operations.

• Sony plans to introduce a revamped app as part of the exchange’s relaunch, although the precise timeline for the resumption of services has yet to be disclosed.

The financial terms of Sony's acquisition remain under wraps.

This move marks a significant step in Sony's deeper dive into the Web3 space, expanding beyond its previous engagements, which included a Web3 incubation program with Astar Network and a patent filing for transferring NFTs across games and consoles.

The decision comes after reports last year from Bloomberg that Amber Group was considering selling its Japanese unit due to the stringent regulatory environment in Japan.

Non-fungible News

• Gaming: Pixel Creators Are Making More Games

• NFTs: The Web3 Game that Sold $1M in NFTs in Under 1 Minute

• Crypto: ETH is the Worst Performing Crypto in Net Flows This Year

💡 INSIGHT

Blast TVL Down $1B in the Past 10 Days

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