Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 3-04-25
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GRAYSCALE PURSUES SIXTH ALTCOIN ETF AS NASDAQ SEEKS TO LIST HEDERA FUND
Approving multiple smaller assets for Grayscale's ETFs could help pave the way for an index ETF, a source told Decrypt.
Crypto asset manager Grayscale Investments is pushing forward with its offerings for altcoins, filing for approval of a new spot Hedera (HBAR) exchange-traded fund (ETF) on Monday.
The Nasdaq Stock Market 19b-4 filing to the U.S. Securities and Exchange Commission marks Grayscale’s sixth altcoin-focused ETF.
The SEC, under the leadership of acting chair Mark Uyeda, has already acknowledged and published filings for ETFs linked to altcoins, pointing to a more supportive stance toward altcoin-based investment products under a Trump administration.
“The biggest benefit to having a lot of smaller assets be approved for an ETF would be that it would pave the way for an index ETF,” Katalin Tischhauser, Head of Research at Sygnum Bank, told Decrypt.
A 19b-4 filing is part of a two-step process to propose a crypto ETF to the SEC, and once acknowledged by the agency, the filing will be published in the Federal Register, initiating the SEC's approval process.
Grayscale’s other spot ETF filings include tracking the performance of Polkadot (DOT), XRP, meme coin Dogecoin (DOGE), Cardano (ADA), and Solana (SOL).
Grayscale was one of the first to file to convert its XRP Trust and Dogecoin Trust into ETFs, and the SEC has already acknowledged those filings along with Solana ETF, adding them to the Federal Register.
The filings for the Polkadot and Cardano ETFs are still in the early stages of regulatory review.
The SEC’s review process typically lasts 45 days from the date of publication in the Federal Register, during which time the commission will consider the filings and invite public comments.
Following this period, the SEC can either approve or reject the proposed rule changes or delay its decision, with the entire process potentially stretching to 240 days.
Grayscale is not the first asset manager to pursue a HBAR ETF. Last month, Nasdaq filed a 19b-4 form with the SEC to list a spot HBAR ETF on behalf of Canary Capital.
As of now, the SEC is still in the process of reviewing the application, and no official approval has yet been granted
Still, Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart have pointed out that both Hedera and Litecoin have “higher odds than others [ETFs] of approval.”
@ Newshounds News™
Source: Decrypt
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AUSTRALIA’S GOVERNMENT HAS NO PLANS TO ESTABLISH A STRATEGIC CRYPTO RESERVE
The Albanese government has no plans to follow the lead of the Trump administration, which has announced plans to stockpile XRP, Solana, Cardano, Ether and Bitcoin.
Australia’s government is not currently considering a strategic crypto reserve, despite US President Donald Trump announcing the effort in the United States just days earlier.
US President Donald Trump announced on March 2 that the President’s Working Group on Digital Assets was directed to include XRP, Solana, Cardano, Ether and Bitcoin in the crypto strategic reserve.
A swathe of other US states are also considering adding crypto to their balance sheets.
However, it is understood the current ruling party in Australia has no plans to establish a crypto reserve.
A spokesperson for Australian Assistant Treasurer and Financial Services Minister Stephen Jones told Cointelegraph that the government is focused on regulating digital asset platforms.
“The Albanese Government has consulted on our proposed framework to build a fit-for-purpose digital asset regulatory regime, and we continue to work closely with industry,” the spokesperson said.
“The Albanese Government knows that blockchain and digital assets present big opportunities for our economy, our financial sector and innovation.”
A change of government could be on the horizon for Australia, however. Constitutionally, a new federal election must be held on or before May 17, and the latest YouGov poll shows the center-right coalition holding a slight lead over the center-left Labor government, leading 51% to 49%.
A spokesperson for the Coalition did not immediately respond to a request for comment.
Speaking to Cointelegraph, Tom Matthews, head of corporate affairs at Australian crypto exchange Swyftx, said that while the idea for a reserve is popular, it can also be “fraught with complexity,” and if not managed properly creates the potential for concentration risk with some tokens.
“If one of the main goals of your country’s strategic reserve is to hedge against crises, the price volatility of crypto is a problem. It is just difficult to see where the political traction is going to come from,” he said.
Matthews speculates a more likely scenario is the emergence of a long-only sovereign wealth fund that holds crypto.
Kraken’s managing director for Australia, Jonathon Miller, told Cointelegraph that crypto has already firmly established itself as an investment-grade asset, with ETFs on major exchanges, superannuation funds and sovereign wealth funds already invested for quite some time.
“If it’s suitable for them, it’s certainly worth consideration for long-term asset allocators like the Future Fund and even Treasury,” he said.
It comes as regulators in the country have flagged plans to shift focus toward the crypto industry.
Australian Transaction Reports and Analysis Center CEO Brendan Thomas said in December last year the Anti-Money Laundering regulator was shifting its focus to the cryptocurrency industry in 2025 amid a crackdown on crypto ATM providers who might be flouting Anti-Money Laundering laws.
The Australian Securities and Investment Commission released a consultation paper on proposed guidance for crypto in December as well, placing many digital assets under the category of financial products and requiring firms dealing in crypto to be licensed.
The country has also emerged as a hub for Bitcoin and crypto ATMs, with coin ATM Radar data showing it has the third largest number worldwide at over 1,453 ATMs, up from 67 in August 2022.
@ Newshounds News™
Source: CoinTelegraph
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