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Latest Status on Ethereum and 2 Major Altcoin ETFs: Here are the SEC Developments! - Coin Bulletin
SEC; 21Shares, Canary Capital, WisdomTree, and CoinShares have publicly announced Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) focused spot and staking ETF applications.
The U.S. Securities and Exchange Commission (SEC) has taken four new ETF applications related to cryptocurrency markets under consideration.
ETF applications focused on Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) made by 21Shares, Canary Capital, WisdomTree, and CoinShares have the potential to offer new opportunities to investors. The SEC, seeking public opinion, may increase the chances of approval for these applications, especially under the crypto-friendly Trump administration.
Staking move in 21Shares and Ethereum (ETH) ETF
21Shares has submitted an application to the SEC for the Ethereum (ETH) ETF, which includes a staking feature. If the application is approved, the staking rewards generated from the ETF's ETH assets will be directly transferred to investors.
According to the information in the application, 21Shares will only stake the ethers owned by Trust on behalf of Trust, and during this process, the **“staking as a service” (staking service) model will not be used. The company aims to minimize investors' risks by staking with its own assets instead of the delegated staking (authorized staking) model.
Last week, NYSE Arca also made a similar staking application for Grayscale's Ethereum ETF. If approved by the SEC, such staking-based ETFs could offer investors the opportunity to earn passive income through Ethereum.
Canary Capital stands out with XRP ETF application
Canary Capital drew attention with its spot XRP ETF application submitted to SEC. SEC requested public opinion on this application within 21 days. Following the comments received, the institution may decide to approve, reject, or take “proceedings” (progress) on the application.
SEC, besides Canary Capital, had previously accepted applications for XRP ETF from companies such as 21Shares, Bitwise, Grayscale, and CoinShares. In addition, another significant move by Canary Capital was the LTC ETF application. It is eagerly awaited how the SEC will respond to these two applications.
WisdomTree asks for public opinion on XRP ETF
WisdomTree officially submitted its XRP-focused ETF application to the SEC and requested public comments. The SEC set a 21-day comment period after the publication of this application in the Federal Register.
This application coincided with the XRP ETF applications recently submitted by Bitwise, CoinShares, and Grayscale. The companies are not only applying for XRP, but also for other altcoins such as Solana (SOL) and Dogecoin (DOGE). The SEC's newly formed crypto task force continues to work on determining which crypto assets are securities.
CoinShares, LTC and XRP ETF applications are on the agenda
CoinShares, through Nasdaq Stock Market LLC**, has filed both LTC and XRP ETF applications with the SEC. Applications will begin a 21-day review process after they are published in the Federal Register.
Especially Bloomberg ETF analysts evaluate the probability of LTC ETF approval as 90%, while they predict this probability as 65% for XRP products. According to analysts, LTC attracts the attention of institutional investors due to its low-cost transfers and strong liquidity features.
XRP is ranked third with a market value of $151 billion, while LTC ranks 15th with a market value of approximately $10.3 billion. The decisions to be made by the SEC could be crucial for both of these two cryptocurrencies in terms of both price and institutional investor interest.
The response that the SEC will give to these four different applications is of great importance in terms of the future of the cryptocurrency markets and investor interest. Especially under the cryptocurrency-friendly Trump administration, the approval of staking and spot ETFs can increase the adoption rates of cryptocurrency assets by providing fresh liquidity to the markets.