Coinbase Urges US SEC to Approve the Conversion of Grayscale Ethereum Trust into Spot ETH ETF; BNB Green; QUBE Blasts Through $10M in Presale

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The approval of spot Bitcoin ETFs by the US SEC in January 2024 wasn’t smooth sailing. The regulatory body finally bowed to pressure, giving the green light to the investment vehicle after a decade-long wait. However, it wasn’t without reluctance on the part of the SEC, with Chairperson Gary Gensler adding that the approval “should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.”

Nevertheless, the crypto industry remains optimistic about the approval of spot Ethereum ETFs. After all, the SEC and CFTC (Commodity Futures Trading Commission) have all treated Ethereum as a commodity and not a security. Among the asset managers vying to offer this investment vehicle, Grayscale is one of the leading applicants, and it recently earned the backing of Coinbase, the largest centralized crypto exchange (CEX) in the US.

In recent news, Coinbase urged the SEC to approve the conversion of the Grayscale Ethereum Trust into a spot ETH ETF, as it did with spot Bitcoin ETFs. With eyes on May’s VanEck Ethereum ETF application ruling, the agency’s stance on this investment product will be known.

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Meanwhile, in the crypto market, Binance Coin (BNB) is in an uptrend despite the slight market downturn. In the ICO world, InQubeta (QUBE), the rave of the moment, blasted through $10 million in its ongoing presale, preparing to explode after its launch.

InQubeta (QUBE): Soaring Past $10M in Presale

InQubeta (QUBE) gained more popularity after racing past $10.3 million in early funding, leaving most of the new ICOs in the dust. This remarkable performance is on the back of its growing community and investor confidence in its potential.

As an emerging crypto, it boasts massive growth potential. A token is competitively priced at $0.0224 in the seventh stage of the presale and is tipped for a 65x jump after its launch by analysts, making it a recommended presale.

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Besides its bullish outlook, InQubeta further stands out thanks to its promising narrative: a blend of AI and crypto. At this intersection, it aims to address the fundraising challenges within the fast-rising AI sector by building the first crypto-based crowdfunding platform for AI startups. Poised for massive adoption, it is the best new crypto to invest in.

Ethereum (ETH) ETFs: Coinbase Urges the SEC to Approve the Conversion of Grayscale Ethereum Trust into Spot ETH ETF

Coinbase, the largest centralized exchange in the US and Grayscale Ethereum Trust’s custodian, submitted a detailed report highlighting Ethereum’s regulatory compliance and market maturity. In its letter, it wrote, “The market has long understood that ETH is not a security.”

Taking to X (formerly Twitter), Coinbase’s chief legal officer, Paul Grewal, referring to the letter submitted to the SEC in support of the Grayscale Ethereum Trust conversion into a Spot ETH ETF, voiced his opinion. He said that the SEC, CFTC, and the wider crypto market have all “treated ETH not as a security but a commodity.”

This move—and Coinbase’s support—came in the wake of criticism of spot Ethereum ETFs. Showing its support, Coinbase praised Ethereum’s decentralized governance and noted its effectiveness in mitigating the risks of market manipulation and fraud.

The regulatory body’s stance on spot Ethereum ETFs will be known by May, as it has to either approve or reject VanEck’s application. Ethereum has been on the upside, riding the wave of excitement around the potential approval of the Ether ETF, recently hitting $3,000. This makes it a bullish wave not to miss out on and one of the best cryptos to buy now.

Binance Coin (BNB): Green Candle Amid Market Downswing

The crypto market is abuzz with exciting developments, from Wormhole’s snapshot of its upcoming airdrop to GoDaddy’s integration with ENS. Amidst this—and a slight market downturn—Binance Coin (BNB) has managed to stay in the spotlight with its significant uptick.

Undoubtedly, this has sent ripples of excitement across the community. With further upsides anticipated, BNB is among the best cryptos to invest in.

As it races towards a new all-time high (ATH), it is a bullish wave not to miss out on. Hence, if you seek substantial gains, BNB is one of the best coins to invest in.

Conclusion

Coinbase recently showed its support for Ethereum ETFs, stating that it is a commodity and not a security. In the crypto market, BNB continues its upward trajectory, while InQubeta blasts through $10 million in presale. On the cusp of skyrocketing after its launch, you can become an early QUBE holder through the link below.

Visit InQubeta Presale 

 

Join The InQubeta Communities

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