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GM. This is Milk Road, the crypto newsletter so bright, sunflowers turn our way. |
Here’s what we got for you today: |
✍️ ETH ETFs set to go live on July 23rd ✍️ Trump picks a pro-crypto VP 🎙️ The Milk Road Show: 6 Major Crypto Market Catalysts Every Investor Must Plan For in 2024 🍪 FTX and the CFTC have agreed on a $12.7B settlement |
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$ETH ETFs SET TO GO LIVE JULY 23RD 🚀 |
Strap in, Roadies. Exchange-Traded Funds (ETFs) are like the main act at the TradFi theater, and guess what? |
Ethereum ETFs are finally about to hit center stage! |
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Yep, you read that right. |
After weeks of radio silence and some doubts, these ETFs are getting the green light. 🟢 |
But hold your horses, there’s still some red tape to cut through… |
Step 1: S-1 filings (those pesky registration forms) need to be in by Wednesday, July 17th at 5:30 pm EST. |
Step 2: Issuers must request “effectiveness” (essentially activation) by Monday, the 22nd. |
This step is key to ensure all the juicy details are out there for the public to chew on so they understand the offering. |
If the SEC doesn’t hit us with any last-minute curveballs, trading kicks off on July 23rd. |
Tick-tock, folks! ⏱️ |
As we all sit and wait for the remaining S-1s to be filed, one thing is on everyone's mind: Fees. |
Why? Because the higher the fees, the more it costs customers to invest in these ETFs. |
Lower fees typically attract more investors, and more investors means more $ETH getting scooped up off exchanges. |
So far, three S-1s have been filed with fees specified within: |
21Shares (CETH): 0.21% VanEck (ETHV): 0% FranklinTempleton (EZET): 0.19% |
And we’re currently still waiting for filings from: |
Blackrock (ETHA) Fidelity (FETH) Bitwise (ETHW) Invesco (QETH) Grayscale (ETHE) |
Quick nugget: VanEck is making waves with zero fees on their $ETH ETFs. But heads up, they'll likely roll out a fee down the road. |
From what we've seen so far, some fees are in line with the $BTC ETF fee rates but are low compared to major asset class ETFs such as: |
High Yield ETF (HYG 0.49%) Gold ETF (GLD 0.40%) Silver ETF (SLV 0.50%) Small Caps ETF (IWM 0.19%) |
Fee competition is about to heat upthis week with all eight players entering the ring! 🔥 |
As of now, the SEC has given a thumbs up (preliminary approval) to atleast three out of the eight asset managers. |
But guess what? All eight are expected to launch at the same time. 💥 |
🥛Milk Road Take: We’ve endured 18 weeks of the market doing the cha-cha (down/sideways). |
Sentiment? Has been fairly garbage. |
Meanwhile, stocks are flying through the roof. |
And now, with the $ETH ETF set to drop, things are about to get wild. |
As the Milk Man likes to say: “We’re on the brink of a price surge that’ll have you checking your portfolio more often than your Instagram.” |
Want the full scoop on what’s next? Check out yesterday’s episode of The Milk Road Show with Matt Hougan where we dive into what to expect from the upcoming $ETH ETF in the short, medium, and long term. |
You don't want to miss this one! 👂🎧 |
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TRUMP VP PICK JD VANCE IS PRO-CRYPTO 🆙 |
One of the Milk Man's rules was to never talk about politics, but that was until politicians started talking about crypto. |
Whether you’re a Republican, Democrat, somewhere in between, or living in a different country, makes no difference. |
The fact is, these presidential parties now have strong opinions on crypto and it will affect this industry we’ve all grown to love so much. |
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The other day, Trump announced his running mate: J.D. Vance. And folks, he’s looking like a sweet deal for the crypto community… |
Who is J.D. Vance? |
J.D. Vance is a 39-year-old Senator from Ohio, a state known for producing presidents and, apparently, crypto enthusiasts. |
Vance has been serving as a senator since 2023 and has a background in venture capital. |
He’s also a vocal advocate for open-source AI. But let's not bury the treasure—he loves crypto. |
So let’s talk about his crypto cred. |
Vance isn’t just a casual observer; he owns a hefty $250K in $BTC on Coinbase. |
Making Vance the first Bitcoin holder to be featured on a US presidential ticket! |
But, he’s not just a HODLer, he’s been going to bat for the industry: |
Voted to repeal SAB 121, which was seen as a major win for the crypto community. Slammed the SEC for mishandling The Debt Box incident. Introduced a bill to ensure customers like crypto firms are not discriminated against by banks. |
Simply put, he gets the underlying principles of crypto. |
Check out this tweet from a few years back: |
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So, why does this matter for our crypto? Picture this: Vance is like a fairy godmother for the digital asset world, ready to wave his wand and clear away the regulatory red tape. |
🥛Milk Road Take: With Vance in the White House, we could see a shift towards even more crypto-friendly policies. |
He’s not just talking the talk; he’s walking the walk with his Bitcoin holdings and legislative efforts. |
In short, Vance’s pro-crypto stance could mean a brighter future for digital assets. It’s like the crypto industry just found another knight in shining armor, and his name is J.D. Vance. |
With the US election day coming up in November, Lark Davis sees political turmoil as 1 of 6 major crypto catalysts that every investor should prepare for in 2024. |
Tune in to our latest episode of The Milk Road Show to hear about the other 5! |
Don’t miss out! 👂🎧 |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Now you can access onchain DEX and liquidity pool data straight from the CoinGecko API! Dive into extensive data for over 3M tokens – even those not listed on CoinGecko. Your DeFi research just got a whole lot tastier! * |
Grayscale is diving into the future with a new fund focused on decentralized AI.This fund aims to tackle AI-related problems, from deep fakes to data storage, by investing in projects like Bittensor and Filecoin. It’s all about leveraging blockchain for AI solutions. |
Hong Kong is stepping up its game with plans to require licenses for all fiat-referenced stablecoin issuers.The HKMA and FSTB received overwhelming support for this move during a public consultation. All issuers will need to get a license from the HKMA to ensure full backing of stablecoins at all times. |
FTX and the CFTC have agreed on a jaw-dropping $12.7 billion settlement. With $8.7B going to restitution and $4B in disgorgement, this deal could see FTX reorganizing and compensating 98% of its creditors. The big day for approval? August 6. Fingers crossed, creditors! |
Hermetica is making waves with the launch of USDh, a Bitcoin-backed synthetic dollar. This new asset offers a yield of up to 12% through staking and promises stability by hedging $BTC with short futures. |
*this is sponsored content |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |