Regulation
US CPI, Ethereum ETF, SEC vs Ripple and more news
This week is key for the crypto market, as several news will show the direction of industry players.
From inflation data to legislation would affect the crypto industry, and even on-site updates to Ethereum ETFs and the US Securities and Exchange Commission (SEC) lawsuit against Ripple.
Consumer Price Index in the United States on Wednesday
This week the market will be witness the release of US Consumer Price Index data, which could be busy setting the direction of the crypto market. Analysts expect core CPI to rise 0.3%, up from 0.4% in March.
“Investors need to have some level of confidence that inflation is not going to rise, nor potentially fall, to allow the Fed to cover at least one or perhaps two cuts before the end of the year ” said Thomas Hayes, president of Great Bank. Hill Capital LLC, said.
SEC Position on Spot Ethereum ETFs
Forecasts that exclude the upcoming approval of the SEC by spot Ethereum ETFs Are growing. The regulator recently delayed Ethereum ETF review offered by Galaxy Invesco for 60 days until July 5. Meanwhile, ARK Invest and 21Shares deleted staking their filing with the SEC due to a regulatory crackdown on crypto staking.
Analysts are already predicting that Ethereum will fall to $2,500 if the ETF is denied. However, if approved, ETH could surpass $4,000.
In the coming weeks, the SEC will issue a decision on several Ethereum ETF proposals. These include BlackRock, Grayscale, Ark Invest and 21Shares, Fidelity, VanEck, Hashdex, Franklin Templeton, Invesco Galaxy Digital and Bitwise.
Crypto Regulations in US Congress
Patrick McHenry, Chairman of the House Financial Services Committee said The American Congress could vote on the “Financial Innovation and Technology Act of the 21st Century” (FIT21) before the end of May. FIT21 would be impose jurisdiction over cryptocurrencies in investment contracts.
Representatives say the legislation would cement U.S. leadership in the international financial system for decades.
“With the vote announced today, Congress will take a historic step toward providing a clear regulatory framework for digital asset markets,” McHenry said.
SEC vs Ripple update expected
Finally, one of the most iconic court cases in the cryptocurrency market, SEC v Ripple, is expected to make headlines. The latest development on this matter is that both parties involved have filed omnibus letter motions to seal the proceedings.
This evidence represents one of the last steps before judges rule on the case. The goal is to determine whether Ripple should pay a hefty fine for its XRP sales.
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