The Crypto Compass Issue #80

Hello readers,

This week, we witness significant strides towards mainstream adoption and regulatory acceptance. The Chicago Board Options Exchange (CBOE) has confirmed that several spot Ethereum ETFs will begin trading on July 23, marking a major milestone for Ethereum investors. Meanwhile, in Italy, state-owned development bank Cassa Depositi e Prestiti SpA (CDP) and Intesa Sanpaolo have successfully completed the country's first digital bond issuance using blockchain technology. These developments highlight the growing integration of blockchain in traditional financial systems and the increasing legitimacy of digital assets in global markets.

First-Ever Spot Ethereum ETFs to Begin Trading in the U.S.

The first-ever spot Ethereum exchange-traded funds (ETFs) will start trading in the U.S. on Tuesday, following the U.S. Securities and Exchange Commission's final approval. Eight issuers, including Grayscale, Franklin, VanEck, Bitwise, 21Shares, Fidelity, iShares, and Invesco Galaxy, will debut their ETFs. The funds will trade on various exchanges such as NYSE, CBOE, and NASDAQ with post-waiver fees ranging from 0.15% to 2.5%. Despite expectations that Ethereum ETFs will generate less inflows than Bitcoin ETFs, predictions suggest significant monthly net inflows of $750 million to $1 billion for the first six months, potentially reaching $5 to $8 billion in total assets.

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Italy's CDP and Intesa Sanpaolo Complete First Digital Bond Issuance on Blockchain

Italy's state-owned development bank Cassa Depositi e Prestiti SpA (CDP) and the country's largest lender, Intesa Sanpaolo, have completed a €25 million digital bond issuance using blockchain technology, marking the first such transaction under Italy's new digital asset regulations. The bond, issued on the Ethereum-based Polygon network, was underwritten and solely invested by Intesa Sanpaolo. The transaction settled in euros on the same day using the Bank of Italy's TIPS Hash Link tool. This initiative is part of the European Central Bank's efforts to explore blockchain settlements for wholesale fiat money, highlighting the growing trend of tokenizing traditional financial instruments for enhanced efficiency and transparency.

Trump Pledges Support for Powell, Outlines Second-Term Policies

Republican presidential candidate Donald Trump stated in an interview with Bloomberg Businessweek that he would allow Federal Reserve Chair Jerome Powell to complete his term if elected. This marks a shift in Trump's historically contentious relationship with Powell. Trump also emphasized that the Fed should avoid cutting interest rates before the November elections. Additionally, Trump outlined his second-term plans, including implementing new tariffs, renewing tax cuts, increasing domestic energy production, supporting the crypto industry, and curbing big tech companies. He also mentioned considering JPMorgan CEO Jamie Dimon for Treasury Secretary and expressed willingness to challenge established U.S. foreign policies.

Happenings of the week

• Atari just dropped an onchain arcade on Base

• BlackRock’s Bitcoin ETF Receives $526 Million in Inflows

• English Football Club Owned by Bitcoiner Adds $4.5 Million Bitcoin to Its Treasury

• Telegram Hits 950 Million Users Amid Crypto Gaming Boom

Binance.US Receives Court Approval to Invest Customer Assets in T-Bills

Binance.US has been granted court approval to invest its customer assets in US Treasury bills (T-bills), as per an order from Judge Amy Berman Jackson. The approval allows Binance.US to invest customer fiat funds held by BitGo in T-bills with a four-week rolling maturity period. The exchange must maintain enough US dollars to meet expected customer withdrawal requests and cannot involve third parties in the investment. Additionally, Binance.US can invest its corporate assets with non-affiliated third parties and transfer crypto assets to US-based third-party custodians, with strict conditions to ensure Binance entities do not control these assets.

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