Here’s what happened in crypto today
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, SEC raises concern on REX-Osprey staking ETFs, the IMF has raised concerns over Pakistan’s decision to allocate 2,000 megawatts of electricity for Bitcoin mining, and BlackRock posts its largest spot Bitcoin ETF outflow day ever.
The United States Securities and Exchange Commission (SEC) raised concerns about the SOL (SOL) and Ether (ETH) REX-Osprey staked exchange-traded fund (ETF) applications due to their corporate structure, despite an effective registration filing from the ETF issuers on May 30.
According to a letter sent by the SEC to the ETF issuers, the agency says that the c-corp business structure used by the funds may make the investment vehicles ineligible to qualify as exchange-traded funds under existing US securities laws. The letter read:
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