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### The Delay of SEC Decisions on Spot Ethereum ETFs

On Jan. 24, the United States Securities and Exchange Commission (SEC) postponed its decision on BlackRockÔÇÖs proposed spot Ethereum exchange-traded fund application (ETF) a day before the deadline. They cited the need for more time to review the proposed rule change. While the SEC must make a final decision on BlackRockÔÇÖs spot Ether (ETH) ETF decision by Aug. 7, Bloomberg ETF analyst Eric Balchunas has predicted a final decision will be made on all pending spot Ether ETFs in May, similar to the way the SEC decided on 10 pending spot Bitcoin (BTC) ETFs in January.

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### The Delay of SEC Decision on Grayscale Investments Spot Ether ETF

The next day, the SEC also delayed its decision on whether to approve a spot Ether ETF from Grayscale Investments, opening the application to public comments. The SEC said it would institute proceedings to determine whether to approve or disapprove a proposed rule change allowing NYSE Arca to list and trade Grayscale Ethereum Trust shares. Opening the proposed investment vehicle to public comment will push the deadline for a decision by an additional 35 days upon publication in the Federal Register.

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### Increased Crypto-Related Enforcement Cases by SEC

The SEC remains one of the most consistently anti-crypto forces in the United States. According to a report from litigation consulting firm Cornerstone Research, the number of crypto-related enforcement cases brought by the SEC in 2023 was the highest since 2013, suggesting that digital assets were a ÔÇ£top priorityÔÇØ for the commission. Of the 46 enforcement actions in 2023, Cornerstone reported the SEC imposed $281 million in monetary penalties for settlements and tripled the number of administrative proceedings from 2022.

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### FINRA’s Findings on Crypto Asset Public Communications

In other news, the Financial Industry Regulatory Authority (FINRA) reported that roughly 70% of crypto-related communications from a survey contained ÔÇ£false, exaggerated, promissory, unwarranted or misleadingÔÇØ claims or otherwise violated guidelines on public communications. FINRA reviewed over 500 crypto asset-related retail communications starting in November 2022. According to the regulator, it identified more than 70% of the reviewed communications that had ÔÇ£potential substantive violationsÔÇØ of its rules on communications with the public.

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### Regulatory Pressures on Binance.US

Regulators in Florida and Alaska have revoked Binance.USÔÇÖs right to operate in their territories. This move comes after the former Binance CEO Changpeng ZhaoÔÇÖs guilty plea. Regulators in FloridaÔÇÖs Office of Financial Regulation have also issued an emergency suspension order against Binance.USÔÇÖs money transmitter license.

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### Settlement between Abra and Texan Regulators

Crypto lending firm Abra, allegedly insolvent since March 2023, has entered a settlement in principle with the Texas State Securities Board (TSSB). The company will return assets invested by the stateÔÇÖs citizens.

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