The Nasdaq International Securities Exchange has submitted a proposal to the Securities and Exchange Commission (SEC) to introduce options trading for a new trust managed by BlackRock, called the iShares Ethereum Trust. The trust's assets will consist solely of Ethereum, stored by Coinbase, and cash, held by The Bank of New York Mellon, as outlined in a filing on Tuesday.Notably, the trust will not engage in Ethereum's proof-of-stake validation or utilize its assets for staking income, ensuring it remains a passive investment vehicle. The initiative aims to expand investment opportunities for Ethereum and make cryptocurrency investments more accessible within traditional financial markets, according to Nasdaq.The filing explains that while the shares do not directly mirror an investment in Ethereum, they offer investors an alternative means of gaining exposure to Ethereum through the public securities market, which may be more familiar to them.Nasdaq asserts that the proposed rule change will provide investors with a cost-effective way to access Ethereum and address their investment strategies, which often include hedging and speculation. Options are a popular tool among traders for managing risk or speculating on future price movements of assets, offering flexibility as traders can choose whether or not to execute the trade.This proposal follows the SEC's recent approval of several cryptocurrency ETFs in the U.S., including the first spot Bitcoin ETFs earlier this year and multiple Ethereum ETFs in May 2024. This marks a significant shift, as the SEC had previously denied such crypto products for over half a decade.If the proposal is approved, the options on the iShares Ethereum Trust will adhere to the same listing and trading rules as other ETFs, including regulations concerning underlying securities, expirations, strike prices, and trading halts. According to BlockBeats, Nasdaq and BlackRock, the world’s largest asset management firm, announced on August 7 their intention to introduce options for the spot Ethereum ETF and initiate trading. Documents released on the SEC website indicate that BlackRock and Nasdaq ISE, LLC have requested a rule change to list and trade options on the iShares Ethereum Trust, with the ticker symbol ETHA.The document suggests that offering options on this trust fund could provide investors with a lower-cost tool for gaining exposure to spot Ethereum and serve as a hedging instrument for Ethereum-related investments and positions. The SEC has set a 21-day period for public comments on the proposal, with Bloomberg analyst James Seyffart indicating that a final decision could be made by early April 2025.

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The SEC puts its grain of sand in the FTX papers. Which fly could have bitten the American regulator to make him feel obliged to come and put a little more confusion in an already very complex file? While the judge has not yet definitively ruled on the nature of the refunds of customers of the bankrupt platform, the SEC now explains "that it reserves the right to challenge transactions involving cryptoassets" while we speak a priori of stablecoins. While customers are just beginning to mourn their cryptocurrencies and the gains that would have come with them, they are now being explained that even a refund in stablecoins could be a problem. Let's see what we know on this Monday morning.
FTX: The US regulator "reserves the right to challenge transactions involving cryptoassets"
Whether you are directly concerned by the current procedure or not, the setbacks of FTX customers cannot leave you indifferent as the fate seems to be fierce against them. After the first months of anxiety to wonder if they would ever see their investments again, hope finally returned, but it was short-lived. The new management of FTX made an abrupt decision last spring that left unhappy users in deep distress: the funds would be repaid in dollars at their bankruptcy day value.
"Treason", "scandal", we heard everything about this decision and despite the effects of the announcement of management that promised a "+118% of their receivables", in detail, this did not apply to most portfolios. There remained the possibility of being reimbursed in stablecoins to avoid additional taxation due to receiving currency, but ultimately, even this could be a problem. And, it is the SEC, the American regulator, that has just sown trouble.

The SEC's approach sows trouble in the procedure and annoys the American cryptosphere
In a file she filed with the United States Bankruptcy Court of Delaware, Gary Gensler's legal teams made a rather convoluted statement as follows:
"The SEC does not rule on the legality, under federal securities laws, of the transactions described in the plan and reserves the right to challenge transactions involving crypto assets. "Statement of SEC lawyers in a file filed with the court – Source: Justice US
Yes, you read that right, the regulator could oppose a refund in stablecoins under the Securities Act even though stablecoins circulate happily throughout the country! What justifies this remark? What are the regulator's reservations on the substance of the file? No additional statement has yet come to explain the statements of the SEC, but the news has triggered the ire of some American crypto personalities.
Alex Thorn, head of Galaxy Digital, is outraged by this new free and "absurd" attack by the SEC even though the status of stablecoins has been fixed for him for a long time. Same bell ringing on the side of Paul Grewal, the highly media legal director of Coinbase, who ironizes Washington's threats:
"Why bring clarity to the market when threats and slander are enough? Investors, consumers and financial markets deserve much better than that. "Paul Grewal, Coinbase's legal director - Source: Account X
The deep motivations of the Securities and Exchange Commission remain very vague to date and we cannot bring ourselves to believe that it is just a statement to "bother" the crypto sector as Paul Grewal seems to suspect. Can the financial regulator of the world's leading economy deliberately make this kind of statement without any justification? Answer in the coming days with, hopefully, a reasoned and relevant text explanation from Gary Gensler's entire team. Otherwise, it could suffer a new fire from the American crypto industry, which is already very upset by all its work.
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However, this year brings a slew of major events.
September key events + some insights

September promises to be an interesting month for the market, especially for crypto.

Several key events could increase market volatility:
- Labor market data will be released on September 6. Similar reports on July 5 and August 5 caused significant volatility, especially the significant decline on August 5.
The market now views job creation, rather than inflation, as the primary indicator of the American economy's health.

On September 18, the results of the two-day Fed meeting, including the decision on rate cuts, will be announced.

September 20 marks triple witching, which occurs only four times a year—on the third Friday of March, June, September, and December—and can lead to a sharp increase in trading volume and volatility.

On September 29, @CZ will be released from prison. Many analysts expect $BNB to rise on this news.

Additionally, it's worth noting that September has traditionally been a challenging month for Bitcoin, often marked by volatility and downturns due to post-summer trading slumps and macroeconomic shifts.

Consequently, a decline in Bitcoin's price is likely this month.

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