The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! The Federal Reserve cut rates by 25 bps to 4.25% as expected yesterday, with the FOMC delivering dovish guidance and markets now pricing a 94% chance of an October cut as bitcoin moves back above $117,000.
In today's newsletter, REX-Osprey's DOGE and XRP ETFs begin trading, the SEC's new generic listing standards are set to fast-track other crypto ETFs, Grayscale's multi-crypto fund is approved for conversion, and more.
Meanwhile, Coinbase now lets users lend USDC onchain with yields of up to 10.8%.
Let's get started!
P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!
REX-Osprey's DOGE and XRP ETFs go live
REX Shares and Osprey Funds launched the first U.S. spot Dogecoin ETF on Thursday, trading under the ticker DOJE, providing regulated exposure to the OG memecoin.
- The firms registered DOJE under the Investment Company Act of 1940, diverging from rival DOGE ETF proposals that filed under the more traditional Securities Act of 1933 route for crypto ETFs.
- Dogecoin advocates hailed the ETF as a milestone moment, though analysts warned its '40 Act structure could limit early trading interest.
- REX-Osprey also rolled out the first U.S. spot XRP ETF under the ticker XRPR, tracking the third-largest cryptocurrency by market cap.
- Like DOJE, XRPR relies on the '40 Act structure, mirroring the setup of REX-Osprey's earlier U.S. Solana staking ETF, SSK, and carving a different path from other pending XRP ETF bids.
- REX Financial CEO Greg King said the two funds offer unique access to digital assets within a regulated ETF regime, underscoring the firm's first-mover strategy.
SEC's new exchange listing standards set to fast-track crypto ETFs
The Securities and Exchange Commission approved new exchange listing standards for crypto ETFs on an accelerated basis late Wednesday, calling it "good cause" to act early.
- The move fast-tracks dozens of pending crypto ETF applications and cuts potential review timelines for new submissions from 240 days to as little as 75.
- Nasdaq, NYSE Arca, and Cboe BZX Exchange can now list and trade crypto funds that meet the generic standards without filing new 19b-4 forms, provided the underlying asset has a futures contract listed on any designated contract market for at least six months, among other criteria.
- Bloomberg Senior ETF Analyst Eric Balchunas said one such designated contract market is Coinbase Derivatives, which, in addition to Bitcoin and Ethereum, includes futures for Litecoin, Bitcoin Cash, Dogecoin, Polkadot, Avalanche, Chainlink, Stellar, Solana, Hedera, Cardano, and XRP.
- "The last time they implemented generic listings standards for [stock and bond] ETFs, launches tripled," Balchunas added. "Good chance we see north of 100 crypto ETFs launched in the next 12 months."
SEC approves Grayscale's multi-crypto ETF with XRP, SOL and ADA
Coinciding with its generic listing standards decision, the SEC approved the conversion of Grayscale's Digital Large Cap Fund (GDLC), making it the first multi-crypto asset ETF to hit U.S. markets.
- GDLC provides investors exposure to BTC, ETH, XRP, SOL, and ADA on a market cap-weighted basis via a single tradable product on NYSE Arca.
- "Thank you to the SEC Crypto Task Force for their continued, unmatched efforts in bringing the regulatory clarity our industry deserves," Grayscale CEO Peter Mintzberg said in the announcement.
- According to Grayscale's official website, the fund has a net asset value of $57.7 per share and over $915 million worth of assets under management.
Trump Jr.-connected Thumzup Media buys 7.5 million DOGE
Thumzup Media bought 7.5 million DOGE for about $2 million in its latest purchase after launching a crypto treasury strategy in January with a $1 million investment in BTC.
- The acquisition follows the company’s $50 million common stock offering in August, priced at $10 per share.
- In July, the Nasdaq-listed firm said its board had authorized the company to hold up to $250 million worth of cryptocurrencies and counts Donald Trump Jr. as a significant shareholder.
- The company also plans to deploy 3,500 Dogecoin mining rigs by the end of the year, pending its acquisition of mining firm Dogehash.
From Fed rate cuts to Taylor Swift pregnancy bets: crypto, AI and news are converging on prediction markets
Prediction markets are entering the mainstream as blockchain rails, AI analysis, and news feeds collide, according to analysts at Bernstein.
- Polymarket and Kalshi currently dominate the space, processing billions of dollars in monthly volume on contracts covering anything from Fed rate cuts to Nvidia earnings, and Taylor Swift pregnancy bets.
- Partnerships and new product launches across major platforms like Robinhood, Interactive Brokers, Coinbase, and X are furthering adoption, with fresh regulatory clarity unlocking growth.
In the next 24 hours
- ECB President Christine Lagarde will speak at 5 a.m. ET on Friday. U.S. FOMC member Mary Daly follows at 2:30 p.m.
- Moca Network is set for a token unlock.
- EDCON 2025 concludes in Osaka. Wyoming Blockchain Stampede gets underway.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
