Today in crypto, Invesco became the ninth bidder for a spot Solana ETF, crypto could soon be assessed for certain home loans in the US and Ethena Labs and Germany’s BaFin finalized a 42-day redemption plan for USDe, resolving a months-long regulatory dispute.
Invesco becomes 9th bidder for spot Solana ETF
Asset manager Invesco has joined up as the ninth firm looking to launch a spot Solana (SOL) exchange-traded fund, lodging a registration statement with regulators on Wednesday alongside Galaxy Digital for the Invesco Galaxy Solana ETF.
The fund would directly hold Solana and aim to track its price, and, if approved, would trade on the Cboe BZX exchange under the ticker “QSOL.” The filing said it could also stake a portion of the SOL “from time to time.”
Invesco and Galaxy will need to submit Form 19b-4, which proposes a rule change to the SEC, for the agency to begin the process of considering approving the ETF.
It joins CoinShares, VanEck, Bitwise, Grayscale, 21Shares, Canary Capital, Franklin Templeton and Fidelity Investments in looking to launch a Solana ETF, which analysts said has a 90% chance of approval and could be approved next month, well before a regulatory deadline of Oct. 10.
US home mortgage regulator to recognize crypto assets in risk assessments
US home mortgage purchasers Fannie Mae and Freddie Mac will count cryptocurrencies as assets in their risk assessments for single-family home loans, marking a significant step toward the mainstream acceptance of digital assets under US President Donald Trump’s administration.
The directive was issued Wednesday by William J. Pulte, director of the Federal Housing Finance Agency (FHFA), which regulates both government-sponsored enterprises (GSEs).
The decision means cryptocurrencies will be considered a reserve asset for home-loan borrowers without having to convert those assets into US dollars, as was previously the case. The FHFA has overseen Fannie Mae and Freddie Mac since 2008, when both institutions were placed under government conservatorship in the aftermath of the financial crisis.
Pulte said the decision to include cryptocurrencies as part of the mortgage risk assessment came “after significant studying” and aligns with Trump’s goal to make the United States the global crypto capital.
Fannie Mae and Freddie Mac have played a critical role in the US housing market since the subprime mortgage crisis, providing liquidity and stability by purchasing mortgages from lenders, which enables lenders to issue more loans.
German regulator closes case against Ethena GmbH over USDe issuance
Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Authority, BaFin, and Ethena GmbH, the company’s German arm, have agreed on a redemption plan for USDe stablecoin holders.
The regulator said it had initiated a 42-day redemption process for stablecoin holders. BaFin said USDe holders will have until Aug. 6 to declare redemption claims directly against Ethena GmbH. The process will be supervised by a special representative appointed by BaFin.
After the deadline, Ethena GmbH will be deemed officially wound up within Germany, the European Union and the European Economic Area (EEA). This means that any claims from Aug. 7 onward should be made through the company’s offshore affiliate, Ethena (BVI) Ltd.
Ethena Labs said that after the redemption plan is fully implemented, Ethena GmbH will have no “outstanding issues related to Ethena GmbH’s USDe-related operations.” However, the company did not indicate whether it had plans to re-enter the EU and EEA markets.
The news comes after a four-month conflict between Ethena and the German financial regulator. On March 21, BaFin barred Ethena GmbH from publicly offering its USDe stablecoin, citing violations of the EU’s Markets in Crypto-Assets Regulation (MiCA).
