New SEC Framework Could Slash ETF Approval to 75 Days

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In today’s edition of Unchained Daily:

• 🕒 SEC may cut ETF approval to 75 days

• 🔥 New ETH fund backs tokenless, burn-driven projects

• 💰 Figma discloses $70M bitcoin treasury in IPO filing

• 📉 ENA dips before token unlock

On the podcast:

• 🎧 Unchained: Lido’s new dual governance system

• 🎙️ Bits + Bips: Perps, tokenized stocks and altcoin ETFs

Before we begin, show our sponsors Xapo and RockWallet some love for supporting this newsletter!

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New SEC Framework Could Slash Crypto ETF Approval Times to 75 Days

The U.S. Securities and Exchange Commission (SEC) is reportedly in the early stages of collaborating with major exchanges to develop a universal listing standard for token-based exchange-traded funds (ETFs).

An inside source told Fox Business reporter Eleanor Terrett that if a token meets the criteria, issuers could potentially skip the lengthy and document-heavy 19b-4 process, file an S-1, and the exchange could list it after a 75-day waiting period.

Currently, listing a token-based ETF in the U.S. typically takes between six to eight months. The 19b-4 process alone involves two 45-day windows, but additional review and feedback cycles often extend the total wait to half a year or more.

“What those listing standards would be is still unclear, but some are speculating market cap, trading volume and liquidity are all under consideration,” said Terrett, noting that an SEC spokesperson had declined to comment.

On Monday, Robinhood announced plans to build a Layer 2 network using the Arbitrum tech stack.

🎙️ Join our livestream today at 2:30 PM ET as we dive into what this means, how it came together, and what’s next. Don’t miss it!

📺 Turn on notifications on YouTube so you don’t miss the stream.

Ethereum Community Foundation Debuts to Fund Tokenless Projects, Prioritize ETH Burn

Ethereum core developer Zak Cole has launched the Ethereum Community Foundation (ECF), a new initiative aimed at funding “tokenless” projects and promoting ETH burning mechanisms to enhance the digital asset’s economic value and institutional adoption.

Cole announced the initiative at the Ethereum Community Conference in Cannes, France, while taking aim at the Ethereum Foundation for its lack of lobbying efforts in Washington DC.

The ECF will only fund projects that are immutable and do not issue new tokens, enforcing a strict tokenless policy to ensure security, decentralization, and alignment with Ethereum’s core values.

All supported projects must integrate mechanisms that contribute to the burning of ETH, directly reducing the circulating supply and supporting ETH’s monetary integrity and value for holders.

“The Ethereum Foundation won’t say it. So we did,” said Cole.

“ETH to $10k is a requirement. Not a meme.”

Figma’s IPO Filing Unveils $70M Bitcoin ETF Stake

Cloud-based design platform Figma disclosed a $69.5 million exposure to bitcoin via the Bitwise Bitcoin ETF (BITB) in its initial public offering (IPO) filing on Tuesday.

The investment originated from a $55 million purchase authorized by the board on March 3, 2024, which has since appreciated by around 27%.

In May, Figma’s board also authorized the purchase of $30 million in Circle-issued stablecoin USDC. The company said it “intends to reinvest its stablecoin holdings into Bitcoin at a later date.”

The disclosure places Figma among a growing cohort of tech companies integrating bitcoin into their treasury strategies as a strategic reserve asset.

Public companies acquired 245,510 BTC in the first half of 2025, more than double the amount bought by ETFs during the same period and a 375% surge from the 51,653 BTC purchased by corporates in the first half of 2024.

Ethena’s ENA Token Faces Pressure Ahead of $10M Unlock

Ethena’s native token ENA saw its price drop lower ahead of a major unlock of approximately 40.63 million ENA tokens, worth about $10.34 million and representing 0.67% of the circulating supply.

As of 6:30 am ET, ENA was trading at $0.26, down 13.6% over the past month, and 82.8% below its all-time high a year ago.

All unlocked tokens from this round will be allocated to the Ethena Foundation, which is intended to support protocol development and stability.

Previous unlocks of similar size have led to increased sell-side liquidity and short-term price pressure, but have generally been absorbed without lasting downside. But the timing of this unlock, combined with reduced trading and derivatives activity, has created added uncertainty.

Does Lido’s Dual Governance Now Make It the Safest Place to Stake ETH?

Is Lido’s new governance system the breakthrough that makes staking safe for institutions?

Lido just rolled out one of the most ambitious governance overhauls in DeFi: a dual governance system designed to give power back to stakers—and make it harder for malicious proposals to pass.

But what does it actually do?

And could it make Lido the safest place to stake ETH?

Hasu, a strategic advisor at Lido, and Lido co-founder Vasiliy Shapovalov join Unchained to break it all down.

• How the dual governance model works

• Whether this dilutes LDO token value

• What this means for DeFi, and if others will follow

• Whether this might get institutions off the sidelines

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Bits + Bips: Why Crypto's Next Step Is Perps, Tokenized Stocks and Altcoin ETFs

Why Robinhood is building a financial super app on its own chain, perps will “eat the world,” and this will be altcoin ETF summer.

Crypto is bleeding into traditional finance faster than anyone expected.

In this episode of Bits + Bips, the hosts dig into Robinhood’s move into tokenized stocks and perps, what’s actually holding back tokenized equities, and why perps might “eat the world.” 

Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock.

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

• 📈 The share of futures trading on DEXs hit a record 8% in June, driven by Hyperliquid’s relative gains over Binance and APX Finance’s 350% volume surge fueled by incentive programs.

• 🏛️ Arizona Governor Katie Hobbs vetoed a bill to centralize seized crypto into a state-run reserve fund, arguing it would weaken local law enforcement’s incentive to cooperate on forfeitures.

• 🌉 Circle unveiled Gateway, a new cross-chain system launching on testnets this month, enabling users to instantly move and manage USDC across multiple blockchains via a unified non-custodial balance.

• 🧾🚫 The U.S. Senate passed Trump’s sweeping budget bill without adopting Senator Lummis’ proposed crypto tax relief amendment, despite industry efforts and a deadlocked vote that required the Vice President’s tie-break.

• 🧾 Binance will retain its remote workforce in Singapore despite new local regulations requiring unlicensed crypto firms to exit by June 30, since most of its staff operate in non-customer-facing roles and are not tied to a physical office.

• ⛏️🌡️ Bitcoin’s hashrate dipped 3% in June due to heat-driven curtailments in Texas, while high-performance compute-linked miners outperformed amid merger speculation between Core Scientific and CoreWeave.

• 📲 Botanix launched its Bitcoin-based layer 2 mainnet with a decentralized federation and Ethereum compatibility, aiming to host DeFi tools like trading, lending, and 100x leverage perps natively on BTC.

• ✅ The SEC approved Grayscale’s plan to convert its Digital Large Cap Fund into an ETF, paving the way for a multi-asset crypto index product holding BTC, ETH, SOL, XRP, and ADA to begin U.S. exchange trading.

• 🔐 Deutsche Bank is planning to launch a crypto custody service in 2026 with support from Bitpanda and Taurus, marking its latest step into digital asset infrastructure as regulation clarifies across Europe and the U.S.

• 🦘 Swyftx is acquiring Caleb & Brown for over $65 million to expand its presence into the U.S. private brokerage market, following its earlier takeover of Easy Crypto in New Zealand.

• 📈 Pantera launched its Digital Asset Treasury Fund after backing early U.S. DATs like DFDV and CEP, aiming to capitalize on a growing asset class offering public equity investors crypto exposure with potential NAV premiums and limited downside.

1. Financial Freedom Report by the Human Rights Foundation, a sponsor of our podcast

2. Mid-Year Scorecard: Bitwise’s 2025 Predictions by Matt Hougan and Ryan Rasmussen, Chief Investment Officer and Head of Research of Bitwise, respectively 

3. Bloomberg: Visa, Mastercard Race to Tame a $253 Billion Crypto Threat