The City of Santa Monica made history by becoming the first city in the U.S. to open an official Bitcoin office. The city council unanimously voted to pilot the office in partnership with the nonprofit Proof of Workforce at no cost to the city.

The office has four key goals, as per the PR sent to us: providing Bitcoin education, facilitating partnerships and conferences to grow tourism, connecting residents to jobs, and exploring sustainable Bitcoin mining powered by the city’s renewable energy.

Vice Mayor Lana Negrete, who championed the initiative, said, “As we embark on a journey to learn Bitcoin in Santa Monica, I’m excited to see the following ideas. Bitcoin is for everyone!”

Santa…

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The ETH2 Beacon Deposit Contract now holds an all-time high of 47.36 million ETH, representing 33.9% of the entire Ethereum supply. This marks a dramatic increase from the 10.9% it held two years ago, reflecting growing confidence and participation in the network’s transition to a proof-of-stake (PoS) consensus mechanism.

Data from Santiment reveals that wallets with 10 million or more ETH, particularly those associated with the Beacon Deposit Contract, have seen a 23.0% increase in supply over the past two years. Conversely, wallets holding 10,000 ETH or more, excluding the Beacon Deposit Contract, experienced a 5.3% supply drop in the same period. This shift underscores the significant migration of Ethereum holdings into staking as users seek to support the network and earn rewards.

Wallets with 10,000 ETH or less have seen a 17.7% decrease in supply, indicating a redistribution of assets towards larger staking pools. This trend highlights the growing commitment to Ethereum 2.0 and the evolving dynamics of Ethereum’s supply distribution as it moves towards a more sustainable and efficient blockchain ecosystem.

Bitwise’s Chief Compliance Officer, Katherine Dowling, has indicated that spot Ethereum ETFs are on the verge of approval, as discussions with the SEC show promising progress. In a recent interview with Bloomberg, Dowling noted a reduction in issues with each S-1 amendment, signaling an imminent launch. This development aligns with SEC chair Gary Gensler’s statement of a potential full approval of issuers’ registration statements this summer, although the timeline remains flexible.

Despite the competition from industry giants like BlackRock and Fidelity, Bitwise is positioning itself as a standout due to its extensive focus on crypto over the years. The company filed its latest amendment on July 3, staying ahead in the race against a July 8 deadline set for many other applicants. These amendments are critical as they continue to refine details such as sponsor’s fees.

Dowling also revealed ongoing discussions with the SEC about new crypto products, suggesting a receptive attitude from the agency towards innovative financial products. While some offerings may hinge on a change in SEC leadership, the positive dialogue bodes well for the future of cryptocurrency-related investments.

Bloomberg