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Top Stories This Week
Spot Ether ETFs receive official approval from the SEC
The U.S. Securities and Exchange Commission (SEC) has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States on May 23. The approval reaches filings from major firms such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Issuers must still obtain SEC approval for their S-1 registration statements before the ETFs can officially begin trading. The SEC had previously asked applicants to expedite filings on May 20, with the removal of staking being the most notable amendment seen. The approval was considered an “implicit recognition” from the SEC that Ether is not a security, according to industry pundits.
FIT21 crypto bill passes US House: Here’s what could happen next
The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the U.S. House of Representatives on May 22. The bill now heads to the Senate, where its future is uncertain, facing opposition from Senator Elizabeth Warren. FIT21 proposes giving the Commodity Futures Trading Commission (CFTC) primary control over cryptocurrencies, which the industry views as a more lenient regulator compared to the Securities and Exchange Commission (SEC). The SEC would still regulate cryptocurrencies that aren’t sufficiently decentralized, but FIT21 introduces a mechanism for cryptocurrencies classified as securities to be sold as commodities. The Biden administration and the SEC’s Chair, Gary Gensler, have both issued statements opposing the regulation.
Ex-FTX CEO ends up in Oklahoma prison despite request from judge
Former FTX CEO Sam “SBF” Bankman-Fried is no longer incarcerated in New York or California, where his parents own a home — according to prison records, he’s in Oklahoma. As of May 23, inmate records for the Federal Bureau of Prisons showed that Bankman-Fried was being held at the Federal Transfer Center in Oklahoma City. The facility confines inmates on a “short-term basis” for transfers within the prison system. The transfer appeared to have happened despite Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York recommending SBF stay at the Metropolitan Detention Center, Brooklyn.
Ripple publishes math prof’s warning: ‘Public-key cryptosystems should be replaced’
Professor Massimiliano Sala of the University of Trento in Italy recently discussed the future of blockchain technology as it relates to encryption and quantum computing with the crew at Ripple as part of the company’s ongoing university lecture series. Sala’s discussion focused on the potential threat posed by quantum computers as the technology matures. According to the professor, current encryption methods could be easy for tomorrow’s quantum computers to solve, thus putting entire blockchains at risk.
Donald Trump says his campaign will accept crypto
Former United States President Donald Trump, currently facing criminal charges in four jurisdictions in the country, announced his campaign to run for president in 2024 would accept cryptocurrency donations. In a May 21 notice, the Trump 2024 campaign said it had launched a fundraising page for eligible people to donate in crypto using the Coinbase Commerce product. The website featured logos for Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USD Coin, Solana and 0x.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $68,181, Ether (ETH) at $3,668 and XRP at $0.53. The total market cap is at $2.53 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 39.96%, Pepe (PEPE) at 38.14% and Pendle (PENDLE) at 30.72%.
The top three altcoin losers of the week are Arweave (AR) at -14.66%, Core (CORE) at -11.60% and Worldcoin (WLD) at -10.71%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“I believe that the [Donald Trump] presidential campaign and others will want to appear pro-crypto.”
Joseph Lubin, CEO of Consensys
“The SEC should not devote its taxpayer-funded resources to bringing a case against us. But we’re prepared to fight.”
“The SEC is turning cryptocurrency regulation into a political football and forcing President [Joe] Biden to choose sides on an issue that matters to many Americans.”
Wiley Nickel, U.S. representative
“Crypto enthusiasts want to think of freedom of speech in code as a trump card, as if you’re throwing down the joker and you win.”
Cindy Cohn, executive director of the Electronic Frontier Foundation
“Quantum computers could easily solve problems that are foundational to digital signatures, thus potentially undermining the mechanisms that protect users’ assets on blockchain platforms.”
Massimiliano Sala, professor of mathematics at the University of Trento
“Bitcoin, Ethereum and Solana are probably the big three for this cycle.”
Brian Kelly, crypto investor and CNBC ‘Fast Money’ trader
Prediction of the week
Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price
Bitcoin is quietly copying a key feature from the 2016 bull market, which kicks in at $75,000. In a post on X on May 24, popular pseudonymous trader Jelle eyed what could become the next “main breakout” for BTC price action.
For Jelle, the relative strength index (RSI) is a major conducive factor. RSI captures the extent to which an asset is overbought or oversold at a given level, and on weekly timeframes, BTC/USD is painting an exciting picture.
“Bitcoin is playing out incredibly similar to early 2017,” Jelle summarized. An accompanying chart compared BTC/USD performance on the way to its 2017 peak of $20,000 to its journey from January 2023 to now.
“A hidden bullish divergence and choppy waters right around the previous all-time highs — before the main breakout,” Jelle explained. “Clear $75,000, and this accelerates quickly.”
FUD of the Week
Dark web market owner arrested in New York after FBI traces crypto
A 23-year-old man has been arrested in New York and charged with owning, running and profiting from a $100-million dark web narcotics marketplace after authorities claimed to have tracked crypto transfers that uncovered his real identity. Rui-Siang Lin, known online as “Pharoah,” was arrested at New York’s John F. Kennedy Airport on May 18. The marketplace allowed users to buy and sell drugs, including cocaine, LSD, MDMA and prescription amphetamines, such as Adderall, using Bitcoin and Monero as payment methods. Lin was charged with engaging in a criminal enterprise, narcotics conspiracy, conspiracy to sell misbranded medication and money laundering.
Bybit CEO refutes insolvency rumors, shares proof-of-reserves
Ben Zhou, CEO of cryptocurrency exchange Bybit, addressed rumors about the platform being hacked and insolvent. The rumors were spread on X, fueled by memes and a graph suggesting Bybit’s wallets were being drained. According to Bybit, however, the rumors were false. Zhou shared Bybit’s proof-of-reserves (PoR) and a Nansen dashboard, showing all the exchange’s wallets and their assets. The PoR confirmed that Bybit holds assets exceeding 100% of user deposits, ensuring full availability for withdrawals.
US lawmakers demand SEC-FINRA records on Prometheum ETH custody
Members of the U.S. Congress are seeking details about discussions between the SEC, FINRA, and Prometheum regarding Special Purpose Broker-Dealer (SPBD) requirements. They believe these interactions may set a problematic precedent. Representatives Patrick McHenry, Bill Huizenga and French Hill are requesting all nonpublic communications and records between the SEC and FINRA related to Prometheum’s SPBD application, activities, and ETH’s regulatory classification. The deadline for a response is June 5.
Read also
Top Magazine Pieces of the Week
Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower
The SEC may have bitten off more than it can chew by taking on the biggest crypto projects all at once.
If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame
Daan Crypto Trades is a big believer in Bitcoin L2 Stacks and says that after Bitcoin doubles, Stacks will likely quadruple.
The $2,500 doco about FTX collapse on Amazon Prime… with help from mom
Filmmaker Richard Whittaker — and his Mom — examine the collapse of crypto exchange FTX in a micro-budget doco now screening on Amazon Prime.
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Cointelegraph Magazine writers and reporters contributed to this article.
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