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%.

Source : Cointelegraph / May 26, 2024