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Top news this week
Spot Ether ETF has received official approval from the SEC.
The U.S. Securities and Exchange Commission (SEC) gave regulatory approval on May 23 to launch an Ethereum exchange-traded fund (ETF) in the United States. Approved by VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise. The issuer must obtain SEC approval of the S-1 registration statement before the ETF officially begins trading. The SEC previously asked applicants to expedite their filings on May 20, with the most notable modification being the elimination of staking. According to industry experts, this approval was seen as an “implicit recognition” by the SEC that Ethereum is not a security.
The FIT21 cryptocurrency bill has passed the U.S. House of Representatives. Here’s what happens next:
The 21st Century Financial Innovation and Technology Act (FIT21) passed the U.S. House of Representatives on May 22. The bill now heads to the Senate, where its future is uncertain and faces opposition from Senator Elizabeth Warren. FIT21 proposes giving primary control over cryptocurrencies to the Commodity Futures Trading Commission (CFTC). The industry sees it as a more lenient regulator than the Securities and Exchange Commission (SEC). While the SEC still regulates cryptocurrencies that are not sufficiently diversified, FIT21 introduces a mechanism to allow cryptocurrencies classified as securities to be sold as commodities. The Biden administration and SEC Chairman Gary Gensler have both issued statements opposing the rule.
Former FTX CEO jailed in Oklahoma prison despite judge’s request
Former FTX CEO Sam “SBF” Bankman-Fried is no longer incarcerated in New York or California, where his parents own a home. His prison records show he is in Oklahoma. As of May 23, Bankman-Fried was incarcerated at the Federal Transfer Center in Oklahoma City, according to federal prison inmate records. The facility holds inmates “short-term” for transfer within the prison system. The transfer appears to have occurred despite Judge Lewis Kaplan of the Southern District of New York recommending that SBF remain at the Metropolitan Detention Center in Brooklyn.
Ripple issues math professor’s warning: ‘Public key cryptography systems must be replaced’
Professor Massimiliano Sala of the University of Trento in Italy recently sat down with Ripple’s crew to discuss the future of blockchain technology as it relates to cryptography and quantum computing as part of the company’s ongoing university lecture series. Sala’s discussion focused on the potential threats posed by quantum computers as the technology matures. According to the professor, current encryption methods could be easily solved by future quantum computers, putting the entire blockchain at risk.
Donald Trump says his campaign will embrace cryptocurrency
Former US President Donald Trump, who is currently facing criminal charges in four jurisdictions in the US, announced that he will allow cryptocurrency donations to his campaign for his 2024 presidential run. In a May 21 notice, the Trump 2024 campaign said it had launched a fundraising page where eligible people can donate in cryptocurrency using the Coinbase Commerce product. This website contains logos for Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USD Coin, Solana, and 0x.
winners and losers
Bitcoin this weekend (BTC) It’s in $68,181ether (ETH) In ~ $3,668 and XRP In ~ $0.53. The total market capitalization is $2.53 $1 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Bonk. (bonk) 39.96%, Pepe (Pepe) 38.14%, Pendle (pendle) 30.72%.
The top three altcoin losers of the week are Arweave. (AR) -14.66%, core (main point) -11.60% and Worldcoin (world) -10.71%.
For more information on cryptocurrency prices, read Cointelegraph’s market analysis.
most memorable quotes
“I believe the (Donald Trump) presidential campaign and others will want to be seen as advocating for cryptocurrencies.”
joseph rubinConsensys CEO
“The SEC should not be expending taxpayer-funded resources filing lawsuits against us. But we are ready to fight.”
Uniswap
“The SEC is turning cryptocurrency regulation into a political football and forcing President Joe Biden to choose a side on an issue that matters to many Americans.”
wiley nickelrepresentative of the united states
“Cryptocurrency enthusiasts like to think of the code’s freedom of expression as a trump card, like defeating the Joker and winning.”
cindy coneExecutive Director, Electronic Frontier Foundation
“Quantum computers could easily solve the problems underlying digital signatures, potentially undermining the mechanisms that protect user assets on blockchain platforms.”
Massimiliano SalaProfessor of Mathematics, University of Trento
“Bitcoin, Ethereum, and Solana are probably the big three of this cycle.”
Brian KellyCryptocurrency investor and CNBC ‘Fast Money’ trader
This week’s predictions
Bitcoin RSI copies 2017 bull market as traders talk $75,000 key for BTC price.
Bitcoin is quietly copying $75,000, a key feature of the 2016 bull market. In a May 24 post by X, popular pseudonym trader Jelle noted what could be the next “major breakout” in BTC price action.
For Jelle, the Relative Strength Index (RSI) is the main helpful factor. RSI captures the extent to which an asset is overbought or oversold at a particular level, and on a weekly timeframe, BTC/USD is painting an interesting picture.
“Bitcoin is looking incredibly similar to where it was in early 2017,” Jelle summarized. The attached chart compares BTC/USD’s performance during its run to the 2017 high of $20,000 with its journey from January 2023 to now.
“There was a latent bullish divergence and choppy wave near the previous high,” Jelle explained. “Once you clear $75,000, it accelerates quickly.”
FUD of the week
Dark web market owner arrested in New York after FBI tracks cryptocurrency
A 23-year-old man was arrested in New York and charged with owning, operating and profiting from a $100 million dark web drug market after authorities claimed they traced cryptocurrency transfers that revealed his real identity. Rui-Siang Lin, known online as “Pharoah,” was arrested May 18 at John F. Kennedy Airport in New York. These markets allowed users to buy and sell drugs, including cocaine, LSD, MDMA, and prescription amphetamines such as Adderall. He uses Bitcoin and Monero as payment methods. Lin was charged with criminal enterprise, drug conspiracy, conspiracy to sell misbranded drugs and money laundering.
Bybit CEO Refutes Bankruptcy Rumors and Shares Proof of Reserves
Ben Zhou, CEO of cryptocurrency exchange Bybit, addressed rumors that the platform had been hacked and went bankrupt. The rumor spread on X, fueled by memes and graphs suggesting that Bybit’s wallet was depleting. However, according to Bybit, the rumors were false. Zhou shared Bybit’s Proof of Reserves (PoR) and Nansen dashboards, showing wallets and assets across all exchanges. PoR ensures that Bybit holds assets exceeding 100% of user deposits, ensuring full availability for withdrawals.
US Lawmakers Demand SEC-FINRA Records on Prometheum ETH Storage
Members of Congress are seeking details about discussions between the SEC, FINRA, and Prometheum regarding Special Purpose Broker-Dealer (SPBD) requirements. They believe these interactions could set a problematic precedent. Representatives Patrick McHenry, Bill Huizenga, and French Hill are requesting all non-public communications and records between the SEC and FINRA related to Prometheum’s SPBD application, activities, and ETH’s regulatory classification. The deadline for responses is June 5.
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Best magazine articles of the week
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If Bitcoin Doubles, Stack Will Quadruple in 2025: Daan Crypto Trades, X Hall of Flame
Daan Crypto Trades has great faith in the Bitcoin L2 stack and says the stack is likely to quadruple after Bitcoin doubles.
$2,500 Document on FTX Collapse on Amazon Prime… with mom’s help
Filmmaker Richard Whittaker and his mom investigate the collapse of cryptocurrency exchange FTX in the microbudget doc currently playing on Amazon Prime.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.