Over the past week, from May 20th to May 26th, we’ve been through quite an eventful period, haven’t we? It’s been reminiscent of the rollercoaster ride that followed Bitcoin‘s record-breaking all-time high and the launch of Bitcoin ETFs.
Last week brought a fascinating mix of positive, negative, unexpected, and worrying developments, generating ample topics for our ongoing discourse.
Thus, let’s get started!
Top Crypto News
Recent cryptocurrency headlines from the past week have centered around the approval of Ethereum-based Exchange Traded Funds (ETFs), the introduction of a fresh crypto legislative proposal, and an impressive achievement reached by Bitcoin.
The US SEC Approved Ethereum ETFs
Summary
The United States Securities and Exchange Commission (SEC) has given its approval for the trading of Ethereum spot exchange-traded funds (ETFs) on various exchanges.
Details
On May 23, 2024, the US Securities and Exchange Commission gave its green light for the trading of Ethereum spot ETFs (Exchange-Traded Funds). This long-anticipated move came about through a collaboration of proposals submitted by notable exchanges such as Nasdaq, NYSE, and CBOE.
The SEC’s approval of trading spot Bitcoin ETFs on January 10, 2024, marks the second instance of such a decision in their case. After extensive deliberations and initial reservations, the US Securities and Exchange Commission gave the green light for the exchange-traded funds’ trading following months of anticipation.
The journey for Ethereum ETFs wasn’t a smooth one. Numerous well-known asset management companies put in applications for Ethereum ETFs, but the Securities and Exchange Commission (SEC) delayed making a decision for extended periods of time. It is important to mention that Gary Gensler, who ultimately holds significant influence in this matter, did not support these proposals as he cast his vote against them.
Source: Forbes
Bitcoin Hit $70,000 (Again)
Summary
Bitcoin recently hit $70,000 again, after more than 1 month since it reached a new all-time high.
Details
For the initial time since April 12, Bitcoin has crossed the $70,000 threshold. This was a price it had not attained before. Following this achievement, there was a significant increase in crypto liquidations. Short positions held the majority of the market during this period.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development: the price of Bitcoin surpassed $70,000 following the release of the US Bureau of Labor Statistics report for the previous month. To my surprise, inflation rates turned out to be lower than some analysts had anticipated. This unexpected news may have contributed to the renewed investor confidence in Bitcoin, leading to its price increase.
Source: Decrypt
The US House Approved the FIT21 Crypto Bill
Summary
As a crypto investor, I’m excited to share that the US House of Representatives has passed the FIT21 bill regarding cryptocurrencies with a vote of 279 for and 136 against. This significant step means the bill will now move on to the Senate for further deliberation.
Details
The United States House of Representatives passed the Financial Innovation and Technology for the 21st Century Act with a vote of 279 in favor and 136 against. This legislation represents the first significant crypto-related bill to be endorsed by Congress, and it will next proceed to the US Senate for consideration.
The FIT21 legislation proposes establishing a broad federal regulatory structure for managing digital assets and clarifying the roles of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) in this jurisdiction.
The proposal includes guidelines for identifying a project’s status, considering its degree of decentralization, token distribution, ownership structure, and resistance to control by a singular entity in the blockchain network.
“HCFC Chair Patrick McHenry (R-SC), one of the sponsors of FIT21, expressed concern over the ongoing jurisdictional dispute between the SEC and CFTC regarding this specific asset class. He pointed out that as a result, firms are facing conflicting and inconsistent regulatory actions from both agencies, ultimately harming consumers and stifling innovation. FIT21 aims to resolve this issue.”
Source: Crypto Daily
Top Crypto News – DeFi
In the realm of Decentralized Finance (DeFi), there has been a significant amount of intriguing developments since our previous conversation about cryptocurrencies. Notable occurrences include Grayscale’s latest actions and the emergence of Worldcoin.
The CEO of Grayscale Stepped Down
Summary
As a crypto investor, I’ve noticed some exciting news coming from Grayscale. The CEO, Michael Sonnenshein, who has been leading the company with great success, has decided to step down from his role. Taking over from him is Peter Mintzberg, a seasoned professional with a rich background in asset and wealth management at Goldman Sachs. This change signals continuity and growth for Grayscale as they welcome Peter’s expertise into their team.
Details
Grayscale’s asset management firm CEO, Michael Sonnenshein, with a decade of tenure at the company, stepped down recently. He assumed the role of CEO in 2021. In his place will take Peter Mintzberg, an experienced figure in the conventional finance sector (TradFi).
Based on a declaration from the investment firm specializing in assets, Peter Mintzberg, who previously held the strategic role for asset and wealth management at Goldman Sachs, is set to assume the CEO position at Grayscale starting August 15, 2024. (Source: Statement by Asset Investment Firm)
Barry Silbert, the CEO of Digital Currency Group, which is Grayscale’s parent company, acknowledged Michael’s crucial contribution. He steered the firm through impressive expansion and played a pivotal role in introducing spot Bitcoin ETFs to the market, setting an important precedent for the financial sector as a whole.
In January 2024, Grayscale ranked high among the contenders seeking approval for a Bitcoin Exchange-Traded Fund (ETF). Since then, its Bitcoin ETF has experienced unexpected growth and aspires to maintain this upward trend.
Source: CoinDesk
Worldcoin Was Ordered to Stop Operations in Hong Kong
Summary
In Hong Kong, authorities have instructed Worldcoin to halt its activities following their discovery that the initiative was gathering iris and facial recognition information within their legal jurisdiction.
Details
The Worldcoin Foundation was instructed by Hong Kong officials to halt its activities following the discovery that the project violated the region’s privacy laws.
The Privacy Commissioner for Personal Data (PCPD) in Hong Kong reported that at least 8,302 individuals had their facial and iris information gathered by the Worldcoin Foundation during their activities in the region.
As an analyst, I would rephrase the given text as follows:
Source: The Block
Top Crypto News – Regulation
For the past week, let’s explore three significant developments in the crypto sphere: A pending settlement for Genesis, a fine imposed on the parent company of the New York Stock Exchange, and a surprising and alarming incident at a Nigerian court.
New York AG Reached a Settlement with Genesis
Summary
New York’s attorney general reached a $2 billion settlement agreement with the insolvent cryptocurrency firm, Genesis.
Details
The Attorney General of New York reached a $2 billion settlement agreement with the insolvent crypto lender, Genesis Global, following accusations that the firm deceived thousands of investors.
In January 2023, the American company applied for Chapter 11 bankruptcy, which was granted approval by the court recently. As part of the liquidation process, the company is set to distribute around $3 billion in cash and cryptocurrency back to its customers.
Letitia James, the New York Attorney General, declared the establishment of a fund for victims as part of the settlement with Genesis. This fund is intended to provide assistance to investors who have been defrauded. Notably, this settlement marks the largest one reached between New York State and a cryptocurrency company in history.
Source: The Guardian
The SEC Fined NYSE’s Parent Company for Failing to Report Cyber Attack
Summary
NYSE parent company ICE was fined $10 million after failing to report a security breach in time.
Details
As a financial analyst, I would rephrase it as follows: In 2021, I discovered that my company, the parent organization of the New York Stock Exchange, had suffered a cyber attack which required disclosure to the Securities and Exchange Commission (SEC) in accordance with regulatory requirements. Unfortunately, we failed to do so promptly and accurately. Consequently, we have been penalized $10 million by the SEC for this violation.
The SEC announced that Intercontinental Exchange (ICE), the holding company for the New York Stock Exchange (NYSE), will settle charges by paying a penalty for nine of its subsidiaries, including NYSE, who allegedly breached the Regulation Systems Compliance and Integrity (Regulation SCI) reporting regulations.
The US Securities and Exchange Commission (SEC) informed ICE that they might be under threat from a VPN zero-day vulnerability. Regrettably, ICE had already been hacked using this weakness, but they neglected to disclose the cyberattack within the mandated 24-hour timeframe as set by the SEC.
Instead, ICE temporarily shut down their VPN for analysis, uncovered potential security breaches after several days, and only informed relevant parties outside of their information security team about the possible compromise following the discovery.
Source: The Register
Binance Executive Collapsed in Nigerian Court
Summary
As a crypto investor following the latest developments in the industry, I’ve come across some surprising news regarding Binance. One of their executives unexpectedly fainted in a Nigerian court during a recent hearing. Prior to this incident, the executive had been feeling unwell since the previous trial date.
Details
Tigran Gambarayan, a high-ranking executive at Binance, recently apprehended in Nigeria, succumbed in the Federal High Court in Abuja during his hearing for suspected infringements of foreign exchange regulations and money laundering charges instigated by the Nigerian Economic and Financial Crimes Commission (EFCC).
I, Mark Mordi, acting on behalf of Gambarayan, communicated to the court prior to the scheduled trial date that the Binance executive had been unwell since the previous court session and his health condition had not improved.
Tigran Gambarayan was absent at the court hearing for the tax evasion accusations filed against him by the Nigerian FIRS. However, he managed to show up for the money laundering case proceedings, only to faint afterwards and require aid from his legal representative.
Following Mordi’s request for a postponement due to his client’s need for medical care, the Nigerian court scheduled the cross-examination and trial for the 20th and 21st of June.
Source: Cointelegraph
Top Crypto News – Markets
As a crypto investor, I experienced the usual volatility in the markets last week that we’ve come to anticipate in these uncertain times. However, amidst the turbulence, some positive developments emerged. Specifically, the UK Financial Conduct Authority (FCA) made an announcement worth deliberating over.
Bitcoin and Ethereum ETPs Started Trading on London Stock Exchange
Summary
The United Kingdom’s Financial Conduct Authority (FCA) gave its approval for the sale of Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Products (ETPs), with trading set to commence on the London Stock Exchange starting May 28.
Details
The Financial Conduct Authority of the United Kingdom granted approval for WisdomTree, an asset manager, to introduce Bitcoin and Ethereum exchange-traded products (ETPs) for trading on the London Stock Exchange.
As a researcher studying the financial regulatory landscape, I can share that the Financial Conduct Authority (FCA) imposes stringent conditions when approving Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Products (ETPs). To meet FCA’s standards, these ETPs must be denominated exclusively in BTC or ETH, physically backed, and devoid of leverage.
As a crypto investor, I’m excited to hear that the Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Products (ETPs) will commence trading on May 28. However, it’s important to note that these ETPs will initially be accessible only to professional investors.
Source: BSC News
Top Crypto News – Altcoins
As a researcher looking into the world of altcoins, I deeply regret to report that we currently find ourselves in less fortunate circumstances. It is with a heavy heart that I recall the excitement surrounding the “doge” meme and the legendary Kabosu, the canine icon behind it.
The Doge Meme Dog Passed at 18
Summary
eighteen-year-old Kabosu, the canine muse behind both the “doge” internet meme and the Dogecoin digital currency, has sadly passed away.
Details
The beloved Shiba Inu dog, Kabosu, who gained internet notoriety as the inspiration for the “doge” meme, peacefully passed away at 18 years old. Her devoted owner, Atsuko Sato, reported that Kabosu seemed to be sleeping gently when she sadly took her final breath in her arms.
Back in 2024, on May 24th, Kabosu, who had been battling both leukemia and liver disease, took her last breath. Despite being a rescued pooch, the exact date of her birthday remained elusive, but it was approximated that she was around eighteen years old.
In 2010, two years after rescuing Kabosu from a puppy mill, I took a photo of my beloved pet crossing its paws on our sofa. Unbeknownst to us at the time, this innocent moment would later inspire the creation of Dogecoin – one of the most famed meme coins in the crypto world and likely the very first of its kind.
Ms. Sato expressed her belief that Kabo-chan was the most contented dog on earth, and she herself felt immense joy as his owner.
In November 2023, a statue of Kabosu, funded through a crowdfunding campaign led by Own The Doge, a crypto organization championing the meme, was unveiled in Sakura’s park. I had the pleasure of learning about this exciting development.
Source: BBC
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2024-05-28 10:55