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🇺🇸 Donald Trump declares US must not settle for ‘second place’ in crypto industry
The United States must not settle for anything but top place in the cryptocurrency industry, according to former U.S. president Donald Trump. “I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he claimed, before taking aim at the current president, Joe Biden, whom he is up against in the 2024 presidential race, with the US election day scheduled on November 4.
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🪙 ETH 'bucking' crypto market downturn thanks to spot ether ETF excitement, analysts say
Ether is the winner among losers in the crypto market downturn, buoyed by excitement for spot ether exchange-traded funds (ETFs). After the Securities and Exchange Commission approved eight spot ether ETFs Thursday, ether traded at $3,815, having increased 2.12% in the past 24 hours as of 5:19 p.m. ET (21:19 UTC). Conversely, bitcoin's price declined 2.35% in the same period to trade at $67,540, according to The Block prices.
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🪙 CryptoQuant warns of Ethereum price correction, volatility if ETF approvals waver
On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending spot Ethereum ETFs encounter uncertainties. It warned that ETH could undergo a “significant price correction” if the SEC denies ETH ETF applications or delays the approval process. Furthermore, high exchange flows could produce ETH price volatility in the coming days. Amid rumors of pending spot ETH ETF approvals, exchange flows reached 62,000 ETH, the highest since March.
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🪙 Grayscale removes staking proposal from its spot Ethereum ETF filing
Grayscale Investments dropped its staking proposal in its proposed spot ether exchange-traded fund, according to an amended preliminary proxy statement. In a previous filing, Grayscale had proposed to investors the ability to stake ether through the trust. That language was not in an amendment preliminary proxy statement filed on Tuesday for the Grayscale Ethereum Trust.
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🇺🇸 US Congress Passes First Standalone Crypto Legislation
The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty.
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🪙 Coinbase expects 30% to 40% chance of spot ETH ETF approval by month-end
Crypto exchange Coinbase believes the odds of the SEC approving spot Ethereum ETFs by the end of the month stand between 30% to 40%. In a May 15 report, Coinbase Institutional Research Analyst David Han asserted that the main factor that led the SEC to approve spot Bitcoin ETFs — the correlation between CME futures product and spot exchange rates — could also lead it to approve spot Ethereum ETFs.
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💰 Bitcoin options traders anticipate short-term price correction, analysts say
Despite yesterday's softer U.S. CPI inflation report, investors are still ready to pay a premium for short-term downside protection, according to CF Benchmarks' analysis of Chicago Mercantile Exchange (CME) options on bitcoin futures. The CF Benchmark analysts said that although bitcoin saw a breakout above the $66,000 mark after yesterday's softer inflation print, there is still "higher implied volatility for OTM puts compared to calls.".
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🇰🇵 North Korea-linked group used Tornado Cash to launder $147 million in crypto: Reuters
North Korea laundered nearly $150 million in stolen cryptocurrencies with Tornado Cash in March, Reuters reported, citing United Nations sanctions monitors. North Korean cybercriminals deposited the ill-gotten funds, worth $147.5 million, onto the privacy-preserving in a bid to throw law enforcement off its tracks, the monitors said Friday in a note to the U.S. Security Council sanctions committee.
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🏦 Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute
Coinbase's chief legal officer Paul Grewal criticized the U.S. Securities and Exchange Commission for deviating from its own Wells notice process, according to his X post on Tuesday. “In a brief to avoid dismissal of its case against Debt Box with prejudice, [the SEC] includes a remarkable admission that it did not follow its own typical Wells process when it refused to tell us what assets would be charged as securities,” wrote Grewal.
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🇺🇸 President Joe Biden blocks Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base
President Joe Biden issued an order blocking a China-majority-owned crypto mining company from having property close to an Air Force base in Wyoming, citing national security risks concerns. Biden further required the divestment of the property, which is one mile from the missile base Francis E. Warren Air Force Base, according to a statement released Monday from the U.S. Treasury Department.
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🪙 Ark Invest Removes Staking Option From Latest Ethereum ETF Proposal
Ark Invest and 21shares have revised their proposal for a spot ethereum exchange-traded fund (ETF), removing previously included options for staking. This change marks a significant pivot from their earlier filings, which had contemplated engaging trusted staking providers to manage part of the trust’s assets.
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🇺🇸 Mark Cuban Joins Calls Against Anti-Crypto Biden Administration, Slams the SEC
Billionaire entrepreneur Mark Cuban has added to the growing discontent among the crypto community over the Biden administration’s industry crackdown. The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it virtually impossible for crypto companies to operate in the United States, “killing who knows how many businesses and ruining who knows how many entrepreneurs.”.
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🔵 Franklin Templeton claims Coinbase-incubated Ethereum Layer 2 Base has 'hit a homerun' in SocialFi
Asset manager and spot bitcoin exchange-traded fund issuer Franklin Templeton said the Coinbase-incubated Ethereum Layer 2 network Base has “hit a home run” in SocialFi, driven by activity on applications such as Friend.Tech. Base accounts for around 46% of all SocialFi transactions, according to a report by Franklin Templeton on Thursday — eating into the market share of Polygon and BNB Chain in the niche.
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💰 Bitcoin mining difficulty drops 6% in largest fall since bear market lows
Bitcoin mining difficulty dropped 5.7% on Thursday in the largest negative adjustment for nearly 18 months. The difficulty adjustment came at block height 842,688, falling to 83.1 trillion, according to Bitbo data. It marks the highest negative adjustment since the bear market lows, when difficulty fell 7% on Dec. 6, 2022, and bitcoin was trading for around $17,000.
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🇮🇩 Indonesia Regulator Forms Crypto Committee to Monitor Industry's Operation, Compliance
The Commodity Futures Trading Regulatory Agency, the Indonesian government agency known as Bappebti whose responsibilities include overseeing cryptocurrencies, formed a dedicated committee to monitor the industry. The Crypto Asset Committee was established under regulations enacted in January. Crypto falls under Bappebti's jurisdiction because crypto is considered a commodity in Indonesia.
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📣 Standard Chartered analyst says other crypto ETFs such as SOL, XRP 'is likely a 2025 story'
Following the recent approval of ether spot exchange-traded funds, Standard Chartered Bank analyst Geoffrey Kendrick says that the next chapter of crypto ETFs may be around the corner in 2025. "For other coins markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story not a 2024 one," Kendrick, head of forex and digital assets research at Standard Chartered Bank, said Friday in a statement to The Block.
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🏦 Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulation
Coinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X. Armstrong called it a "historic vote," adding that it will "finally start to create some clear rules to regulate crypto" if passed into law.
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🪙 Cboe submits 5 amended ETH ETF filings amid renewed chance of approval
Cboe BZX filed 19-b4 amendments related to five spot Ethereum ETFs on May 21, significantly increasing the odds of each fund’s approval. The news coincided with a sudden spike in odds on Polymarket, which reports 70% odds of approval by May 31, up from just 10% hours before. Bloomberg ETF analyst James Seyffart commented on the development, stating that the filings validate earlier rumors and speculation.
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📣 Sei Foundation proposes version 2 network upgrade to bring EVM compatibility
The Sei Foundation announced Monday that it has initiated a governance proposal to upgrade the Sei Layer 1 blockchain to version 2. This proposed upgrade, to be implemented by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) aimed at enhancing the network’s capabilities. If the governance proposal is approved, the network upgrade will take place a week later.
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🇨🇳 Chinese Police Raids Illegal $1.9B USDT Banking Operation: Report
The Chinese police forces have burst a large underground banking operation using the popular stablecoin Tether (USDT) to facilitate transfers of up to 13.8 billion yuan ($1.9 billion). According to a report from local media house Weixin, the Public Security Bureau of Chengdu Municipal arrested 193 suspects linked to the case and froze 149 million yuan ($20.6 million) after raiding the operation’s location.
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💰 Senator Lummis Posts Bitcoin Laser Eyes After Passed Crypto Legislation
U.S. Senator Cynthia Lummis recently posted “Bitcoin laser eyes” on X, showing her support for laws supporting the cryptocurrency. U.S. Senator Cynthia Lummis, representing Wyoming, is well-known for her advocacy of Bitcoin. She views the asset as a dependable store of value and a safeguard against inflation. Serving on the Senate Banking Committee, she aims to enforce a regulatory framework that fosters crypto innovation while safeguarding consumers.
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🪙 Morgan Stanley discloses US spot bitcoin ETF holdings worth over $270 million in filing
Multinational investment bank and financial services company Morgan Stanley disclosed U.S. spot bitcoin exchange-traded fund holdings worth over $270 million as of March 31 in a quarterly 13F filing with the Securities and Exchange Commission on Wednesday. Morgan Stanley disclosed holding $269.9 million worth of Grayscale’s converted spot bitcoin ETF — making it the third-largest holder of GBTC shares behind Susquehanna’s $1.1 billion and Horizon Kinetics’s $946 million, according to Fintel data.
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⚪️ Worldcoin seeks to set 'new standard' in data protection, says it deleted users' iris codes
Worldcoin Foundation has released an open-source system that it claims can improve the protection of sensitive information, including the data generated when people sign up for the Worldcoin project. "The system, available now in a Github repository for any organization to use, aims to set a new standard for data protection, including the protection of biometric data," according to a statement. Worldcoin said the new open-sourced system is based on secure multi-party computation.
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🏦 Coinbase can't force the SEC to write new rules, SEC argues in new brief
The SEC has filed a new form arguing that Coinbase's petition to order the agency to develop a new regulatory system for crypto "from the ground up" should be denied. "The Commission’s determination that the rulemaking Coinbase seeks is currently unwarranted was both reasonable and reasonably explained," the SEC said, in a case before the U.S. Third Circuit Court of Appeals.
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⚫ Vital Stats: Market Cap: $500,000 | Holders: ~500 | Contract: 68eD7fdMVEqKDev9jChsBxtvg45XF2FKsnVRfDTpxCkK
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🪙 Ethereum transaction fees hit record low as Layer-2 networks siphon activity
The average transaction fee on Ethereum has reached record lows as more activity moves to the Layer-2 (L2) networks on the chain. According to Ultrasound.money data, the average gas has dropped to 4.81 Gwei — the lowest level since the network completed the Merge event in 2022. Market observers attributed this decline to increasing activity on L2 networks following the completion of the Dencun upgrade. The Dencun upgrade significantly reduced fees for L2 networks, making transacting on the base layer less attractive.
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🇳🇬 Nigeria claims 🟠 Binance’s bribery allegations are ‘blackmail’
The Nigerian government has refuted bribery allegations made by crypto exchange Binance, which were described as baseless and an attempt to distract from the company’s legal challenges in the country, according to a press statement released on May 8. Binance CEO Richard Teng recently alleged that Nigerian officials demanded $150 million in crypto to settle an ongoing criminal investigation against the company.
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🔵 Coinbase’s Layer 2 Base Stands Out as Top Choice for New Capital
Layer 2 networks have witnessed massive activity this year, even as their native tokens slumped amidst intense volatility across the broader market. These solutions have witnessed relatively steady activity since the beginning of the year. Over the course of this week, net ETH deposits into the Base have exceeded 6,500 ETH, marking a significant increase, according to the data shared by ITB. On the other hand, its rival Arbitrum saw just half of this figure. Optimism lagged even further behind with only a fifth of the deposits Base received.
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🇺🇸 SEC Chair Gary Gensler Calls Crypto 'Outsized Piece of Scams, Frauds, and Problems in Our Markets'
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated his view that crypto is a field full of noncompliance. While noting that crypto is a small piece of the overall U.S. financial market that his agency oversees, the SEC chair emphasized that it is “an outsized piece of the scams and frauds and problems in our markets.”
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