Hodler’s Digest, May 19-25 – Cointelegraph Magazine

Prime Tales This Week

Spot Ether ETFs obtain official approval from the SEC

The U.S. Securities and Alternate Fee (SEC) has given the regulatory inexperienced mild to identify Ether exchange-traded funds (ETFs) in america on Could 23. The approval reaches filings from main companies akin to VanEck, BlackRock, Constancy, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Issuers should nonetheless acquire SEC approval for his or her S-1 registration statements earlier than the ETFs can formally start buying and selling. The SEC had beforehand requested candidates to expedite filings on Could 20, with the elimination of staking being essentially the most notable modification seen. The approval was thought of an “implicit recognition” from the SEC that Ether just isn’t a safety, based on trade pundits.

FIT21 crypto invoice passes US Home: Right here’s what may occur subsequent

The Monetary Innovation and Know-how for the twenty first Century Act (FIT21) handed the U.S. Home of Representatives on Could 22. The invoice now heads to the Senate, the place its future is unsure, dealing with opposition from Senator Elizabeth Warren. FIT21 proposes giving the Commodity Futures Buying and selling Fee (CFTC) main management over cryptocurrencies, which the trade views as a extra lenient regulator in comparison with the Securities and Alternate Fee (SEC). The SEC would nonetheless regulate cryptocurrencies that aren’t sufficiently decentralized, however FIT21 introduces a mechanism for cryptocurrencies categorized as securities to be offered as commodities. The Biden administration and the SEC’s Chair, Gary Gensler, have each issued statements opposing the regulation.

Ex-FTX CEO results in Oklahoma jail regardless of request from choose

Former FTX CEO Sam “SBF” Bankman-Fried is not incarcerated in New York or California, the place his mother and father personal a house — based on jail data, he’s in Oklahoma. As of Could 23, inmate data for the Federal Bureau of Prisons confirmed that Bankman-Fried was being held on the Federal Switch Middle in Oklahoma Metropolis. The ability confines inmates on a “short-term foundation” for transfers throughout the jail system. The switch appeared to have occurred regardless of Decide Lewis Kaplan of the U.S. District Courtroom for the Southern District of New York recommending SBF keep on the Metropolitan Detention Middle, Brooklyn.

Ripple publishes math prof’s warning: ‘Public-key cryptosystems ought to be changed’

Professor Massimiliano Sala of the College of Trento in Italy lately mentioned the way forward for blockchain know-how because it pertains to encryption and quantum computing with the crew at Ripple as a part of the corporate’s ongoing college lecture collection. Sala’s dialogue targeted on the potential risk posed by quantum computer systems because the know-how matures. In line with the professor, present encryption strategies might be simple for tomorrow’s quantum computer systems to unravel, thus placing complete blockchains in danger.

Donald Trump says his marketing campaign will settle for crypto

Former United States President Donald Trump, presently dealing with prison fees in 4 jurisdictions within the nation, introduced his marketing campaign to run for president in 2024 would settle for cryptocurrency donations. In a Could 21 discover, the Trump 2024 marketing campaign mentioned it had launched a fundraising web page for eligible individuals to donate in crypto utilizing the Coinbase Commerce product. The web site featured logos for Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USD Coin, Solana and 0x.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $68,181, Ether (ETH) at $3,668 and XRP at $0.53. The overall market cap is at $2.53 trillion, based on CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Bonk (BONK) at 39.96%, Pepe (PEPE) at 38.14% and Pendle (PENDLE) at 30.72%. 

The highest 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 information on crypto costs, ensure to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“I imagine that the [Donald Trump] presidential marketing campaign and others will need to seem pro-crypto.”

Joseph Lubin, CEO of Consensys

“The SEC shouldn’t dedicate its taxpayer-funded assets to bringing a case in opposition to us. However we’re ready to battle.”

Uniswap

“The SEC is popping cryptocurrency regulation right into a political soccer and forcing President [Joe] Biden to decide on sides on a problem that issues to many Individuals.”

Wiley Nickel, U.S. consultant

“Crypto lovers need to consider freedom of speech in code as a trump card, as if you happen to’re throwing down the joker and also you win.”

Cindy Cohn, govt director of the Digital Frontier Basis

“Quantum computer systems may simply clear up issues which might be foundational to digital signatures, thus doubtlessly undermining the mechanisms that shield customers’ belongings on blockchain platforms.”

Massimiliano Sala, professor of arithmetic on the College of Trento

“​​Bitcoin, Ethereum and Solana are in all probability the large three for this cycle.”

Brian Kelly, crypto investor and CNBC ‘Quick Cash’ dealer

Prediction of the week

Bitcoin RSI copies 2017 bull run as dealer says $75K key for BTC worth

Bitcoin is quietly copying a key characteristic from the 2016 bull market, which kicks in at $75,000. In a put up on X on Could 24, widespread pseudonymous dealer Jelle eyed what may develop into the subsequent “major breakout” for BTC worth motion.

For Jelle, the relative energy index (RSI) is a serious conducive issue. RSI captures the extent to which an asset is overbought or oversold at a given degree, and on weekly timeframes, BTC/USD is portray an thrilling image.

“Bitcoin is taking part in out extremely much like early 2017,” Jelle summarized. An accompanying chart in contrast BTC/USD efficiency on the way in which to its 2017 peak of $20,000 to its journey from January 2023 to now.

“A hidden bullish divergence and uneven waters proper across the earlier all-time highs — earlier than the primary breakout,” Jelle defined. “Clear $75,000, and this accelerates rapidly.”

FUD of the Week

Darkish internet market proprietor arrested in New York after FBI traces crypto

A 23-year-old man has been arrested in New York and charged with proudly owning, operating and benefiting from a $100-million darkish internet narcotics market after authorities claimed to have tracked crypto transfers that uncovered his actual id. Rui-Siang Lin, identified on-line as “Pharoah,” was arrested at New York’s John F. Kennedy Airport on Could 18. {The marketplace} allowed customers to purchase and promote medication, together with cocaine, LSD, MDMA and prescription amphetamines, akin to Adderall, utilizing Bitcoin and Monero as fee strategies. Lin was charged with partaking in a prison enterprise, narcotics conspiracy, conspiracy to promote misbranded remedy and cash laundering.

Bybit CEO refutes insolvency rumors, shares proof-of-reserves

Ben Zhou, CEO of cryptocurrency change Bybit, addressed rumors in regards to the platform being hacked and bancrupt. The rumors had been unfold on X, fueled by memes and a graph suggesting Bybit’s wallets had been being drained. In line with Bybit, nevertheless, the rumors had been false. Zhou shared Bybit’s proof-of-reserves (PoR) and a Nansen dashboard, exhibiting all of the change’s wallets and their belongings. The PoR confirmed that Bybit holds belongings exceeding 100% of consumer deposits, making certain full availability for withdrawals.

US lawmakers demand SEC-FINRA data on Prometheum ETH custody

Members of the U.S. Congress are in search of particulars about discussions between the SEC, FINRA, and Prometheum concerning Particular Function Dealer-Seller (SPBD) necessities. They imagine these interactions might set a problematic precedent. Representatives Patrick McHenry, Invoice Huizenga and French Hill are requesting all nonpublic communications and data between the SEC and FINRA associated to Prometheum’s SPBD utility, actions, and ETH’s regulatory classification. The deadline for a response is June 5.

Prime Journal Items of the Week

Godzilla vs. Kong: SEC faces fierce battle in opposition to crypto’s authorized firepower

The SEC might have bitten off greater than it could chew by taking over the most important crypto initiatives suddenly.

If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Corridor of Flame

Daan Crypto Trades is a giant believer in Bitcoin L2 Stacks and says that after Bitcoin doubles, Stacks will possible quadruple.

The $2,500 doco about FTX collapse on Amazon Prime… with assist from mother

Filmmaker Richard Whittaker — and his Mother — study the collapse of crypto change FTX in a micro-budget doco now screening on Amazon Prime.

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Cointelegraph Journal writers and reporters contributed to this text.