U.S. House approves FIT21, boosting regulatory framework for
cryptography
The U.S. House of Representatives has passed the Financial
Innovation and Technology Act for the 21st Century (FIT21), marking
a significant advance in the regulation of digital assets. With a
vote of 279 to 136, the bill received strong bipartisan support and
promises to establish clear guidelines for the issuance, trading,
and custody of cryptocurrencies. This moment represents an
important step towards integrating cryptography into U.S. financial
regulation.
U.S. Bitcoin ETFs hit record with 850,707 BTC in custody
The exchange-traded funds for bitcoin in the United States have
reached a new record, with 850,707 BTC under custody, surpassing
the previous high in April. The Grayscale ETF (AMEX:GBTC) and the
BlackRock ETF (NASDAQ:IBIT) are the largest holders. On May 22, the
spot ETFs recorded eight consecutive days of net inflows, with more
than 24,500 BTC accumulated. This growth occurs at a time of
renewed optimism, following the U.S. House of Representatives’
approval of the Financial Innovation and Technology Act for the
21st Century.
U.S. lawmakers push SEC for approval of Ether spot ETF
Bipartisan lawmakers from the U.S. House, including Tom Emmer
and Josh Gottheimer, sent a letter to SEC Chairman Gary Gensler on
May 22, urging the approval of an Ether spot ETF. The move aims to
provide a safer and more regulated way to invest in ETH. The crypto
community eagerly awaits the SEC’s decision, hoping for approval by
the end of the month.
VanEck pressures SEC for order approving Ethereum spot ETFs
VanEck, a prominent New York asset manager, is stepping up
pressure on the SEC to adopt a “first come, first served” approach
in approving Ethereum spot ETFs. Matthew Sigel of VanEck argues
that this policy is crucial for maintaining fairness and order in
the market, especially as the SEC’s 240-day review period for
VanEck’s Ether ETF offering ends today, signaling a possible
imminent regulatory milestone.
Major managers withdraw staking from Ether spot ETF proposals
BlackRock (NYSE:BLK), Grayscale, and Bitwise have modified their
Ether spot ETF filings with the SEC, removing staking provisions to
avoid regulatory hurdles. The changes come ahead of a crucial
decision expected on Thursday regarding the approval of the ETFs.
The decision to remove staking, seen as a regulatory controversy
point, was followed by other major issuers, signaling a cautious
approach in an uncertain regulatory environment.
Hong Kong may allow staking in Ethereum ETFs, diverging from U.S.
regulators
The Securities and Futures Commission of Hong Kong (SFC) is
evaluating the possibility of allowing staking in Ethereum ETFs
under its regulation, exploring new ways to yield for investors.
This decision marks a contrast with the more restrictive stances of
the U.S. SEC, which faces legal challenges with similar products.
Hong Kong’s regulatory innovation could attract more investors to
its Ethereum ETFs, which have shown low activity since their
launch.
Analyst predicts delays in the launch of Solana ETF in the U.S.
James Seyffart, a Bloomberg ETF analyst, suggests that a Solana
spot ETF (COIN:SOLUSD) could face considerable delays in the United
States, depending on a regulated futures market by the CFTC and the
current regulatory environment. Unlike Ethereum, the SEC has
explicitly classified Solana as a security, which could further
complicate its approval. Despite the hurdles, Seyffart believes a
Solana ETF would attract significant demand.
Cryptocurrencies fall in anticipation of SEC decision on Ethereum
ETF
Cryptocurrency prices fell on Thursday as investors awaited a
U.S. regulatory decision on Ether spot ETFs. Bitcoin dropped 2.9%
to $67,124, while Ethereum showed resilience, rising 0.2% to $3,745
after a brief spike above $3,900. The overall market sell-off was
influenced by an increase in U.S. economic output and a large sell
order of ETH by Symbolic Capital Partner, exacerbating losses in
the sector.
Xapo Bank introduces deposits via Lightning Network, a banking
innovation in Bitcoin
Xapo Bank, based in Gibraltar, has become the first licensed
bank to allow bitcoin deposits (COIN:BTCUSD) through the Lightning
Network, offering instant global transactions with minimal fees.
According to CEO Seamus Rocca, the initiative reflects the belief
in the potential of the Lightning Network for daily bitcoin
transactions. The move aims to facilitate the integration of
bitcoin into everyday transactions and maximize the value of
customer assets without the need for locking or lending.
Grayscale launches investment funds in Stacks and Near Protocol
Grayscale has unveiled two new investment trusts focused on
Stacks (COIN:STXUSD), a Bitcoin layer-2 network, and Near Protocol
(COIN:NEARUSD), standing out in the high-speed blockchain sector.
Limited to accredited investors, these trusts offer diversified
exposure within the growing cryptographic ecosystem. With the
increasing demand for innovative solutions, Grayscale reaffirms its
commitment to facilitating access to emerging investments and
influencing the widespread adoption of blockchain technologies.
Fantom announces creation of Sonic Foundation to boost new
blockchain
The Fantom Foundation (COIN:FTMUSD) has revealed the formation
of the Sonic Foundation and Sonic Labs, aimed at supporting Sonic,
an innovative layer-1 blockchain. Integrated into Ethereum through
a layer-2 bridge, Sonic promises greater speed and security.
Additionally, Michael Kong, CEO of the foundation, highlighted that
Sonic would be capable of performing autonomous fund withdrawals
from Ethereum. The Sonic blockchain, along with its native token,
is expected to be operational later this year.
Bybit CEO refutes insolvency rumors and confirms financial solidity
Ben Zhou, CEO of Bybit, has countered accusations of the
cryptocurrency exchange’s insolvency, following rumors on social
media suggesting financial instability. He emphasized the company’s
solvency, presenting proof of reserves and reiterating Bybit’s
commitment to securing all user assets.
Discussion between Montenegro and SEC about fraud case involving Do
Kwon
Montenegro’s Justice Minister, Andrej Milović, met with SEC
officials, including the Director of Enforcement, Gurbir Grewal, to
discuss the investigation into Do Kwon, co-founder of Terraform
Labs. Kwon, who faces fraud allegations in the U.S. and extradition
requests, was arrested in Montenegro in March 2023. He is awaiting
a judicial decision that could determine his extradition to either
the U.S. or South Korea.
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