Resolution overturning SEC crypto rule is on Biden’s desk — Now what?
President Joe Biden has ten days, excluding Sundays, to decide whether he wants to follow through on his threat to veto H.J.Res.109.
Many House of Representatives lawmakers praised this week’s passage of two pro-crypto bills, but President Joe Biden may still veto one piece of legislation lauded by industry advocates.
According to congressional records, on May 23, the House presented to the U.S. President a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms. The bill, H.J.Res.109, would strike down the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires banks to keep customers’ crypto on its balance sheets, with capital maintained against them.
Before the House and Senate passed the resolution, President Biden on May 8 said he intended to veto it. He claimed the legislation would “inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets” and limit regulatory guidelines for digital assets.
SEC Approves First Eight Spot Ether ETFs
The Securities and Exchange Commission (SEC) has approved the first eight proposals for spot ether exchange-traded funds (ETFs). According to a document issued on May 23 that orders grating an accelerated approval for these products, NYSE Arca obtained permission to list the Grayscale Ethereum Trust and the Bitwise Ethereum ETF, Nasdaq can now list the […]Fantom unveils Sonic Foundation for new Sonic Chain
The CEO of the Fantom Foundation has unveiled the Sonic Foundation, which will oversee the creation and launch of Fantom’s new Sonic Chain.
The Fantom Foundation, the organization behind the Fantom decentralized network, recently announced the creation of a new foundation for facilitating the launch of their new, upcoming Sonic chain.
On May, 23, Fantom Foundation CEO Michael Kong announced the new foundation on the blockchain network’s blog. Kong wrote:
Fantom’s Sonic Foundation will be tasked with overseeing Sonic’s governance, managing the network treasury, orchestrating partnerships, and developing the DApp ecosystem.
Traders say Bitcoin price correction a ‘fake out’ before the next leg up
Bitcoin price reversed course with a surprise 5% correction over the past few days, but analysts say it is a healthy pullback.
Bitcoin (BTC) price is down by 2.5% today, surprising traders who were certain that new all-time highs were in the cards after the cryptocurrency’s early week rally to $72,000.
Data from Cointelegraph Markets Pro and TradingView showed that leveraged long traders were caught off guard as BTC price suddenly dropped from a high of $71,980 on May 21 to an intra-day low of $67,550 on May 23.
“Bitcoin is still following a similar path to 2016-2017,” said independent analyst Jelle, reacting to what has become a familiar pattern for BTC in previous cycles.
Spot Ether ETFs receive official approval from the SEC
The U.S. Securities and Exchange Commission gave the green light to several spot Ether ETFs after speculation that the regulator was considering treating ETH as a security.
In a second landmark decision this year, the United States Securities and Exchange Commission has given the regulatory green light to spot Ether exchange-traded funds (ETFs) in the United States.
Ina May 23 filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise — approving the rule changes allowing spot Ether ETFs to be listed and traded on their respective exchanges. The landmark decision came despite speculation that the securities regulator has been investigating whether to label Ether (ETH) as a security.
While the 19b-4s have been approved, ETF issuers still need the SEC to sign off on their respective S-1 registration statements for the spot Ether ETFs to officially begin trading. Industry analysts say this could take days, weeks or even months. The SEC reportedly instructed applicants to accelerate their 19b-4 filings on May 20. The removal of staking is the most notable amendment seen across several filings.
BREAKING: Ethereum spot ETFs approved by SEC
SEC approves nine Ethereum ETFs, predicting a $15-$45 billion institutional capital influx into the Ethereum market within a year.
The post BREAKING: Ethereum spot ETFs approved by SEC appeared first on Crypto Briefing.
Whales load up on Ethereum in anticipation of ETF approvals: Coinbase Institutional shifts $110M
Coinbase Institutional transfers over $20M in Ethereum as the market awaits the SEC’s decision on the Ethereum ETF.
The post Whales load up on Ethereum in anticipation of ETF approvals: Coinbase Institutional shifts $110M appeared first on Crypto Briefing.
Brian Kelly: Solana Might Get the Next Spot ETF
Brian Kelly, founder and CEO of BKCM, a digital currency investment firm, stated that while he is still unsure about the imminent approval of a spot ether EFT, he trusts that it will be approved “at some point in time.” In an interview on CNBC, Kelly specified that solana (SOL) might be the next asset […]Ex-FTX CEO ends up in Oklahoma prison despite request from judge
Records show Sam Bankman-Fried was in the Federal Transfer Center in Oklahoma City, suggesting authorities may still transfer him to a prison in California.
Former FTX CEO Sam “SBF” Bankman-Fried is no longer incarcerated in New York or California, where his parents own a home — according to prison records, he’s in Oklahoma.
As of May 23, inmate records for the Federal Bureau of Prisons showed that Bankman-Fried was being held at the Federal Transfer Center in Oklahoma City. According to the Office of the Inspector General for the U.S. Department of Justice, the facility confines inmates on a “short-term basis” for transfers within the prison system.
SBF’s relocation to Oklahoma, coupled with reports from May 22, suggested that authorities may transfer the former FTX CEO from the Metropolitan Detention Center (MDC) in Brooklyn to the Federal Correctional Institution (FCI) in Mendota. The transfer appeared to have happened despite Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York recommending SBF stay at MDC Brooklyn.
Uniswap Responds to SEC’s Wells Notice, Argues Tokens Are Not Securities but ‘File Format’ for Value
Uniswap (UNI) is fighting back against the U.S. Securities and Exchange Commission (SEC). The largest decentralized exchange by trading volume received a Wells Notice from the SEC last month, which indicates the regulator intends to take enforcement actions against the DEX soon. Marvin Ammori, the chief legal officer at Uniswap Labs, notes that the project […]
The post Uniswap Responds to SEC’s Wells Notice, Argues Tokens Are Not Securities but ‘File Format’ for Value appeared first on The Daily Hodl.
This Crypto Asset Could Be the Spot ETF Candidate After Bitcoin and Ethereum, According to Investor Brian Kelly
The founder and CEO of an investment firm specializing in digital currencies is looking down the line for the next crypto exchange-traded fund (ETF). In a new CNBC interview, BKCM LLC head Brian Kelly reacts to speculation that the U.S. Securities and Exchange Commission (SEC) could approve Ethereum (ETH) ETF applications as soon as tomorrow by naming which digital […]
The post This Crypto Asset Could Be the Spot ETF Candidate After Bitcoin and Ethereum, According to Investor Brian Kelly appeared first on The Daily Hodl.
Former Bitmex CEO Arthur Hayes: A Weak Yen Solution Might Propel Bitcoin to $1 Million
Arthur Hayes, former CEO of Bitmex and current CIO of Maelstrom, has predicted the geopolitical and economic dynamics that will be taken to equilibrate the exchange rate between the U.S. dollar and the Japanese yen might propel bitcoin prices to $1 million. Hayes states that eventually, the U.S. will be forced to act by printing […]
House of Representatives halts Fed’s CBDC plans with new legislation
House passes bill to block Federal Reserve from issuing a CBDC, citing privacy and Fourth Amendment concerns.
The post House of Representatives halts Fed’s CBDC plans with new legislation appeared first on Crypto Briefing.
What is FIT21?
Explore the FIT21 bill, a pivotal move towards establishing a crypto regulation framework in the US, involving key financial agencies.
The post What is FIT21? appeared first on Crypto Briefing.
Meet the women behind the world’s largest crypto exchanges
Both former television hosts, Binance’s Yi He and Bitget’s Gracy Chen, currently lead the world’s largest crypto exchanges by volume.
It’s a little-known fact that women are behind two of the world’s largest cryptocurrency exchanges.
In a blog post published on May 21, Gracy Chen, formerly the managing director of crypto exchange Bitget, who now serves as the firm’s CEO, detailed her journey in leading an exchange that currently facilitates $4 billion in trading volume:
Chen described how at 18, she received a scholarship to study Applied Mathematics in Singapore and became a television host for a Chinese finance and technology program upon graduation, where she learned about Bitcoin (BTC), back then at $300, from her interviewees in 2015:
Coinbase Derivatives To Offer Oil and Gold Futures Contracts in Push To Bridge TradFi and Digital Assets
The derivatives arm of the largest US-based crypto exchange is launching retail-sized futures contracts for oil and gold. In a statement, Coinbase Derivatives says that while crypto derivatives remain at the core of its business, it is introducing commodities futures contracts to give customers enhanced trading opportunities in the traditional markets. Commodity futures contracts oblige […]
The post Coinbase Derivatives To Offer Oil and Gold Futures Contracts in Push To Bridge TradFi and Digital Assets appeared first on The Daily Hodl.
US House Passes Bill Banning Federal Reserve From Launching Central Bank Digital Currency
The US House of Representatives just passed a bill aimed at preventing the Federal Reserve from launching a Central Bank Digital Currency (CBDC) without Congressional authorization. Republican Majority Whip Tom Emmer sponsored H.R. 5403, known as the CBDC Anti-Surveillance State Act, with the stated goal of protecting Americans’ right to privacy. “My legislation ensures that […]
The post US House Passes Bill Banning Federal Reserve From Launching Central Bank Digital Currency appeared first on The Daily Hodl.
The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House
The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is decentralized enough, has passed the US House of Representatives. According to a new press release by the Financial Services Committee, the House has passed the new crypto bill, which would bolster […]
The post The Financial Innovation and Technology for the 21st Century (FIT21) Act, AKA ‘The Crypto Bill’, Passes US House appeared first on The Daily Hodl.
Bitcoiner raises the orange flag on Mount Everest
After weeks of climbing and acclimating to the altitude, Dadvan Yousuf removed the Bitcoin flag from his bag to show it off at the top of the world.
A 23-year-old crypto user has presented an orange flag with the Bitcoin (BTC) logo for observers to see at an elevation of 8,849 meters — the summit of Mount Everest.
In a May 23 X post, Dadvan Yousuf announced he had climbed the highest mountain in the world, reaching the summit on May 20. Surrounded by sherpas and fellow climbers, he used his time at the summit to show off two flags: for Kurdistan and the BTC logo.
“Funnily enough, other climbers asked about the memecoin pepe and where the best place to buy it was on the highest place on earth,” A spokesperson for Yousuf told Cointelegraph. “The sherpas were enthusiastic about the principle of Bitcoin and were visibly happy.”
Altcoin That’s Exploded Over 1,100% in Three Months Set To Outperform Large-Cap Memecoins, Says Crypto Analyst
A widely followed crypto trader believes that one red-hot altcoin is set up to outperform other large-cap memecoins. Pseudonymous crypto analyst Altcoin Sherpa tells his 216,200 followers on the social media platform X that memecoin Pepe (PEPE) has more upside potential based on buyer demand and trading volume. “If you’re looking for a big cap […]
The post Altcoin That’s Exploded Over 1,100% in Three Months Set To Outperform Large-Cap Memecoins, Says Crypto Analyst appeared first on The Daily Hodl.
2025 to be ’a good year for crypto policy,’ industry experts say
Betting markets are currently showing a 72% chance of a spot Ether ETF approval in the United States.
After a wave of regulatory pushbacks against crypto within the last couple of years, industry experts are anticipating a much friendlier 2025, thanks in part to positive regulatory developments.
“2025 could be a good year for crypto policy,” wrote senior Bloomberg policy analyst Nathan Dean on May 23. “While I try to be neutral on #cryptoregulations, it feels like this week may be the turning point. #Bitcoin ETF approval, likely soon #Ethereum ETF approval and 71 House Democrats joining in on the FIT Act (not too mention SAB 121).”
Dean further explained that aside from crypto exchange-traded fund (ETF) approvals, stablecoin frameworks could also come to fruition by the end of next year. However, the analyst warned that the U.S. Securities and Exchange Commission still had the power to regulate projects that seek to classify their tokens as commodities instead of securities, though they are rather “nice to have” problems as the industry obtains further clarity under the law.
Bybit CEO Dismisses Hacking, Insolvency Claims; Says Rumors Lack Factual Basis
Ben Zhou, co-founder and CEO of Bybit, has dismissed rumors circulating on social media that the cryptocurrency exchange has been hacked or is insolvent. Zhou stated that these rumors are not supported by facts, and users should be cognizant of this. To substantiate his dismissal of the rumors, Zhou directed social media users to the […]Coinbase reopens XRP trading in New York
Paul Grewal, Coinbase’s chief legal officer, announced that New York users of the exchange can once again trade XRP.
On May 23, Coinbase’s chief legal officer, Paul Grewal, announced that customers in the state of New York could once again trade XRP on the crypto exchange after a nine-month hiatus.
In a brief social media post, Grewal provided an update: “XRP trading on Coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.”
Following the United States Securities and Exchange Commission’s (SEC) lawsuit against Ripple in 2020, XRP remained an embattled asset, facing scrutiny from government regulators and centralized exchanges alike.
Nigerian Prison Agency Held Responsible for Court Absence of Jailed Binance Executive
The Nigerian Correctional Service recently faced accusations of failing to bring Tigran Gambaryan, a jailed Binance executive, to a court hearing on May 22. A lawyer representing the Nigerian revenue collection agency subsequently requested the court to adjourn proceedings. This would allow him to investigate the reasons behind Gambaryan’s absence. Gambaryan Key to Nigeria’s Tax […]
Ethereum price crash attributed to MEV manipulation: Report
Ethereum crash likely caused by MEV manipulation, dropping nearly 5% in an hour. SEC decision on spot ETFs expected today.
The post Ethereum price crash attributed to MEV manipulation: Report appeared first on Crypto Briefing.
Coinbase Reenables XRP Trading in New York
“Coinbase Reenables XRP Trading in New York” – In a significant development for the cryptocurrency community in the Empire State, Coinbase has reenabled XRP trading in New York. The announcement was made by Paul Grewal, Coinbase’s Chief Legal Officer, via a social media post. Grewal stated, “XRP trading on Coinbase is available again in NY. […]Proof-of-restaking and extended consensus — Interview with Units Network
Emerging from past challenges, this initiative emphasizes decentralized governance and advanced consensus mechanisms to foster innovation.
The crypto industry has evolved dramatically, driven by innovations in decentralized finance (DeFi) and blockchain technology. Amid this transformation, Waves founder Sasha Ivanov has introduced Units Network. Designed as a foundational layer, Units Network connects ecosystem chains in a fully interoperable and trustless manner, featuring the restaking of any assets and secured by real-world assets (RWA).
In this interview, Ivanov discusses the strategies and innovations behind Units Network, its role within the Waves ecosystem and the broader implications for blockchain technology. He also reflects on past challenges, including the depegging of Neutrino USD and the impact of the FTX collapse, offering valuable insights into the future of decentralized finance.
Gala Says Hacker Has Returned Over $20,000,000, Plans To Reimburse Users Affected by the Exploit
Blockchain-based gaming platform Gala (GALA) says it recovered over $20 million worth of crypto assets that were stolen during a security breach earlier this week. In a statement, Gala says that a hacker initiated a transfer of $200 million in Gala tokens on May 20th, but the monitoring system flagged the suspicious activity, which allowed […]
The post Gala Says Hacker Has Returned Over $20,000,000, Plans To Reimburse Users Affected by the Exploit appeared first on The Daily Hodl.
Spokesperson Hints at Sam Bankman-Fried’s Possible Move to California Prison
According to the Wall Street Journal, the convicted FTX co-founder Sam Bankman-Fried (SBF) is being transferred from the Metropolitan Detention Center in Brooklyn to an undisclosed location. Sources speculate that SBF might be headed to the Federal Correctional Institution in Mendota, California (FCI Mendota). SBF’s Potential Transfer to FCI Mendota Speculated A Wall Street Journal […]Hong Kong SFC mulls allowing staking for Ethereum ETFs
Hong Kong’s SFC considers allowing Ethereum ETF staking, diverging from US SEC’s stance. Decision expected today.
The post Hong Kong SFC mulls allowing staking for Ethereum ETFs appeared first on Crypto Briefing.