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🪙 Ethereum co-founder Vitalik Buterin 'unhappy' with celebrity memecoins
Ethereum co-founder Vitalik Buterin weighed in on the recent rise in celebrity memecoins and his unhappiness about the experimentation. Chris Burniske, a partner at venture capital firm Placeholder, suggested that if the Solana-based Mother Iggy (MOTHER) memecoin, connected to Australian rapper and model Iggy Azalea, was to break into sustainable value creation, it would be the “mother of this cycle’s celebrity experimentation.”
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🇺🇸 US Should Join UK in ‘Blockchain Sandbox’ Free of Regulatory Meddling, SEC Commissioner Says
Hester Peirce, a leading member of the Securities and Exchange Commission (SEC), has signaled her support to a proposed cross-border “digital securities sandbox” between the U.S. and the U.K. SEC Commissioner Peirce praised the Bank of England and the Financial Conduct Authority (FCA) of the U.K. for proposing a local “digital securities sandbox” (DSS), which would let participating companies to experiment with blockchain technology “in the issuance, trading, and settlement of securities.”.
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🇯🇵 Japanese Crypto Exchange DMM Bitcoin Hacked: $305M Worth Bitcoin Drained
Japanese cryptocurrency trading platform – DMM Bitcoin – fell victim to a hack resulting in a massive loss of Bitcoin worth around $305 million on May 31st. The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from their systems. DMM Bitcoin has not provided additional details regarding the breach but stated that it is conducting an investigation and has implemented measures to avoid a recurrence of such an attack.
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💰 Vitalik Buterin critiques Bitcoin’s block size war, calls for innovation
Vitalik Buterin, co-founder of Ethereum, has provided a detailed reflection on the Bitcoin block size wars, a significant conflict within the Bitcoin community that spanned from 2015 to 2017. This debate centered on whether to increase Bitcoin’s block size limit from 1 MB to accommodate more transactions, thereby reducing fees and enhancing its utility as a payment system.
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🇪🇺 EU elections could hint at future direction for crypto regulations, Bitfinex analyst says
The European Union Parliamentary Elections, taking place next week, could provide further clues on how crypto will be regulated in that market, according to Bitfinex Head of Derivatives Jag Kooner. "A right-wing shift could lead to stricter crypto controls, while a pro-crypto outcome might accelerate supportive regulations like MiCA," Kooner told The Block.
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💰 Ripple $25 million crypto education contribution amid rising importance in 2024 election
Ripple has highlighted the 2024 US election as a crucial juncture for the crypto industry, according to a May 29 statement. In response, the company has donated $25 million to Fairshake, a federal super PAC that backs pro-crypto and pro-innovation candidates. This contribution raises Ripple’s total donation to the committee to $50 million. Notably, Fairshake has attracted funding from prominent crypto industry players, including Coinbase, Gemini, and venture capital firm Andreessen Horowitz.
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🪙 ETF approvals will boost Ethereum’s long-term growth despite short-term headwinds – Kaiko Research
Kaiko Research said on May 27 that spot Ethereum ETF approvals are a positive sign for the digital asset’s long-term growth despite potential short-term headwinds. According to Kaiko’s report, the approval has removed much of the regulatory uncertainty around Ethereum’s classification as an asset class. Will Cai, Head of Indices at Kaiko, said the approval means the SEC is implicitly treating ETH as a commodity rather than a security.
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🇨🇳 Expert Says Peer-to-Peer Nature of Crypto Activity Renders China’s Ban Ineffective
Continuing raids in China on alleged underground gangs using cryptocurrency to facilitate foreign exchange transactions underscore the ineffectiveness of the Asian nation’s 2021 ban on crypto trading. Chengyi Ong, head of policy for the Asia-Pacific region at Chainalysis Inc., said the peer-to-peer nature of cryptocurrency activity renders the ban ineffective.
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🪙 Ethereum Foundation says it's working to address potential conflicts of interest
Ethereum Foundation Executive Director Aya Miyaguchi said the organization is accelerating work on a formal policy to address potential conflicts of interest after two of its researchers disclosed receiving “significant” EigenLayer token incentives. “The Ethereum Foundation’s credible neutrality is critical for us to perform our role in the ecosystem. We are aware of the current conversation about potential conflicts of interest, and share the community’s concerns,” Miyaguchi posted to X on Friday.
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📣 Grayscale launches two new trusts investing in NEAR and STX
Crypto asset manager Grayscale Investments launched two new investment trusts for diversified crypto exposure. Grayscale Near Trust and Grayscale Stacks Trust opened on May 23, allowing individual and institutional accredited investors to access daily subscriptions. One trust is exclusively invested in NEAR, which supports the Near Protocol, while the other trust is exclusively invested in STX, which is part of the Bitcoin Layer 2 Stacks, according to a Thursday release.
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🪙 Grayscale’s Ethereum Trust discount narrows to 3-year low as ETF approval looms
Grayscale’s Ethereum Trust (ETHE) discount has shrunk to under 10%, its lowest level since 2021, amid growing expectations for approving a spot Ethereum exchange-traded fund (ETF). As of May 21, market data from YCharts shows the ETHE discount rate has narrowed to 6.66%. The “discount” indicates when ETHE shares trade below their net asset value (NAV).
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🏦 Kraken denies plans to delist USDT in EU
A Kraken executive denied the exchange plans to delist Tether’s USDT stablecoin in Europe on May 18. Global Head of Asset Growth & Management Business Mark Greenberg said the company is examining “all options to offer USDT under the upcoming regime.”. Greenberg added that the company will follow all legal requirements, including rules that it opposes, and asserted that the rules have not been finalized.
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🚨 LayerZero identifies over 800K addresses in sybil self-reporting phase
LayerZero Labs has officially announced that the sybil self-reporting phase of its solution to address sybil activity, or “airdrop farming,” is over. According to LayerZero, addresses that meet the criteria will receive 15% of their anticipated token allocation, while the remaining 85% will be redistributed to eligible users. Following the review, a total of 803,093 addresses were identified as potential sybil addresses, which will not receive the total token allocation.
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💰 Jaffe Tilchin and 4 other firms disclose spot Bitcoin ETF investments during Q1
Jaffe Tilchin Investment Partners was one of several firms that disclosed investments in spot Bitcoin ETFs on May 16. The Florida-based investment manager and insurance services advisor revealed it invested $11.3 million in spot Bitcoin ETFs during the first quarter — comprising $9.8 million in BlackRock’s IBIT and $1.6 million in Grayscale’s GBTC.
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🏦 Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin
Shares of Coinbase dropped nearly 8% to $202.49 during U.S. morning hours on Thursday after a Financial Times report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading amid strong interest from clients. Cryptocurrencies were up on the day. The CoinDesk 20 Index, which tracks 20 of the largest digital tokens by market capitalization, is 0.91% higher over the past 24 hours.
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💰 Bitfarms mining revenue drops 45% to $7 million in first full month after Bitcoin halving
Bitcoin miner Bitfarms released its latest monthly production data, which highlights the Bitcoin halving effect on the company’s bottom line and raises concerns about industry consolidation. In its monthly update, Bitfarms said it earned 156 BTC in May, a 42% drop from the previous month and down 66% year over year. Of that earned, it sold 136 BTC for total proceeds of $8.9 million (down from $16.1 million in April) as part of the company’s regular treasury management process.
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🪙 Cathie Wood's Ark Invest Halts Spot Ethereum ETF Plans
Cathie Wood’s Ark Investment Management has withdrawn from the race to launch a spot ether exchange-traded fund (ETF), as its name was removed from the application filed with 21shares. The ETF, now renamed 21shares Core Ethereum ETF, reflects Ark’s decision not to pursue the ether ETF at this time. Despite this, Ark remains committed to its successful spot bitcoin ETF, which ranks fourth in assets.
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🇺🇸 Biden vetoes bill overturning SAB 121, says standard 'necessary' for crypto innovation
U.S. President Joe Biden vetoed a bill to overturn a controversial Securities and Exchange Commission bulletin establishing accounting standards for firms that custody crypto. "My Administration will not support measures that jeopardize the well-being of consumers and investors," said President Biden in a letter addressed to the U.S. House of Representatives posted on the White House website.
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💰 FTX lawyers and advisors charged over $500 million in bankruptcy process so far
FTX lawyers and advisors have seen over $500 million in fees approved from the estate as the bankruptcy costs keep rising. In all, those overseeing the bankruptcy process have asked for more than $700 million in fees and expenses, although many of the requests have been cut back by 20%, and some have not yet been approved.
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🪙 Ether options trading volume on CME hits new peak in May
According to The Block's Data Dashboard, the trading volume of options on ether futures on the CME reached $1.26 billion for May, with two days remaining in the month. This represents a significant increase compared to April's volume of $615.75 million and sets a record high for monthly trading volume, according to The Block's data.
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🪙 Ethereum Name Service proposes migration to Layer 2
ENS Labs has proposed ENSv2, a comprehensive upgrade to the Ethereum Name Service that involves migrating the service to a Layer 2 network. ENSv2 aims to enhance scalability and decrease gas fees by transferring core functionalities from the Ethereum mainnet to a Layer 2 chain, according to ENS Labs. If the proposal is accepted, users will benefit from reduced transaction fees.
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🔵 Ether price nears $4,000 as market awaits Ethereum ETFs going live
The price of ether is rallying toward the $4,000 mark just days after eight Ethereum exchange-traded funds (ETFs) were approved and ahead of their pending launches. Ether has risen to its current value of $3,932, up around 3.4% over the last 24 hours, and up 35% over the last fortnite, according to The Block's Price Page. It was last above the $4,000 mark in March.
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🇬🇧 UK court jails woman for laundering $10 million worth of 💰 bitcoin tied to alleged $5.6 billion fraud: report
The Southwark Crown Court in London sentenced a woman to jail for money laundering bitcoin tied to a billion-dollar investment fraud, Bloomberg reports. Jian Wen, 42, who has both UK and Chinese citizenship, was sentenced to six years and eight months for money laundering 150 BTC, worth around $10.4 million at current prices. The bitcoin was part of a wider investment fraud operation, in which authorities seized 61,000 BTC valued at around $4.22 billion, related to a broader purported $5.6 billion scheme.
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🪙 Ethereum ETF approval will set stage for 💰 Solana ETF, commodity classification
According to a recent Bernstein report, the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the US may establish a precedent for classifying Solana (SOL) as a commodity. The classification of cryptocurrencies as either securities or commodities holds significant implications. Commodity classification facilitates ETF applications and approvals, while security classification subjects assets to stricter SEC oversight.
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🪙 Nasdaq files updated 19b-4 form for BlackRock's spot Ethereum ETF
Exchange Nasdaq Stock Market LLC has filed an updated 19b-4 form for BlackRock's spot Ethereum exchange-traded fund as other amended filings have begun to flood in. Nasdaq filed the amended form for the world's largest asset manager on Wednesday. Exchange CboeBZX filed revamped 19b-4 forms late Tuesday for five spot ETF proposals.
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🪙 Over $280 million in short liquidations as ether rallies on renewed ETF optimism
Volatility over the past 24 hours has caused a spike in liquidations on centralized exchanges as ether rallied over 22%. The rally comes amid renewed optimism that the U.S. Securities and Exchange Commission might greenlight spot ether ETFs later this week. The first round of spot ether ETF deadlines is fast approaching, with VanEck's on May 23 and Ark Invest/21Shares' on May 24.
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💰 Bitcoin Network Sees Lowest New Addresses Created Since 2018
Bitcoin (BTC) network activity has significantly declined in the creation of new addresses, hitting its lowest point since July 2018. Data from the market intelligence platform IntoTheBlock reveals a 7-day average of only 276,000 new Bitcoin addresses. The low numbers show a significant decline in new investors entering the crypto space, a sharp drop from 625,000 six months ago. The “New Addresses” indicator tracks the daily creation of new wallets on the BTC network. High metrics typically signify an influx of new investors.
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🇺🇸 Crypto Industry Rallies Behind House Bill as It Heads Toward Final Vote
The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort. The Financial Innovation and Technology for the 21st Century Act (FIT21) has been authorized for floor time next week, where observers are hoping to see a mid-week vote.
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🪙 CME Group plans to launch bitcoin spot trading: FT
The Chicago Mercantile Exchange (CME) Group is planning to launch bitcoin spot trading in addition to its existing futures product, according to the Financial Times, which cited sources familiar with the matter. The group has reportedly been conducting discussions with traders who prefer dealing with cryptocurrencies on a regulated platform. The plan has not been finalized, according to the report.
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