A Week in Review: Spot ETH ETFs ✅approved， crypto bill passes US House， & other news

Your weekly roundup of the 🔥hottest news in\xa0crypto .

May 19 - May 25

#1

Spot Ether ETFs receive official approval from the SEC

The U.S. Securities and Exchange Commission (SEC)has given the regulatory green lightto spot Ether exchange-traded funds (ETFs) in the United States on May 23. The approval reaches filings from major firms such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Issuers must still obtain SEC approval for their S-1 registration statements before the ETFs can officially begin trading. The SEC had previously asked applicants to expedite filings on May 20, with the removal of staking being the most notable amendment seen. The approvalwas considered an “implicit recognition”from the SEC that Ether is not a security, according to industry pundits.

#2.

FIT21 crypto bill passes US House: Here’s what could happen next

The Financial Innovation and Technology for the 21st Century Act (FIT21)passed the U.S. House of Representatives on May 22. The bill now heads to the Senate, where its future is uncertain, facing opposition from Senator Elizabeth Warren. FIT21 proposes giving the Commodity Futures Trading Commission (CFTC) primary control over cryptocurrencies, which the industry views as a more lenient regulator compared to the Securities and Exchange Commission (SEC). The SEC would still regulate cryptocurrencies that aren’t sufficiently decentralized, but FIT21 introduces a mechanism for cryptocurrencies classified as securities to be sold as commodities. The Biden administration and the SEC’s Chair, Gary Gensler, have bothissued statements opposing the regulation.

#3.

Ex-FTX CEO ends up in Oklahoma prison despite request from judge

Former FTX CEO Sam “SBF” Bankman-Friedis no longer incarcerated in New Yorkor 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. The facility confines inmates on a “short-term basis” for transfers within the prison system. 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 the Metropolitan Detention Center, Brooklyn.

#4 Prediction of the week

Bitcoin RSI copies 2017 bull run as trader says \\$75K key for BTC price

Bitcoin is quietly copying a key featurefrom the 2016 bull market, which kicks in at \\$75,000. In a post on X on May 24, popular pseudonymous trader Jelle eyed what could become the next “main breakout” for BTC price action.

For Jelle, the relative strength index (RSI) is a major conducive factor. RSI captures the extent to which an asset is overbought or oversold at a given level, and on weekly timeframes, BTC/USD is painting an exciting picture.

“Bitcoin is playing out incredibly similar to early 2017,” Jelle summarized. An accompanying chart compared BTC/USD performance on the way to its 2017 peak of \\$20,000 to its journey from January 2023 to now.

“A hidden bullish divergence and choppy waters right around the previous all-time highs — before the main breakout,” Jelle explained. “Clear \\$75,000, and this accelerates quickly.”

#5 FUD of the week

Dark web market owner arrested in New York after FBI traces crypto

A 23-year-old manhas been arrested in New Yorkand charged with owning, running and profiting from a \\$100-million dark web narcotics marketplace after authorities claimed to have tracked crypto transfers that uncovered his real identity. Rui-Siang Lin, known online as “Pharoah,” was arrested at New York’s John F. Kennedy Airport on May 18. The marketplace allowed users to buy and sell drugs, including cocaine, LSD, MDMA and prescription amphetamines, such as Adderall, using Bitcoin and Monero as payment methods. Lin was charged with engaging in a criminal enterprise, narcotics conspiracy, conspiracy to sell misbranded medication and money laundering.

#6 FUD of the week

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

Ben Zhou, CEO of cryptocurrency exchange Bybit,addressed rumors about the platformbeing hacked and insolvent. The rumors were spread on X, fueled by memes and a graph suggesting Bybit’s wallets were being drained. According to Bybit, however, the rumors were false. Zhou shared Bybit’s proof-of-reserves (PoR) and a Nansen dashboard, showing all the exchange’s wallets and their assets. The PoR confirmed that Bybit holds assets exceeding 100% of user deposits, ensuring full availability for withdrawals.

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