Top Stories This Week
Spot Ether ETFs receive official approval from the SEC
The U.S. Securities and Exchange Commission (SEC) has given the regulatory green light to 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 approval was considered an “implicit recognition” from the SEC that Ether is not a security, according to industry pundits.
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 both issued statements opposing the regulation.
Ex-FTX CEO ends up in Oklahoma prison despite request from judge
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…
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