Crypto Weekly Roundup: Fidelity Files Ethereum ETF, SBF Gets 25 Years, & More

The most resounding event in the industry this week was the sentencing of former FTX CEO and crypto golden child Sam Bankman-Fried, who has received 25 years of imprisonment. Let’s find out more. 

Ethereum  

Asset management firm Fidelity has submitted a proposal for a spot Ethereum ETF with staking to the SEC following the success of the first spot Bitcoin ETF. 

Consensys, the parent company of self-custody wallet MetaMask, has urged the SEC to approve a spot Ethereum ETF, emphasizing Ethereum’s security features. 

Technology

HSBC Hong Kong has become the first financial institution to offer tokenized RWA by launching gold tokens for retail investors in Hong Kong. 

Polygon has announced the resumption of its zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet beta after it faced downtime following issues with its blockchain sequencer. 

Business

KuCoin is trying to keep its customers on board in the face of legal challenges from multiple regulatory agencies by launching a $10 million crypto drop. 

Tether, the entity behind the USDT stablecoin, plans to double down on its focus on artificial intelligence (AI) and position itself as a leader of innovation in the space. 

Analysts at research and brokerage firm Bernstein believe BlackRock’s planned tokenized fund launch will legitimize public blockchains such as Ethereum. 

Security

DeFi protocol Prisma Finance is reeling from an $11.6 million hack, as the hacker claims a ‘whitehat rescue’, prompting industry scrutiny and caution.

The rogue developer responsible for the $62 million Munchables hack has returned all the stolen funds without demanding a ransom after having a change of heart. 

CBDC

Global bank messaging system SWIFT has announced the findings of the second test phase of its CBDC solution after a successful six-month test period. 

Regulation

In their third-ever Unexplained Wealth Order, British Columbian authorities are targeting one of the co-founders of the defunct crypto exchange Quadriga CX. 

The founder and former CEO of fallen cryptocurrency exchange FTX, Sam Bankman-Fried, has been sentenced to 25 years in prison after being convicted on seven fraud and conspiracy charges. 

The SEC secured a major win in its case against Coinbase after a judge ruled in its favor and denied the latter’s motion to dismiss. 

Portugal’s National Data Protection Commission (CNPD) has banned Worldcoin from collecting biometric data on citizens for three months. 

The SEC’s legal case against Terraform Labs has officially started without the presence of former CEO Do Kwon, following delays stemming from Kwon’s arrest in Montenegro and extradition proceedings.

Binance is facing a ban in the Philippines after the country’s financial regulator flagged concerns regarding the firm’s unlicensed operations. 

According to Ripple’s chief legal officer, the SEC is seeking $2 billion in fines and penalties in its case against Ripple Labs. 

The European Union has passed stringent anti-money laundering laws that ban anonymous crypto transactions made through hosted crypto wallets. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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