Crypto Weekly Roundup: Regulators Clamp Down On Ethereum & More

With Bitcoin soaring to new heights, the attention is now on Ethereum and all the pending applications for multiple spot Ethereum ETFs. Will the SEC finally approve them? Let’s find out more.

Bitcoin 

Bitcoin could be poised for even greater gains after a strong start to the year after analysts at Bernstein predicted a bullish end to the year for the world’s largest cryptocurrency. 

Ethereum

Alex Thorn, the head of firmwide research at Galaxy Digital, has suggested a spot Ethereum ETF in May is highly unlikely due to the SEC’s subpoenas and a lack of engagement. 

The SEC is attempting to classify ETH, the world’s second-largest cryptocurrency, as a security. 

The Ethereum Foundation, the non-profit entity at the heart of the Ethereum ecosystem, is under investigation by an unknown state authority. 

In its notice filed on Tuesday, the SEC stated it was extending its time to decide on spot Ethereum applications filed by Hashdex and Ark 21Shares to May. 

Money management giant Fidelity has updated its spot Ethereum ETF application to the SEC to include staking. 

Business

Fallen cryptocurrency exchange FTX has stated that it expects the United States government to reduce its claims to between $3 billion and $5 billion. 

3AC co-founder Kyle Davies remains unapologetic for the downfall of 3AC, asserting his focus on future endeavors rather than past failures. 

NFT

Binance founder Changpeng Zhao has announced his latest project – an educational initiative called Giggle Academy involving NFTs. 

Web3

Immutable, Polygon Labs, and King River Team have collaborated to establish a $100 million Web3 gaming fund known as the Inevitable Games Fund (IGF).

Security

A white-hat hacker targeted the Super Sushi Samurai crypto game for a $4.6 million exploit on the Blast network, highlighting ongoing security challenges within the ecosystem.

A hacker exploited vulnerabilities in Dolomite’s smart contracts, absconding with $1.8 million in USDC, prompting the exchange’s development team to issue mitigation measures. 

The Dutch authorities have indicted Tornado Cash founder Alexey Pertsev for allegedly laundering $1.2 billion in cryptocurrency. 

Regulation

Estonia has passed legislation to regulate cryptocurrency service providers, implementing stricter oversight measures and aligning with EU regulations.

Tether’s USDT stablecoin has been officially delisted on the OKX crypto exchange for all European users prior to the enactment of the MiCA regulations in the EU. 

A United States District Court has imposed sanctions on the SEC for gross abuse of power and acting in bad faith in a lawsuit against Debt Box. 

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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