Top Stories of The Week
Grayscale Challenges SEC Over Delay in Digital Large Cap Fund ETF Approval
Grayscale attorneys contested the U.S. Securities and Exchange Commission’s (SEC) reversal on its initial approval of the Digital Large Cap ETF, citing procedural impropriety.
Following an initial approval by the SEC’s Division of Trading and Markets, the Office of the Secretary intervened for a review, thereby halting the finalization process, Grayscale asserted.
This action transgresses the SEC’s stipulated statutory deadline for approval or disapproval, Grayscale’s representatives argued, thereby contravening established regulatory protocols.
Binance Said to Have Helped Create Trump-Backed Stablecoin
Reports indicate Binance provided code assistance for a stablecoin leveraged by World Liberty Financial (WLF), a cryptocurrency venture connected to Donald Trump’s family.
According to a Bloomberg report citing three sources, Binance contributed to the fabric of USD1, the stablecoin issued by WLF, aiding its promotion and participation in its largest transaction.
Following its launch on March 4, USD1 secured a reported USD2 billion investment via a stablecoin from Abu Dhabi’s MGX, which was later described by Eric Trump as settled.
Analysts Weigh Market Conditions Amid Bitcoin Rally
While Bitcoin ascended above the US$112,000 threshold, critics like Peter Schiff advocated for precious metals as alternatives, forecasting limited downside for silver compared to potential Bitcoin volatility.
Matthew Hyland, a crypto trader, noted Bitcoin’s new highs, signaling the conclusion of its May decline. Conversely, analysts like Joseph Lubin questioned Bitcoin’s scaling capacity, while others suggested stablecoin expansion via regulatory clarity could bolster the crypto sector.
Meanwhile, reports on Bitzlato and Telegram surfaced amid ongoing legal probes into the cryptocurrency sphere’s activities.
Snoop Dogg’s Telegram NFT Sale Defies Industry Decline Narrative
A collection nearly reaching 1 million non-fungible tokens, featuring items like vintage cars and digital paraphernalia, sold out on Telegram in under three hours, generating USD12 million.
Market Recap & Analysis
Week concluded with BTC at US$117,967. Ether (ETH) reached US$2,962. Ripple (XRP) exchanged hands at US$2.78. The total crypto market cap was appraised at USD3.68 trillion.
Amongst top 100 cryptos, the week’s best performers included MemeCore (+1,234.52%), Stellar (XLM) (+59.52%) and Story (IP) (+49.69%). Conversely, Jito (JTO) (-4.57%), OKB (-0.64%) and Pi Network (-0.15%) lagged behind as altcoin decliners.
Key Quotations
“BTC confirms daily higher-high and confirms an end to the downtrend that started in late May.”
— Matthew Hyland, Cryptocurrency Trader
“We cannot have the people who are in charge of passing legislation… have conflicts of interest… You should be divesting from crypto if you’re going to be regulating crypto.”
— Richard Painter, Former White House Chief Ethics Lawyer
“The crypto-friendly SEC, along with the GENIUS Act, can align the crypto industry to rapidly expand…”
— Nick Ruck, Director at LVRG Research
“[The testimony] would be unfairly prejudicial… mislead the jurors… which is not true.”
— Attorneys representing Roman Storm
Weekend Outlook & Predictions
Bitcoin Rally Potential: Analysts Forecast Up to US$258,000
According to the power law analysis by apsk32, Bitcoin’s current structure aligns with long-term exponential growth, unlocking a parabolic rally potential following recent gains.
Key Concerns & Fears (FUD)
Judge Rules SEC Could Not Bar Payments to Genetic Code-Holding Residents
A Chinese creditor disputed the FTX estate’s request to suspend payouts, arguing that setting jurisdiction based solely on nationality is flawed.
Bitzlato Founder Seeks Presidential Pardon Amid Crypto Crackdown
After his 2023 conviction and serving 18 months, Anatoly Legkodymov has requested a pardon from U.S. President Donald Trump.
France Opens Investigation Into X for Algorithmic Interference Allegations
The French cybersecurity division launched an inquiry into X, suspecting algorithm manipulation for foreign political influence extraction.
