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🌙 House Passes Crypto Market Structure Bill

The House's passage of the digital assets legislation passes the crypto baton to the Senate, where odds remain low for decisive action.

Author

Mike Gavela
May 22, 2024

Crypto Roundup - May 22

The House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support, signaling a step forward in establishing a clear regulatory framework for cryptocurrencies. Meanwhile, former FTX executive Ryan Salame faces a potential 5-7 year prison sentence following his involvement in the company's collapse. In another development, VanEck urges the SEC to allow it to be the first to launch an Ether ETF, emphasizing the importance of maintaining a fair approval process.

Top Stories:

  • The House of Representatives has passed the FIT21 Act with bipartisan support, aiming to create a comprehensive regulatory framework for the cryptocurrency industry.

  • Former FTX executive Ryan Salame faces a 5-7 year prison sentence for his role in the company's downfall, highlighting the legal repercussions of crypto mismanagement.

  • VanEck urges the SEC to allow it to launch the first Ether ETF, stressing the need to respect the order of application submissions for fairness.

TOP STORIES

House passes crypto market structure bill with bipartisan support 

The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month.

blockworks.co/news/house-passes-act-fit21-with-bipartisan-support

Government asks for 5-7 years for former FTX exec Ryan Salame 

In the government’s sentencing memorandum filed Tuesday evening, prosecutors said Salame’s “serious crimes” require “a substantial sentence.” 

blockworks.co/news/former-ftx-exec-ryan-salame-sentencing

SEC should let VanEck launch its ether ETF first, firm exec says

VanEck crypto research head Matthew Sigel urges the SEC to “respect the queue” ahead of the anticipated decision.

blockworks.co/news/sec-should-let-vaneck-launch-eth-etf-first

FUNDRAISES

Stripchain raises $10M to simplify blockchain user experience

Stripchain’s round included investors such as Sora Ventures, Hyperithm, Shima Capital, Mechanism and several crypto angel investors.

cointelegraph.com/news/stripchain-raises-10-million-simplify-blockchain-user-experience

OTHER HEADLINES

SEC's Gensler Going Rogue in Solo Quest to Stop U.S. Crypto Legislation?

A new White House statement suggests not even the president who appointed the SEC chairman thinks the government can go on overseeing digital assets without new policy.

www.coindesk.com/policy/2024/05/22/secs-gensler-going-rogue-in-solo-quest-to-stop-us-crypto-legislation

Aave deposits top $19.5bn as traders bet on Ethereum

Crypto deposited in the lending protocol has almost returned to its level just before the Terra-Luna crash.

www.dlnews.com/articles/defi/aave-deposits-hit-two-year-high-amid-ether-etf-rally

Bitcoin Halving Strains Miners as Revenues Drop - The Defiant

Bitcoin's recent halving event is delivering a financial blow to mining operators, as their earnings have sharply declined.

thedefiant.io/news/blockchains/bitcoin-halving-strains-miners-as-revenues-drop

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