The US Securities and Exchange Commission (SEC) has approved applications from major stock exchanges to list spot Ether exchange-traded funds ((ETFs), clearing the path for these products to start trading later this year.

The US House of Representatives passed the CBDC Anti-Surveillance State Act, which seeks to amend the Federal Reserve Act of 1913 Federal Reserve banks from “offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.”

Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX who was sentenced to 25 years in prison for stealing $8 billion worth of customer funds, has been moved to a federal detention center in Oklahoma.

Top stories in the Crypto Roundup today:

• SEC Clears Path for Spot Ether ETFs
• US House Passes Controversial CBDC Anti-Surveillance State Act
• Former FTX CEO Bankman-Fried Moved to Oklahoma Detention Center
• Crypto Market Movers – ONDO, LINK, ZEC

SEC Clears Path for Spot Ether ETFs

The US Securities and Exchange Commission (SEC) has approved applications from major stock exchanges to list spot Ether exchange-traded funds ((ETFs), clearing the path for these products to start trading later this year.

The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.

While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.

In total nine issuers are hoping to launch spot Ether ETFs and the process could take weeks or months, with the SEC potentially requesting further changes.

US House Passes Controversial CBDC Anti-Surveillance State Act

The US House of Representatives passed the CBDC Anti-Surveillance State Act, which seeks to amend the Federal Reserve Act of 1913 Federal Reserve banks from “offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.”

The bill that is now headed for a vote in the Senate was backed by Republicans and saw proponents voice concerns over potential abuses of a CBDC, while Democrats emphasized the need for innovation, maintaining the dollar's global competitiveness, and critiqued the bill’s drafting.

During the debate, frequent references were made to the digital yuan and the freezing of bank accounts in Canada during a truckers’ protest against COVID-19 vaccination mandates.

Financial Service Committee member Warren Davidson invoked George Orwell’s dystopian novel 1984, the New Testament Book of Revelation, and even the Death Star from Star Wars to underline his concerns. Marjorie Taylor Greene added remarks about the “deep state” and the “Democrat regime.”

Democratic objections centered on the bill’s potential consequences, with Brad Sherman dismissing the legislation as a “word salad” favoring “crypto bros,” and argued no one would be required to use a CBDC.

Financial Services Committee ranking member Maxine Waters contended that the bill could inadvertently ban a wholesale CBDC, which might “risk undermining the primacy of the U.S. dollar” globally.

Waters further argued that the bill could be interpreted to ban Federal Reserve holdings of bank reserves, which are required to administer payment systems. She also mentioned the potential use of zero-knowledge proofs to protect users’ privacy.

Former FTX CEO Bankman-Fried Moved to Oklahoma Detention Center

Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX who was sentenced to 25 years in prison for stealing $8 billion worth of customer funds, has been moved to a federal detention center in Oklahoma.

The transfer comes despite a request from the presiding judge, Lewis Kaplan, that he remain at the Metropolitan Detention Center (MDC) in Brooklyn “until his appeal has been fully briefed to facilitate access to appellate counsel.”

The 32-year-old spent a significant portion of 2023 preparing for his trial from a cell within the Brooklyn MDC and has repeatedly voiced complaints about the facility, but nevertheless requested to remain there.

While the MDC was seen as a potential long-term placement, Bankman-Fried might ultimately serve his sentence at a prison closer to his family in California. The Oklahoma facility is designated as a transfer center, with a typical holding period of four to six weeks.

Crypto Market Movers – ONDO, LINK, ZEC

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Ondo (ONDO) - Ondo is a decentralized finance (DeFi) project that offers risk-isolated, fixed-yield loans backed by yield-generating crypto-assets. It is a permissionless protocol allowing users to engage in peer-to-pool interactions without intermediaries. Ondo Finance, which includes the ONDO token, is backed by Coinbase and is a part of the Ethereum ecosystem.

Chainlink (LINK) - Chainlink is a decentralized oracle network that connects real-world data to smart contracts on the Ethereum blockchain, making it possible to create secure and reliable decentralized applications (DApps). LINK is the native cryptocurrency token of the Chainlink network, used to pay for services within the ecosystem.

Zcash (ZEC) - ZCash (ZEC) is a privacy-focused cryptocurrency that uses zero-knowledge cryptography to ensure that users can transfer funds securely and privately. It is an open-source cryptocurrency that uses a unique cryptographic protocol called zk-SNARKS to obfuscate the sender, receiver, and transaction amount.

State of the Crypto by Top Tier Exchange Volume

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