Ethereum
Top Crypto Events to Watch Next Week: Binance vs Nigeria, Ethereum ETF Decision and Crypto Bill
As the end of May approaches, crypto traders are looking forward to another week filled with a series of potentially impactful macroeconomic events. From the Binance lawsuit in Nigeria to the passing of the FIT21 bill, these events could have a significant impact on the crypto market.
These events could decide the next evolution of the market
In recent days, the crypto market has seen significant volatility due to concerns over possible interest rate hikes. However, Bitcoin’s price jumped on Thursday, helped by a weaker dollar following more moderate consumer inflation data for April. This improved market sentiment, pushing several crypto assets above their resistance levels. Amidst this, several major crypto events are planned for the next week, which could potentially reverse the current market trend.
Binance prepares for a crucial week
A Nigerian court last week rejected Binance executive Tigran Gambaryan’s bail request. In the tax evasion case, the court postponed arraignment until May 22 after prosecutors filed an amended charge. In the separate money laundering case involving Binance and Gambaryan, court was adjourned until May 23, following a request from Gambaryan’s lawyers.
Read also : Binance executive Tigran denied bail in Nigeria over money laundering charges
The first witness, Abdulkadir Abbas of the Nigerian Securities and Exchange Commission, testified in the case. He will be cross-examined by Gambaryan’s lawyers when the court reconvenes next week.
SEC to decide on Ethereum ETF
The United States Securities and Exchange Commission (SEC) is expected to rule on the first Ether ETF request before May 23. However, a recent filing has raised doubts about the approval of any Ether ETF. Legal experts discovered the filing, which suggests the SEC could classify Ether (ETH) as a security. This classification could have a significant impact on the market.
Experts highlight key reasons why the agency might approve or reject ETFs. Larry Fink, CEO of BlackRock, mentioned in an interview with CNBC that the SEC could approve spot ETH ETFs even if Ethereum is classified as a security. This statement follows recent disclosures indicating that the SEC has considered ETH as a potential security since April 2023, but still approved ETH futures ETFs in September.
Eric Conner, co-author of Ethereum Enhancement Proposal EIP-1559, expressed confidence that the SEC will approve ETH spot ETFs on May 23.
FIT21 bill awaits vote
As the House of Representatives prepares to vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act next week, nearly 60 crypto companies signed a letter Friday urging lawmakers to support the law Project.
Learn more: The US crypto market awaits the final vote on the FIT21 bill next week: what to expect?
On May 16, the Crypto Council for Innovation took action by signing a letter to House members, emphasizing the importance of supporting the bill. The FIT21 Act includes key consumer protections, such as minimum capital standards, risk disclosure requirements, bankruptcy protection extensions, segregation of customer funds, and resolution of conflicts of interest.
The bill would designate the Commodities & Futures Trading Commission (CFTC) as the primary regulator of digital assets, with only a few issues remaining under SEC oversight.
Crypto’s fate depends on Biden’s decision
On May 16, 2024, the U.S. Senate approved a Congressional Review Act (CRA) to revise the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
Despite a rare bipartisan agreement in the Senate, which resulted in a 60-38 vote in favor of the bill, President Biden, influenced by Senator Warren and SEC Chairman Gensler, threatened last week to use his veto power if the resolution reached his desk. Biden has nearly a week left to decide.