In this weekly recap, we cover:
- Mango Markets Fraud Conviction: Avi Eisenberg faces up to 40 years after being found guilty of commodities fraud and other charges in a landmark DeFi case, setting a critical precedent for crypto market regulations.
- Hong Kong Approves Bitcoin and Ethereum ETFs: The Hong Kong SFC greenlit the first spot Bitcoin and Ethereum ETFs, with potential to attract substantial capital despite restrictions on Chinese investors.
- Stablecoin Legislation Push: U.S. Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to regulate stablecoins, aiming to establish clear operational standards and prohibit algorithmic stablecoins.
- CFTC Chair’s Ties Questioned: Senators Elizabeth Warren and Chuck Grassley demanded details on CFTC Chair Rostin Behnam’s interactions with FTX founder Sam Bankman-Fried, intensifying scrutiny following FTX’s collapse.
- Surge in Ethereum Layer 2s and Wallets: Innovations flourished with OKX launching “X Layer,” Worldcoin debuting a human-prioritizing network, and Kraken unveiling a new self-custodial wallet.
- Uniswap’s Fee Increase: Following a fee hike to 0.25%, Uniswap Labs hit a record in daily fees amid concerns that higher costs might drive users away.
- Bitcoin vs. Ethereum in Fees: Bitcoin is challenging Ethereum’s dominance in daily transaction fees, thanks to increased activities like Ordinals and BRC-20 token trading.
- Bored Apes’ Price Plunge: The floor price of Bored Ape Yacht Club NFTs fell to its lowest since 2021, reflecting broader downturns in the NFT market.
