As we approach the end of May, crypto traders are eagerly awaiting a new week filled with a series of potentially impactful macro events. From Binance’s trial in Nigeria to the FIT21 bill’s voting, these events might have a significant impact on the crypto market.
In recent days, the crypto market has seen significant volatility due to concerns about possible interest rate hikes. However, Bitcoin’s price surged on Thursday, aided by a weaker dollar following milder consumer inflation data for April. This improved market sentiment, pushing several crypto assets above their resistance levels. Amid this, several major crypto events are scheduled for next week, which could potentially reverse the current market trend.
A Nigerian court denied Binance executive Tigran Gambaryan’s bail application last week. In the tax evasion case, the court postponed the arraignment to May 22 after prosecutors filed an amended charge. In the separate money laundering case involving Binance and Gambaryan, the court adjourned until May 23, following a request from Gambaryan’s lawyers.
The first witness, Abdulkadir Abbas from 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.
The U.S. Securities and Exchange Commission (SEC) is scheduled to decide on the first spot Ether ETF application by May 23. However, a recent filing has raised doubts about the approval of any Ether ETFs. Legal experts uncovered the filing, which suggests the SEC may classify Ether (ETH) as a security. This classification could have a significant impact on the market.
Experts highlight key reasons the agency might approve or reject the ETFs. Larry Fink, CEO of BlackRock, mentioned in a CNBC interview that the SEC could approve spot ETH ETFs even if Ethereum is classified as a security. This statement follows recent disclosures indicating the SEC has considered ETH a potential security since April 2023 but still approved ETH futures ETFs in September.
Eric Conner, co-author of Ethereum Improvement Proposal EIP-1559, expressed confidence that the SEC would approve spot ETH ETFs on May 23.
With the House of Representatives set to vote on the Financial Innovation & Technology for the 21st Century Act (FIT21) next week (21st -24th May), nearly 60 crypto companies signed a letter on Friday urging lawmakers to support the bill.
On May 16, the Crypto Council for Innovation took action by signing a letter to House members, highlighting the importance of backing 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 conflict of interest resolutions.
The bill would designate the Commodities & Futures Trading Commission (CFTC) as the primary regulator of digital assets, with only a few issues remaining under the SEC’s oversight.
On May 16, 2024, the U.S. Senate approved a Congressional Review Act (CRA) to review 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 Chair Gensler, threatened last week to use his veto power if the Resolution reaches his desk. Biden has nearly a week left to decide.
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