As May ends, crypto traders are excited for a week of important events. From Binance’s trial in Nigeria to the voting on the FIT21 bill, these events could greatly affect the crypto market.
Recently, the crypto market has been very volatile because of worries about potential interest rate hikes. However, Bitcoin’s price jumped on Thursday due to a weaker dollar after April’s mild inflation data. This boosted market sentiment and helped many crypto assets rise above their resistance levels. Next week, several major crypto events are planned, which could change the current market trend.
Legal Troubles for Binance Executive Tigran Gambaryan
A Nigerian court recently denied Binance executive Tigran Gambaryan’s bail application in a tax evasion case. The court postponed his arraignment to May 22 after prosecutors filed an amended charge.
In a separate money laundering case involving Binance and Gambaryan, the court adjourned until May 23 following a request from Gambaryan’s lawyers. Abdulkadir Abbas from the Nigerian Securities and Exchange Commission, the first witness, testified and will be cross-examined next week.
Upcoming SEC Decision on Spot Ether ETF
The U.S. Securities and Exchange Commission (SEC) is set to decide on the first spot Ether ETF application by May 23. However, recent filings suggest the SEC may classify Ether (ETH) as a security, which could significantly impact the market.
Larry Fink, CEO of BlackRock, believes the SEC could approve spot ETH ETFs even if Ethereum is classified as a security. Eric Conner, co-author of Ethereum Improvement Proposal EIP-1559, also expressed confidence in the SEC’s approval of spot ETH ETFs.
Upcoming Legislative and Regulatory Decisions Impacting Crypto
The House of Representatives is scheduled to vote on the Financial Innovation & Technology for the 21st Century Act (FIT21) next week. Nearly 60 crypto companies have signed a letter urging lawmakers to support the bill. The FIT21 Act proposes key consumer protections and would designate the Commodities & Futures Trading Commission (CFTC) as the primary regulator of digital assets, with a few issues remaining under the SEC’s oversight.
On May 16, the U.S. Senate approved a Congressional Review Act (CRA) to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). Despite bipartisan support in the Senate, President Biden, influenced by Senator Warren and SEC Chair Gensler, has threatened to veto the resolution if it reaches his desk. Biden has nearly a week left to make his decision.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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