SBF plans a $100 million startup in prison, Tether challenges MiCA, and the US bans CBDC: this week's top stories
This week, the cryptocurrency industry witnessed a series of landmark events: from the ambitious plans of the convicted FTX founder to Tether's strategic maneuver in Europe and the legislative ban on the digital dollar in the US. Let's break down the key trends.
SBF: Dreams of Freedom and $100 Million
Sam Bankman-Fried, serving a 25-year sentence for the largest fraud case, is not wasting time. He told cellmates about plans to launch a cryptocurrency project after release, requiring between $50 and $100 million in startup capital. Simultaneously, SBF appealed to Donald Trump for a pardon, while his parents hired lobbyists. The community revisited FTX's venture investments — stakes in SpaceX, Anthropic, and Solana, now worth $114 billion, were sold off by bankruptcy administrators for pennies. My analysis: even if SBF is a genius investor, his reputation is completely destroyed. Regaining trust after stealing client funds is virtually impossible.
Tether vs. MiCA: A Circumvention Maneuver
The European Securities and Markets Authority (ESMA) demanded all crypto platforms obtain a license under the MiCA regulation by July 1. Tether deliberately refused, deeming the requirement to hold 60% of reserves in European banks as risky. Instead, the company is investing in partners that already have legal status to issue fully compliant stablecoins through them. This is a brilliant circumvention maneuver: Tether maintains its presence in the EU without submitting to local regulators. However, the forced delisting of USDT will hit market makers: splitting liquidity pools and complicating arbitrage will lead to wider spreads.
US Bans CBDC Until 2030
The United States is moving toward a legislative ban on the digital dollar until at least the end of the decade. A provision prohibiting the Federal Reserve from issuing a CBDC is embedded in an affordable housing bill — this packaging allowed it to bypass opposition. American lawmakers fear total surveillance, control over spending, and the displacement of commercial banks. Meanwhile, private stablecoins are exempt from the ban. This means the world's largest economy is officially exiting the global CBDC race, recognizing stablecoins as an alternative.
Memecoin Crash: The Bubble Burst
Revenue on the Pump.fun platform has plummeted by over 70%. The hype around meme tokens has dried up: 96% of traders either lost money or earned no more than $500. Developers announced the burning of $370 million worth of tokens (36% of supply), but this is only a temporary measure. Investors are massively withdrawing liquidity from unregulated instruments, returning funds to TradFi. My view: the market is shifting toward assets with real fundamental value, making it healthier and safer.
CME Group: Protecting a Monopoly
The operator of the Chicago Mercantile Exchange, CME Group, is suing the CFTC over permission granted to the Kalshi platform to launch perpetual futures. Formally, CME appeals to investor protection, but in essence, it's an attempt to maintain a monopoly on benchmarks. A similar pattern is seen with ICE, demanding "equal rules" due to Hyperliquid's growth. This is a classic case of traditional exchanges using regulators to suppress competition.
Destroying Communication Privacy: A Global Trend
The UK is preparing a law to completely ban social media for citizens under 16, while the EU is advancing an initiative for mass scanning of private messages. Under the pretext of fighting terrorism, governments are forcing citizens to give up the basic right to privacy. As Pavel Durov noted, forcing the abandonment of end-to-end encryption won't stop criminals — they will build their own closed applications. Ordinary citizens will be affected, and weakening encryption will make corporate networks vulnerable to hackers.
Expert Conclusion: The week showed that the crypto industry faces growing pressure from regulators and traditional financial institutions. Tether and SBF demonstrate that even under strict constraints, loopholes can be found. However, the long-term trend is clear: the market is moving toward greater transparency and regulation, and only projects that can adapt will survive.