SBF builds a prison startup, Tether challenges MiCA, and the US bans CBDC: key trends of the week
The week was eventful: from the ambitious plans of the disgraced FTX founder to Tether's strategic maneuvers in Europe and the US's complete rejection of the digital dollar. We break down the key events reshaping the crypto industry landscape.
SBF: From Prison Cell to a $100 Million Startup
Sam Bankman-Fried, serving a 25-year sentence for fraud, is already making plans for the future. He told cellmates that he would need $50–100 million in startup capital for "serious money" and hinted at a cryptocurrency project that "everyone will flock to." Meanwhile, SBF has appealed to Donald Trump for a pardon, and his parents have hired lobbyists. The community has once again raised the issue of FTX's venture investments — stakes in SpaceX, Anthropic, and Solana worth $114 billion, which bankruptcy administrators sold off for a pittance.
My opinion: Even if SBF is a genius investor, his reputation is destroyed. Regaining trust after stealing client funds is virtually impossible. This case is a harsh lesson for the entire industry about the value of reputational capital.
Tether vs. MiCA: Bypassing Without a Fight
The European authority ESMA has demanded that all crypto platforms obtain a license under the MiCA regulation by July 1. Tether refused the license, citing the risky requirement to hold 60% of reserves in European banks. Instead, the company is investing in partners with legal status who will issue fully compliant stablecoins. Thus, Tether will maintain its presence in the EU without directly submitting to local regulators.
The forced delisting of USDT in Europe will hit market makers: the splitting of liquidity pools will complicate arbitrage and widen spreads. This is a serious challenge for professional market participants.
USA: CBDC Ban Until 2030
The US is moving toward a legislative ban on the digital dollar until at least the end of 2030. The provision blocking the Fed 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 (as in the digital yuan), and the displacement of commercial banks. Private stablecoins remain outside the ban.
This means the world's largest economy is officially exiting the global CBDC race, with stablecoins becoming a tolerated alternative. Strategically, this strengthens the positions of USDT and USDC in the US market.
The Meme Coin Bubble Has Burst
Revenue on the Pump.fun platform has collapsed by over 70%. The platform allowed token issuance for a few dollars, but nearly 96% of traders either lost money or earned no more than $500. To stem the decline, developers are burning tokens worth $370 million (36% of the supply).
Investors are mass-recording losses and withdrawing liquidity from unregulated instruments, returning capital to TradFi. The practice of buying assets without fundamental value has stopped working. The market is becoming safer — traders are forced to seek assets with real-world applications.
CME Group vs. Kalshi: Monopoly Under Attack
The operator of the Chicago Mercantile Exchange, CME Group, is suing the CFTC over its permission for the Kalshi platform to launch perpetual futures. CME CEO Terrence Duffy formally appeals to investor protection, but in reality, he is defending a monopoly: CME holds exclusive licenses for all major benchmarks. A similar pattern is seen with ICE, demanding "equal rules" due to Hyperliquid's growth.
This is a classic conflict between established players and innovation. Regulators must find a balance between investor protection and supporting competition.
Privacy Under Threat: A Global Trend Toward Surveillance
The UK is preparing a law banning social media for citizens under 16, while the EU is advancing an initiative to scan personal messages before they are sent. Under the pretext of fighting terrorism, governments are forcing citizens to give up the basic right to privacy. As Pavel Durov noted, embedding backdoors will not stop criminals but will make corporate networks of banks and funds vulnerable.
To maintain confidentiality, users will have to switch to decentralized services. This will accelerate the adoption of crypto tools but create new risks for mass acceptance.
My conclusion: The week showed that the crypto industry is entering a new phase of maturity. Regulators are tightening control, major players are adapting, and bubbles are bursting. The only sustainable asset is fundamental value and trust. Investors should reconsider their strategies in favor of long-term, legitimate projects.