SBF, Tether, and the War with MiCA: The Week the Crypto System Cracked
This week in the crypto industry has been unusually eventful: from prison startups to regulatory battles in Europe. We break down the key events that are changing the rules of the game.
SBF's Ambitions: From Prison to Presidential Pardon
Sam Bankman-Fried, serving a 25-year sentence for FTX fraud, is not wasting time. According to information from circles close to the inmate, he is already making plans for life after release, estimating the necessary starting capital at $50–100 million. His goal is to launch a new crypto project that, in his words, "will attract everyone." Simultaneously, he has appealed to Donald Trump for a presidential pardon, and his parents have hired lobbyists. Interestingly, FTX's venture assets (stakes in SpaceX, Anthropic, Solana) are currently valued at $114 billion, but bankruptcy administrators sold them for a much smaller amount. Despite SBF's possible genius as an investor, his reputation is forever destroyed. Restoring trust after the illegal use of client funds is a task bordering on impossible.
Tether vs. MiCA: A Cunning Bypass Without a License
The European regulator ESMA has issued an ultimatum: by July 1, all crypto platforms must obtain a license under the MiCA regulation. Tether, however, took a different path. The company's management deemed the requirement to hold 60% of reserves in European banks risky and refused a direct license. Instead, Tether is investing in already licensed partners who will issue fully legal stablecoins. This allows it to maintain a presence in the EU market without direct subordination to local regulators. However, the forced delisting of USDT will hit market makers, complicating inter-exchange arbitrage and widening spreads.
US Exits the CBDC Race
The United States is moving toward a legislative ban on the digital dollar, at least until 2030. A provision prohibiting the Fed from issuing a CBDC is embedded in the affordable housing bill—thus managing to bypass opposition. The reasons for fear include total surveillance of transactions, control over spending, and the displacement of commercial banks. Private stablecoins, meanwhile, remain outside the ban. For the global CBDC race, this means the world's largest economy is officially exiting it, with stablecoins becoming a tolerated alternative.
Memecoins: The Bubble Has Burst
Revenue for the Pump.fun platform has plummeted by more than 70% after 96% of traders either lost money or earned no more than $500. Developers announced the burning of tokens worth $370 million (36% of supply) to prevent a collapse. The situation reflects a large-scale process: investors are withdrawing liquidity from unregulated instruments, which major players view as gambling, and returning to TradFi. The market is becoming safer as traders are forced to seek assets with real value.
CME Group Defends Its Monopoly
The operator of the Chicago Mercantile Exchange, CME Group, is suing the CFTC over permission granted to platform Kalshi to launch perpetual futures. The head of CME appeals to investor protection, comparing high leverage to the 2008 mortgage crisis. However, the real reason is protecting its monopoly on benchmarks. CME holds exclusive licenses for major indices and now demands that new instruments trade only with them. A similar pattern is observed with ICE, which demands "equal rules" due to the growth of the Hyperliquid platform.
Secrecy of Correspondence Under Threat
The UK is preparing a law that completely bans social media for citizens under 16, while France and the EU are pushing for mass scanning of private messages. Under the pretext of fighting terrorism, governments are forcing a renunciation of the basic right to privacy. As Pavel Durov rightly noted, a forced abandonment of end-to-end encryption will not stop criminals—they will simply write their own closed applications. Ultimately, ordinary citizens will be affected, while corporate networks of banks and funds will become vulnerable to hackers.
My Expert Opinion: This week has shown that the crypto industry is entering a phase of maturity. Regulators are tightening rules, and investors are no longer believing in hype. Tether and SBF demonstrate that even under strict constraints, loopholes can be found, but the cost of mistakes is getting higher. The market is being cleansed of speculators and junk assets—this is a positive signal for long-term players.