Crypto news

This week, the crypto world once again balances on the edge of absurdity and reality. On one hand — Sam Bankman-Fried, serving a 25-year sentence, plans to launch a new $100 million token after his release. On the other — Tether demonstratively ignores the European MiCA regulation, while the US prepares to legislatively ban CBDCs until 2030. Plus — the collapse of Pump.fun, CME's legal battles, and a global assault on privacy. Let's break down the details.

SBF's Ambitions: A Prison Startup and $114 Billion in Lost Opportunities

FTX founder Sam Bankman-Fried, behind bars, is not wasting time. According to sources close to him, he is discussing with a cellmate a plan to launch a crypto project requiring $50–100 million in startup capital. Simultaneously, SBF has appealed to Donald Trump for a presidential pardon, and his parents have already hired lobbyists. The irony is that FTX's venture investments (stakes in SpaceX, Anthropic, Solana) are now valued at $114 billion, but bankruptcy administrators sold them for pennies. Most commentators agree: even if SBF is a genius investor, his crimes (illegal use of client funds) make a return of trust impossible.

Tether vs. MiCA: A Circumvention Maneuver

The European regulator ESMA has demanded that all crypto platforms obtain a MiCA license by July 1, or face a complete exit from the EU. Tether refused the license, 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 an indirect presence in the EU market without direct regulatory subordination. However, the forced delisting of USDT will hit market makers: splitting liquidity pools, complicating cross-exchange arbitrage, and widening spreads.

US Bans CBDCs: A Victory for Stablecoins

American lawmakers have embedded a provision banning the Federal Reserve from issuing a digital dollar until the end of 2030 into an affordable housing bill. This "bundling" approach allowed them to bypass opposition. Key fears include total transaction surveillance, spending control (as in the digital yuan), and the displacement of commercial banks. Private stablecoins are exempt from the ban. For the global CBDC race, this means the largest economy is stepping out, making stablecoins a "tolerable" alternative.

Memecoin Collapse: Pump.fun Loses 70% of Revenue

Pump.fun's platform revenue has plummeted by over 70%. The platform allowed token creation for a few dollars, but nearly 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 did not stop the capital outflow. Investors are massively booking losses and returning to TradFi. The practice of buying assets with no fundamental value has stopped working. The market is becoming safer, but only for those seeking real utility.

CME Group Defends Its Monopoly: Lawsuit Against CFTC

Chicago Mercantile Exchange operator CME Group will sue the CFTC over its permission for the Kalshi platform to launch perpetual futures. Formally, it's about investor protection (comparing it to the 2008 mortgage crisis), but in essence, it's about defending a monopoly. CME holds exclusive licenses for all major benchmarks, and Duffy wants new instruments on these indices to trade only with him. A similar pattern is seen with ICE, demanding "equal rules" due to Hyperliquid's growth.

Destruction of Communication Privacy: A Global Trend

The UK is preparing a law banning social media (Instagram, TikTok, YouTube) for citizens under 16. France and the EU are pushing for mass scanning of private messages before sending. Under the pretext of fighting terrorism, governments are forcing a renunciation of the basic right to privacy. As Pavel Durov noted, forced abandonment of end-to-end encryption will not stop criminals — they will write their own closed apps. Ordinary citizens will be hit, and weakened encryption will make corporate bank networks vulnerable to hackers.

My Comment: This week shows that the crypto industry is maturing through conflicts. SBF is a tragic example of how genius is overshadowed by crime. Tether is a lesson in flexibility in regulatory warfare. And the collapse of memecoins is a signal that the "free ride" is over. The market is filtering out speculators, leaving only those ready for real work.