SBF's $100 million prison startup, Tether's strategy against MiCA, and the ban on the digital dollar: main trends of the week
This week, the crypto industry once again demonstrates its multifaceted nature: from the ambitious plans of the convicted FTX founder to Tether's cunning maneuvers in Europe and legislative initiatives in the US. Let's break down the key events shaping the new market landscape.
SBF's Plans: A Startup from a Prison Cell
Sam Bankman-Fried, serving a 25-year sentence for FTX fraud, is not losing his optimism. He admitted to fellow inmates that to "make serious money" after release, he would need between $50 and $100 million in startup capital, and hinted at launching a crypto project that would "attract everyone." Simultaneously, he appealed to Donald Trump for a presidential pardon, while his parents hired lobbyists. Interestingly, FTX's venture assets—stakes in SpaceX, Anthropic, and Solana—are now valued at $114 billion, but bankruptcy administrators sold them for a significantly lower amount. Despite SBF's potential investment genius, his reputation is destroyed by the illegal use of client funds. Restoring trust will be nearly impossible, even if his plans are not a joke.
Tether vs. MiCA: Workarounds
The European regulator ESMA has demanded that 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 too risky. Instead, the company is investing in partners with legal status, through whom fully legitimate stablecoins will be issued. Thus, Tether maintains its presence in the EU while avoiding direct regulatory oversight. However, the forced delisting of USDT will hit professional participants: market makers will have to split liquidity pools, complicating arbitrage and widening spreads.
Digital Dollar Banned Until 2030
The US is moving toward a legislative ban on issuing a CBDC until the end of 2030. The provision prohibiting the Federal Reserve from issuing a digital dollar is embedded in a bill on affordable housing—a move that bypassed opposition. Lawmakers fear total surveillance of transactions, control over spending, and the displacement of commercial banks. Private stablecoins are exempt from the ban. The world's largest economy is officially exiting the global CBDC race, designating stablecoins as an alternative the state is willing to tolerate.
Memecoin Collapse: A Market Lesson
Revenue on the Pump.fun platform has plummeted by over 70%. Nearly 96% of traders either lost money or earned no more than $500. Developers announced the burning of tokens worth $370 million (36% of the supply) to stem the decline. This reflects a massive capital outflow from unregulated instruments, which major players consider gambling. The practice of buying assets without fundamental value has stopped working. Traders are forced to return to basic rules and seek digital assets with real-world utility, making the market more resilient.
CME vs. Competition: Monopoly Under Protection
The operator of the Chicago Mercantile Exchange, CME Group, is suing the CFTC over allowing the Kalshi platform to launch perpetual futures. Formally, CME appeals to investor protection, comparing high leverage to the 2008 mortgage crisis. However, in reality, CME holds exclusive licenses for major benchmarks. The logic is simple: if we control the indices, new instruments based on them should trade with us. 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 for citizens under 16. In France and the EU, mass scanning of private messages before sending is being promoted. Under the pretext of fighting terrorism, governments are forcing a renunciation of privacy. As Pavel Durov noted, forced abandonment of end-to-end encryption will not stop criminals—they will create their own closed apps. Ordinary citizens will be hit, and weakening encryption will make corporate networks vulnerable to hackers. To preserve privacy, users will have to switch to decentralized services.
My professional opinion: This week clearly shows how the crypto industry adapts to regulatory and market challenges. The abandonment of memecoins and the shift to assets with real value is a positive signal for the market's long-term health. However, the actions of Tether and CME demonstrate that even under regulation, major players find ways to maintain control, which could lead to new conflicts.