SBF builds a prison startup, Tether challenges the EU, and the US bans the digital dollar: top events of the week
This week, the crypto industry once again demonstrates its multifaceted nature: from the ambitious plans of a convicted fraudster to cunning strategies for bypassing regulations and global legislative bans. We break down the key events shaping the new market landscape.
Sam Bankman-Fried's Ambitions: A $100 Million Prison Startup
The founder of the bankrupt FTX exchange, Sam Bankman-Fried, serving a 25-year sentence for the largest financial fraud, is not wasting time. According to information from his cellmates, SBF is making plans for life after release, estimating the necessary starting capital for "earning serious money" at $50–100 million. He has already mentioned a certain crypto project that "everyone will flock to," appealed to Donald Trump for a presidential pardon, and his parents have hired lobbyists. Notably, FTX's venture investments, including stakes in SpaceX, Anthropic, and Solana, collectively valued at $114 billion, were liquidated by bankruptcy administrators for a fraction of that amount. Despite SBF's potential genius as an investor, his illegal use of client funds puts an end to any future trust in him.
Tether vs. MiCA: A Strategy of Bypass Without Direct Compliance
The European regulator ESMA has demanded that all crypto platforms obtain a license under the MiCA regulation by July 1, or face a complete exit from the EU. Tether, refusing to obtain a license due to the requirement to hold 60% of reserves in European banks, has chosen a more elegant path. The company is investing in partners who already have legal status, through whom fully legitimate stablecoins will be issued. Thus, Tether indirectly maintains its presence in the EU market, avoiding direct subordination to local officials. However, the forced delisting of USDT in Europe will hit market makers, complicating inter-exchange arbitrage and widening spreads.
US Officially Exits the CBDC Race: Digital Dollar Ban Until 2030
The United States is moving toward a legislative ban on the issuance of a digital dollar (CBDC) at least until the end of 2030. The provision prohibiting the Fed from issuing a CBDC is embedded in a bill on affordable housing—this packaging allowed it to bypass the resistance that had stalled a separate anti-CBDC document. American lawmakers fear total surveillance of transactions, control over spending (programmable money with the ability to freeze), and the displacement of commercial banks. Notably, private stablecoins are exempt from the ban. This means the world's largest economy is officially exiting the global CBDC race, and stablecoins are becoming a recognized alternative.
The Meme Coin Bubble Has Burst: Pump.fun Loses 70% of Revenue
Revenue for the Pump.fun platform, which allows anyone to issue their own token for a few dollars, has plummeted by more than 70%. Although the platform led to an explosive increase in the number of new coins, nearly 96% of traders either lost money or earned no more than $500. Developers have announced the burning of tokens worth about $370 million to prevent a price drop. This situation reflects a large-scale process of capital redistribution: investors are locking in losses, withdrawing liquidity from unregulated instruments that major players view as gambling, and returning funds to TradFi. The market is becoming safer, demanding assets with real practical applications.
CME Group and Hyperliquid: The Battle for Derivatives Monopoly
The operator of the Chicago Mercantile Exchange, CME Group, is suing the regulator CFTC over its permission for the Kalshi platform to launch perpetual futures. Formally, the CME head appeals to investor protection, comparing high leverage to the 2008 mortgage crisis, but in reality, it is a fight for monopoly. CME holds exclusive licenses for all major benchmarks, and the logic is simple: new instruments based on these indices must be traded with them. A similar pattern is observed with ICE, demanding "equal rules" due to the growth of the Hyperliquid platform.
Global Trend: The Destruction of Communication Privacy
The UK government is preparing a law banning the use of social media for citizens under 16, while in France and the EU, an initiative is advancing to mass-scan personal messages on smartphones before they are sent. Under the pretext of fighting terrorism and protecting children, governments are forcing citizens to give up the basic right to privacy. As Pavel Durov noted, the forced abandonment of end-to-end encryption will not stop real criminals but will only make corporate networks of banks and funds vulnerable, forcing users to switch to decentralized services.
Expert Commentary: This week, we see how institutional players and regulators are reshaping the crypto market to their advantage. Tether and SBF show that even under strict restrictions, loopholes can be found, while the US, by banning CBDCs, effectively legalizes stablecoins as an alternative. The meme coin market, as expected, turned out to be a bubble, and capital is now returning to more fundamental assets. The global struggle for privacy and the monopoly on derivatives is just the beginning of a new era for cryptocurrencies.