SBF builds a $100 million prison startup, Tether challenges MiCA, and the US bans CBDCs until 2030
This week, I am breaking down several key events that are reshaping the crypto industry map. From the ambitions of a convicted fraudster to a strategic maneuver by the largest stablecoin issuer and a legislative blow to the digital dollar, the market is entering a new phase.
Sam Bankman-Fried's Ambitions: From Prison to a $100 Million Startup
The founder of the bankrupt FTX, serving a 25-year sentence for the largest financial fraud, is already planning his life after release. According to sources close to him, SBF told a cellmate that he would need startup capital of $50–100 million for "serious money" and hinted at launching a new crypto project that "everyone will flock to." Simultaneously, he has appealed to Donald Trump for a presidential pardon, and his parents have hired lobbyists.
The topic of FTX's venture investments has resurfaced in the community — stakes in SpaceX, Anthropic, and Solana, which were worth $114 billion at their peak but were sold off by bankruptcy administrators for pennies. However, most analysts agree: even if SBF is a truly brilliant investor, his actions in illegally using client funds have permanently undermined trust. Returning him to the crypto elite will be nearly impossible.
Tether vs. MiCA: Strategy to Bypass European Rules
The European authority ESMA has demanded that by July 1, all crypto platforms obtain a license under the MiCA regulation, or face a complete exit from the EU. Tether has deliberately refused a license, considering the requirement to hold 60% of reserves in European banks a threat to financial stability. Instead, the company has chosen a tactic of indirect presence: investing in partners that already have legal status, through which fully MiCA-compliant stablecoins will be issued.
The forced delisting of USDT in Europe will hit professional participants: market makers will have to split liquidity pools, cross-exchange arbitrage will become more complicated, and spreads will widen. This creates serious risks for market liquidity in the region.
US Bans CBDC Until 2030: Victory for Stablecoins
American lawmakers embedded a norm prohibiting the Federal Reserve from issuing a digital dollar into an affordable housing bill. This allowed them to bypass the resistance that had stalled a separate anti-CBDC document. The ban will last at least until the end of 2030. The main concerns of congressmen are total surveillance of transactions, control over spending (as with the digital yuan), and the displacement of commercial banks.
Private stablecoins are explicitly excluded from the ban. This means the world's largest economy is officially exiting the global CBDC race, and stablecoins are becoming a recognized alternative. My conclusion: the market gets a green light for the further development of USDT and USDC, but without government control.
The Meme Coin Bubble Bursts: Pump.fun Loses 70% of Revenue
Revenue on the Pump.fun platform has collapsed by more than 70%. The service allowed anyone to issue a token for a few dollars, leading to an explosive increase in the number of coins, but nearly 96% of traders either lost money or earned no more than $500. To prevent further decline, developers announced the burning of tokens worth $370 million (36% of the supply).
The situation reflects a massive capital outflow from unregulated instruments, which major players view as gambling. Investors are returning to TradFi, and the practice of buying assets without fundamental value is ceasing to work. The market is becoming safer but less speculative.
CME Group Defends Its Monopoly: Lawsuit Against CFTC
The operator of the Chicago Mercantile Exchange, CME Group, is suing the regulator CFTC over permission granted to the Kalshi platform to launch perpetual futures. CME head Terrence Duffy formally appeals to investor protection, comparing high leverage to the 2008 mortgage crisis. However, the real motivation is protecting its monopoly: CME holds exclusive licenses for major benchmarks, and new instruments on these indices, according to the exchange's logic, should only be traded by them. A similar pattern is seen with ICE, demanding "equal rules" due to the rise of Hyperliquid.
Global Trend Toward Destroying Communication Privacy
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 personal messages 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, a forced abandonment of end-to-end encryption will not stop criminals — they will write their own closed applications. Ordinary law-abiding citizens will be hit, and weakening encryption will make corporate networks of banks and funds vulnerable to hacker attacks.
My expert conclusion: the current week shows how old players (SBF, CME) are trying to regain control, while new ones (Tether, stablecoins) adapt to regulatory realities. The market is moving toward greater institutionalization, but with the risk of monopolization and loss of privacy.