SBF builds a $100 million prison startup, Tether challenges MiCA, and the US bans the digital dollar: top events of the week
This week, the crypto industry once again demonstrates its unpredictable nature. From the ambitious plans of the convicted FTX founder to Tether's strategic maneuver to bypass European regulation, the market never ceases to surprise. Add to that a legislative ban on CBDCs in the US, the collapse of meme coins, and the struggle of traditional exchanges for monopoly — and we get a packed digest that requires professional analysis.
Sam Bankman-Fried's Ambitions: From Prison to Startup
Sam Bankman-Fried, serving a 25-year sentence for the largest financial fraud, is already making plans for life after release. According to sources close to him, SBF estimates the starting capital for his next crypto project at $50–100 million. He has even appealed to Donald Trump for a presidential pardon, and his parents have hired lobbyists. Against this backdrop, the topic of FTX's venture investments has resurfaced in the community: stakes in SpaceX, Anthropic, and Solana, now valued at $114 billion, were sold off by bankruptcy administrators for a pittance. However, no matter how talented SBF is as an investor, his crimes — the illegal use of client funds — make a return of trust unlikely. The market does not forgive such mistakes.
Tether vs MiCA: A Bypass Maneuver in Europe
The European regulator ESMA has issued an ultimatum: by July 1, all crypto platforms must obtain a license under the MiCA regulation, or face a complete withdrawal from the EU. Tether, having refused a direct license due to the requirement to hold 60% of reserves in European banks (which management considers risky for financial stability), has chosen a tactic of indirect presence. The company is investing in partners that already have legal status, and through them, it will issue fully legitimate stablecoins. This is a smart move that allows Tether to maintain its share of the European market without direct subordination to local officials. However, the forced delisting of USDT in the EU will hit market makers, complicating inter-exchange arbitrage and widening spreads.
US Exits the CBDC Race: Ban Until 2030
American lawmakers have embedded a provision banning the Federal Reserve from issuing a digital dollar (CBDC) into an affordable housing bill. This move circumvented the opposition that had stalled a separate anti-CBDC document. The ban is in effect at least until the end of 2030. The main concerns are total surveillance of transactions, control over spending (as with the digital yuan), and the displacement of commercial banks. Private stablecoins are exempt from the ban, making them an official alternative. For the global CBDC race, this means the world's largest economy is stepping out, leaving the field open for other players.
Meme Coins Burst: Pump.fun Loses 70% of Revenue
The Pump.fun platform, which allowed anyone to issue a token for a few dollars, has seen a 70% collapse in revenue. Nearly 96% of traders either lost money or earned less than $500. In response, developers are burning tokens worth $370 million (36% of the supply) in an attempt to stabilize the price. This situation reflects a massive outflow of capital from unregulated instruments, which major players view as gambling, back into TradFi. The market is cleansing itself: traders are returning to assets with real value, making it safer.
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. Formally, the CME head appeals to investor protection and the Dodd-Frank Act, but the essence of the lawsuit is the defense of a monopoly. CME holds exclusive licenses for major benchmarks, and the new platform threatens their control. A similar pattern is observed with ICE, which demands "equal rules" due to the rise of Hyperliquid. The derivatives market is becoming a battlefield for dominance.
Global Trend: The Destruction of Communication Privacy
The UK is preparing a law banning social media for citizens under 16, while France and the EU are pushing for scanning personal messages before they are sent. Under the pretext of fighting terrorism and protecting children, governments are attacking the fundamental right to privacy. As Pavel Durov noted, abandoning end-to-end encryption will not stop criminals but will make ordinary citizens and corporate networks vulnerable. This is a global trend that is pushing users toward decentralized services.
My Expert Conclusion: The week showed that the crypto industry is at a bifurcation point. Regulators are tightening control, but players are finding workarounds. Investors should prepare for volatility and focus on fundamentally strong assets, not hype. SBF's prison startups are just a reminder that in crypto, trust takes years to build and seconds to lose.