SBF builds a crypto empire behind bars, Tether challenges MiCA, and the US bans CBDC: the main events of the week
This week, the cryptocurrency market was shaken by a series of events, from Sam Bankman-Fried's prison ambitions to Tether's strategic maneuver to bypass European regulations. Meanwhile, the U.S. is legislatively abandoning the digital dollar, and the meme-coin hype is deflating, leaving only disappointment and losses in its wake. Let's break down the key trends.
SBF: From 25 Years in Prison to a $100 Million Startup
The founder of FTX, currently serving time for the largest financial fraud, is already planning his life after release. According to him, he would need between $50 and $100 million in startup capital for "serious earnings," and he intends to launch a cryptocurrency project that will "attract everyone." Sam Bankman-Fried is now seeking a presidential pardon from Donald Trump, and his parents have hired lobbyists.
Simultaneously, the topic of FTX's venture investments has resurfaced in the community. Stakes in SpaceX, Anthropic, and Solana, valued at $114 billion, were sold by bankruptcy administrators for a fraction of that amount. However, even if SBF is a brilliant investor, his crimes—the illegal use of client funds—make regaining trust nearly impossible. In my opinion, any new project under his leadership will face immense resistance from the market and regulators.
Tether vs. MiCA: Bypassing Without Direct Compliance
The European regulator ESMA requires all crypto platforms to obtain a license under the MiCA regulation by July 1, or face a complete exit from the EU. Tether deliberately refused this procedure, deeming the requirement to hold 60% of reserves in European banks as risky for its stability. Instead, the company chose to invest in partners who already have legal status. Through them, fully legitimate stablecoins will be issued, allowing Tether to indirectly maintain its market presence without submitting to local authorities.
The forced delisting of USDT in Europe will hit professional participants hard: market makers will have to split liquidity pools, cross-exchange arbitrage will become more complicated, and spreads will widen. This is a classic example of a regulator, trying to protect the market, creating chaos for its key players.
U.S. Officially Exits the CBDC Race
The United States is moving toward a legislative ban on the digital dollar, at least until 2030. A provision prohibiting the Federal Reserve from issuing a CBDC has been embedded in an affordable housing bill, bypassing opposition. American lawmakers fear total surveillance of transactions, control over spending (as seen with the digital yuan), and the displacement of commercial banks.
Private stablecoins are explicitly excluded from this ban. This means the world's largest economy is exiting the global CBDC race, and stablecoins are becoming a de facto alternative that the state is willing to tolerate. In my view, this decision could accelerate cryptocurrency adoption in the U.S., but it also creates risks for financial stability due to the lack of government oversight.
The Meme-Coin Bubble Bursts: 96% of Traders in the Red
Revenue for the Pump.fun platform has plummeted by over 70%. The platform, which allowed users to launch a token for just a few dollars, triggered an explosive increase in the number of new coins, but nearly 96% of traders either lost money or earned no more than $500. To prevent a collapse, 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 broadly locking in losses and returning to TradFi. The practice of buying assets without fundamental value has stopped working. Traders will have to return to basic rules and seek digital assets with real-world applications, which undoubtedly makes the market healthier.
CME Group Defends Its Monopoly, and Governments Protect Communication Privacy
The operator of the Chicago Mercantile Exchange, CME Group, will sue the CFTC over its permission for the Kalshi platform to launch perpetual futures. While formally protecting investors, CME is actually defending its monopoly on benchmarks. A similar situation is seen with ICE, demanding "equal rules" due to the rise of Hyperliquid.
Meanwhile, the UK is preparing a law to ban social media for children under 16, and the EU is pushing for mass scanning of personal messages. This is a global trend toward destroying communication privacy under the pretext of fighting terrorism. As Pavel Durov rightly noted, a forced abandonment of end-to-end encryption will not stop criminals but will make ordinary citizens and corporate bank networks vulnerable. In such conditions, users will have to migrate to decentralized services to preserve privacy.
My conclusion: The market is undergoing a phase of restructuring. Regulators and major players are trying to control the chaos they themselves created. SBF, Tether, and CME are just the tip of the iceberg. Investors should be extremely cautious and focus on assets with real value, avoiding speculative bubbles.