Binance vs. Nigeria, Ethereum ETF decision and cryptocurrency bill
Key Crypto Events to Watch Next Week: Binance vs. Nigeria, Ethereum ETF Decision, Crypto Bill appeared first on Coinpedia Fintech News.
As the end of May approaches, cryptocurrency traders are eagerly awaiting a new week filled with a series of potentially impactful macro events. From the Binance trial in Nigeria to the FIT21 bill vote, these events could have a significant impact on the cryptocurrency market.
These events can determine the market’s next move.
Recently, the cryptocurrency market has shown significant volatility due to concerns about interest rate hikes. However, Bitcoin prices surged on Thursday, helped by a weaker dollar following mild consumer inflation data for April. This improved market sentiment, pushing several crypto assets above resistance levels. Meanwhile, several major cryptocurrency events are scheduled for next week that have the potential to reverse the current market trend.
Binance prepares for a big week
A Nigerian court last week rejected Binance executive Tigran Gambarian’s bail application. In the tax evasion case, when the prosecution submitted a revised indictment, the court postponed the trial to May 22. In a separate money laundering case involving Binance and Gambarian, the court was adjourned until May 23 at the request of Gambarian’s lawyers.
Also Read: Binance Executive Tigran Denies Nigerian Bail Application on Money Laundering Charges
The first witness, Abdulkadir Abbas of the Securities and Exchange Commission of Nigeria, testified about the incident. He is expected to be cross-examined by Gambarian’s lawyers when the court reconvenes next week.
SEC decides on Ethereum ETF
The U.S. Securities and Exchange Commission (SEC) is expected to decide on applications for the first spot Ether ETF by May 23. However, recent filings have raised doubts about the approval of the Ether ETF. Legal experts revealed the filing, which suggests the SEC could classify Ether (ETH) as a security. This classification can have a significant impact on the market.
Experts highlight the key reasons why institutions may approve or reject ETFs. BlackRock CEO Larry Fink noted in a CNBC interview that the SEC could approve a spot ETH ETF even if Ethereum is classified as a security. This statement follows the recent disclosure that the SEC had considered ETH as a potential security starting in April 2023, but also approved an ETH futures ETF in September.
Eric Conner, co-author of Ethereum Improvement Proposal EIP-1559, expressed confidence that the SEC will approve a spot ETH ETF on May 23rd.
FIT21 Bill awaits vote
With the House of Representatives set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) next week, nearly 60 cryptocurrency companies signed a letter to lawmakers Friday urging them to support the bill.
Read more: US Crypto Market Awaits Final Vote on FIT21 Bill Next Week: What to Expect?
On May 16, the Crypto Council for Innovation took action by signing a letter to House members emphasizing the importance of supporting the bill. The FIT21 Act includes key consumer protections, including minimum capital standards, risk disclosure requirements, extended bankruptcy protection, segregation of customer funds, and conflict of interest resolution.
The bill would designate the Commodity Futures Trading Commission (CFTC) as the primary regulator of digital assets, leaving only a few issues under SEC oversight.
Cryptocurrency’s Fate Depends on Biden’s Decision
On May 16, 2024, the U.S. Senate approved the SEC’s Staff Accounting Bulletin No. Approved the Congressional Review Act (CRA) to review 121 (SAB 121).
Even though the Senate voted 60-38 in favor of the bill, a rare bipartisan deal, President Biden, influenced by Senator Warren and SEC Chairman Gensler, threatened last week to veto the resolution if it reached his desk. . Biden has almost a week left to decide.
