Posted: Saturday, May 18, 2020
Crypto traders eagerly await a new week that will be filled with macro-events that could have a significant impact on the crypto market. These events, from Binance’s Nigerian trial to the FIT21 vote, could have a major impact on the cryptocurrency market.
The Market’s Next Move Could be Decided by These Events
The crypto market has been volatile in recent days due to fears of interest rate increases. Bitcoin’s value soared on Thursday due to a weaker US dollar after the April consumer inflation figures were milder. This increased the market’s confidence, which pushed several crypto assets over their resistance levels. Several major crypto events scheduled for the next week could reverse this current trend.
Binance Prepares for a Crucial Week
A Nigerian court denied Binance executive Tigran Gambaryan’s bail application last week. The court in the tax evasion matter postponed the trial to May 22, after the prosecution filed an amended charge. The court has adjourned the money laundering case between Binance and Gambaryan until May 23 following a request by Gambaryan’s lawyers.
Binance Exec, Tigran, Denied Bail by Nigerian Courts on Money Laundering Charges
Abdulkadir Abbas, a member of the Nigerian Securities and Exchange Commission (NSE), was the first witness to testify in this case. Gambaryan’s attorneys will cross-examine him when the court reconvenes in a week.
SEC to Decide on Ethereum ETF
By May 23, the Securities and Exchange Commission of the United States (SEC) will make a decision on the first application for an Ether ETF. A recent filing, however, has raised questions about the approval of Ether ETFs. The filing was discovered by legal experts, and it suggests that the SEC could classify Ether as a security. This classification could have an impact on the market.
Experts outline key reasons why the agency could approve or reject ETFs. Larry Fink, BlackRock’s CEO, said in an interview with CNBC that the SEC may approve spot ETH exchange-traded funds even if Ethereum were classified as a financial instrument. This statement comes after recent disclosures that the SEC considered ETH as a possible security since April 2023, but approved ETH Futures ETFs back in September.
Eric Conner (co-author of Ethereum Improvement Proposal EIP-1559) expressed his confidence that SEC will approve spot ETH ETFs by May 23.
The FIT21 Bill is Awaiting Vote
Nearly 60 crypto companies have signed a Friday letter urging lawmakers to back the Financial Innovation & Technology for the 21st Century Act.
Read more: US Crypto Market Waits for FIT21 Bill Final Vote next Week: What can we expect?
The Crypto Council for Innovation signed a letter on May 16 to House Members, stressing the importance of supporting the bill. The FIT21 Act contains key consumer protections such as minimum capital standards and risk disclosure requirements. It also extends bankruptcy protection, separates customer funds and resolves conflict of interest.
The bill would make the Commodities & Futures Trading Commission the primary regulator for digital assets. Only a few matters would remain under the SEC’s jurisdiction.
Crypto’s fate depends on Biden’s decision
The U.S. Senate approved a Congressional Review Act in May 2024 to review Staff Accounting Bulletin No. 121 (SAB 121).
Biden threatened to use his veto if the Resolution reached his desk, despite a rare bipartisan accord in the Senate that resulted in 60-38 votes in favor. This was influenced by Senator Warren, and SEC chair Gensler. Biden still has nearly a full week to make a decision.
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Source: Coinpedia