UseTheBitcoin Weekly News Roundup (MAY 20th – MAY 24th, 2024)

Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

Russia & Iran Are Working Together To Create A Single Currency For BRICS

During the “Russia – Islamic World: KazanForum” press conference, the Iranian Ambassador to Russia, Kazem Jalali, stated that Iran is actively engaged in the initiatives led by Russia’s chairmanship in BRICS. He highlighted efforts towards establishing a unified currency for the association.

“The creation of a new single currency within the framework of the association is what Russia and Iran are working on,” the diplomat said.

Jalali highlighted that the United States leverages the dollar to impose restrictions, thus emphasizing the importance of employing national currencies in bilateral transactions.

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).

Grayscale CEO Michael Sonnenshein Resigns, Grayscale To Hire Goldman Sachs Executive Peter Mintzberg As New CEO

Grayscale announced that Michael Sonnenshein will step down as CEO later this year, effective August 15th. Former Goldman Sachs executive Peter Mintzberg will become the new CEO of the largest crypto asset manager.

Sonnenshein joined the company in 2014 and became CEO in 2021. According to a firm statement, he is now moving on “to pursue other interests.”

Uniswap Responds To US SEC’s Wells Notice: “The Fight For DeFi Continues”

Uniswap Labs has responded to the US SEC’s Wells notice to the firm, suggesting a potential enforcement action. In a recent blog post, Uniswap claimed the securities regulator had made “weak” legal arguments in issuing a Wells notice to the exchange and vowed it was “ready to fight” the matter in court if necessary.

Donald Trump’s Presidential Campaign Officially Accepts Bitcoin And Crypto

Donald Trump‘s presidential campaign recently announced that it would begin accepting donations in cryptocurrency as part of an effort to build what it calls a “crypto army” before Election Day in November.

Supporters of the former President can donate using any cryptocurrency accepted through the Coinbase Commerce product, his campaign said in a press release.

US House Approves FIT21 Crypto Bill With Bipartisan Support

A majority of  US House of Representatives members voted in favor of legislation to establish regulatory clarity over digital assets. In a 279 to 136 vote, House lawmakers approved H.R.4763, or the Financial Innovation and Technology for the 21st Century Act. If passed and signed into law, the bill clarifies the roles the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have over digital assets.

Grayscale Launches Trusts Stacks (STX) And Near Protocol (NEAR)

Asset manager Grayscale unveiled two new investment trusts, offering certain investors exposure to the Bitcoin Layer-2 Stacks (STX) and Near Protocol (NEAR), respectively. The trust is only limited to accredited investors and functions much like Grayscale’s other private placements. Among a myriad of offerings, the new trusts join others dedicated to cryptocurrencies like Solana (SOL), Chainlink (LINK), and Decentraland (MANA).

US SEC Approves All 19b-4 Filings For Spot Ethereum ETFs

The US SEC has approved 19b-4 forms from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton for the Ethereum spot exchange-traded funds.

While the forms have been approved, the ETF issuers need to have their S-1 registration statements go effective before trading can begin.

Prior to this week, it had seemed like the SEC was not going to approve the Ethereum ETFs. This was based on the lack of engagement between the SEC and issuers. However, that changed earlier this week when the SEC suddenly started talking to issuers, asking for 19b-4 forms to be turned around and sent back in.

Final Thoughts

So that’s it for this week!

To stay ahead of the game with the freshest crypto news and insights delivered straight to your inbox, consider subscribing to UseTheBitcoin’s newsletter today.

Have a fantastic week ahead!


Share this article:

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The reCAPTCHA verification period has expired. Please reload the page.

Please enter CoinGecko Free Api Key to get this plugin works.