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TL;DR

• CME to Launch Bitcoin Trading for Hedge Funds

• Morgan Stanley Invests in Bitcoin ETF: $1.5 Trillion Move

• Vitalik Speaks Out on MEV and Decentralization Challenges

• SEC Signals Potential Denial of Ether ETFs

• Ripple Launches an EVM XRP Ledger Sidechain Using Cosmos

• Stargaze and Union Partner for NFT Interoperability

• Robinhood Europe Launches Solana Staking with 5% APY

• Solayer Soft-launches Deposit for Solana Restaking

• Colony Lab Unveils Crypto Project Investment Platform on Avalanche

• Avalanche (AVAX) Revolutionizes Wine Investment

• Binance Executive Denied Bail by Nigerian Court

• Biden Blocks Chinese Bitcoin Mining Firm from Owning Land Near Wyoming Missile Base

And much more!

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Bitcoin Highlights of the Week

Bitcoin's Influence on El Salvador’s Economy

Harnessing the power of cryptocurrency to generate wealth is undeniably impressive, but what truly elevates the game is transforming an entire nation's economy. That's precisely what's happening in El Salvador. In a groundbreaking move, the country embraced Bitcoin as legal tender in 2021, making history as the first nation to do so. Since November 17, 2022, they've embarked on a daily routine of purchasing one Bitcoin without fail, utilizing the renowned saying, "a Bitcoin a day keeps the doctor away." Adding a touch of brilliance to this narrative is their utilization of free, environmentally friendly volcanic energy to bolster their Bitcoin mining efforts.

Nestled amidst 20 active volcanoes, El Salvador boasts an abundance of geothermal power. Leveraging this resource, the country has mined a staggering 474 BTC (equivalent to approximately $32 million) over the past three years alone. As a result, El Salvador's Bitcoin reserves now stand at an impressive 5,752 BTC, valued at around $373 million.

CME to Launch Bitcoin Trading for Hedge Funds

The Chicago Mercantile Exchange (CME), the world's largest futures exchange, plans to offer spot bitcoin trading on its platform, according to a Financial Times report. This move would provide major hedge funds and institutional traders with a regulated venue to trade Bitcoin. Already the global leader in Bitcoin futures trading, CME aims to offer clients an integrated platform that includes both spot and derivatives markets. This integration enables complex trading strategies like arbitrage and basis trading, leveraging price differences between the two markets.

Currently, most spot bitcoin trading occurs on offshore exchanges like Binance. By providing a regulated alternative, CME targets institutional investors who require strict due diligence and compliance standards. The exchange has reportedly held talks with traders who have expressed strong interest in trading bitcoin in a regulated environment. This development comes as Wall Street ramps up its Bitcoin offerings amid surging demand.

Senate Overturns SEC Crypto Rule; Biden Threatens Veto

The Senate has just passed legislation H.J.Res. 109 to overturn the SEC's Staff Accounting Bulletin (SAB) No. 121, which prevents highly regulated financial firms from custodying Bitcoin and other cryptocurrencies. The measure passed with bipartisan support in a 60-38 vote. Having already passed the House last week, the resolution aims to dismantle SAB 121. This bulletin imposes stringent restrictions on financial institutions, effectively barring them from acting as custodians for digital assets like Bitcoin.

H.J.Res. 109, under the Congressional Review Act, seeks to remove these barriers, enabling regulated financial firms to offer custody services for cryptocurrencies. However, the White House has stated that President Biden will veto the bill if it reaches his desk. The administration argues that overturning SAB 121 would "disrupt the SEC's work to protect investors in crypto-asset markets and safeguard the broader financial system." Proponents of H.J.Res. 109 argue that overturning SAB 121 is crucial for protecting U.S. consumers, especially in light of the recent approval of several spot Bitcoin ETFs by the SEC.

Blackrock Bitcoin Draws 414 Institutions, Sets Record

In the first quarter, according to 13F filings with the U.S. Securities and Exchange Commission (SEC), 414 institutions have disclosed holdings in Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). Institutional investment managers overseeing over $100 million in assets are required by the SEC to file Form 13F to disclose their securities holdings.

Bloomberg senior ETF analyst Eric Balchunas described this achievement as “mind-boggling,” noting that it “blows away record.” He emphasized that having even 20 holders for a newly launched ETF is “highly rare.” Other ETFs launched in January have not achieved nearly as many institutional holders as Blackrock’s IBIT, including other spot bitcoin ETFs like the Bitwise Bitcoin ETF (BITB), the Fidelity Wise Origin Bitcoin Fund (FBTC), and the ARK 21shares Bitcoin ETF (ARKB).

Morgan Stanley Invests in Bitcoin ETF: $1.5 Trillion Move

Recent 13F SEC filings have uncovered significant allocations to Bitcoin among major US financial institutions through spot ETFs, revealing holdings of institutional investors with over $100 million allocated. Following the SEC's approval of several spot Bitcoin ETFs earlier this year, investors have eagerly awaited these disclosures. Filings now reveal institutions such as the State of Wisconsin Investment Board, Wells Fargo, JPMorgan, and others.

The latest disclosure unveils that financial services giant Morgan Stanley has acquired $269.9 million worth of Grayscale's GBTC, positioning itself as one of the largest institutional holders of GBTC alongside Susquehanna's $1.8 billion position. With assets under management exceeding $1.5 trillion, this move signals Morgan Stanley's growing confidence in Bitcoin's role within portfolios. While some firms like Vanguard have expressed opposition to Bitcoin, the broader trend leans towards embracing Bitcoin exposure.

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Ethereum Highlights of the Week

Vitalik Speaks Out on MEV and Decentralization Challenges

In a series of tweets on May 16th, Szilágyi criticized the Ethereum community for prioritizing vested interests and short-term solutions at the expense of the protocol's integrity. He expressed concerns about the acceptance of MEV, liquid staking, and rising hardware demands, warning that these trends could lead to centralization and liken Ethereum to traditional financial systems.

Responding to these concerns in a post on May 17th, Buterin acknowledged their validity but countered that the situation wasn't as dire as depicted in Szilágyi's tweets. He highlighted ongoing efforts to address these issues through protocol enhancements and adjustments to the roadmap. Measures include:

• Promoting MEV-free applications like CoW Swap

• Implementing encrypted mempools to thwart front-running attacks

• Employing techniques like MEV quarantining using proposer/builder separation (PBS) and inclusion lists

Additionally, Buterin pointed to initiatives such as Verkle trees and EIP-4444 aimed at reducing hardware requirements, expanding validator sets, and enhancing node operation efficiency and storage demands.

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