Crypto Weekly Recap: Robinhood Buys Bitstamp; SEC to Delay Ether ETF Approvals; Vitalik Buterin Criticizes Celebrity Memecoins; and More (June 1–8, 2024)

In a week marked by both progress and volatility, several leading digital assets experienced significant fluctuations. Among them, BNB, the native token of the BNB Chain, set a new all-time high of $720 on June 6 but has since dipped to around $680.

Notably, this surge in BNB’s value coincided with the news that Binance founder and former CEO Changpeng “CZ” Zhao had been transferred to a federal prison in California to serve a four-month sentence related to money laundering charges.

In a contrasting development, Keith Gill, known as Roaring Kitty and the trader behind the GameStop (GME) meme stock frenzy, grabbed the spotlight with his first YouTube livestream in three years. His return is believed to have contributed to the rally surrounding meme coins, with some experiencing triple-digit gains.

Now, we have compiled the top cryptocurrency stories of the past week to help you stay up-to-date with the latest happenings in the ever-evolving crypto market. In this recap, we explore six intriguing developments you might have missed.

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TOP CRYPTO NEWS RECAP (June 2–8, 2024)

• Telegram Unveils In-App Currency “Stars” for Mini-App Purchases
• Robinhood Acquires Bitstamp to Boost US Institutional Crypto Trading
• SEC Chair Hints at Potential Delay in Spot Ether ETF Approvals
• New Law Grants US President Authority to Block Digital Asset Access
• Trump Aims to Be “Crypto President” in 2024 Campaign
• Vitalik Buterin Criticizes Celebrity Memecoins for Lacking Substance

Telegram Unveils In-App Currency “Stars” for Mini-App Purchases

Telegram launched “Stars,” a new digital currency for buying things within its mini-apps. Developers can exchange Stars for Toncoin, Telegram’s cryptocurrency, and receive a 70% revenue share on purchases. Telegram even subsidizes ads bought with Stars to help developers avoid app store commissions. This aims to attract businesses to build on Telegram’s platform.

Robinhood Acquires Bitstamp to Boost US Institutional Crypto Trading

Robinhood is acquiring Bitstamp for $200 million to expand its cryptocurrency offerings, specifically targeting institutional clients in the US. Despite facing a Wells notice from the SEC in May, Robinhood plans to finalize the deal by mid-2025. The acquisition aims to meet customer demand for more crypto products and integrate Bitstamp’s institutional services, like lending and staking. Bitstamp will maintain its branding post-acquisition.

SEC Chair Hints at Potential Delay in Spot Ether ETF Approvals

SEC Chair Gary Gensler indicated a potential delay in approving spot Ether ETFs, suggesting that the final decision might take months. Despite approving 19b-4 filings for several major firms, the SEC has yet to finalize the listing and trading of these ETFs. Gensler’s comments reflect ongoing caution towards cryptocurrency regulations. The SEC’s stringent stance remains unchanged as it continues legal actions against major crypto firms while dealing with its own legal challenges.

New Law Grants US President Authority to Block Digital Asset Access

A new U.S. law gives the president unprecedented power to block access to digital assets, causing significant concern about its broad implications. The law allows the president to ban transactions involving foreign entities linked to terrorism, potentially forcing users onto regulated, KYC-compliant blockchains. Critics argue this could centralize control over digital assets, undermining user freedom. The legislation’s sweeping scope has been described as a strategic move to enhance governmental oversight of digital financial transactions.

Trump Aims to Be “Crypto President” in 2024 Campaign

At a San Francisco fundraiser, former U.S. President Donald Trump declared his goal to become the “crypto president,” raising $12 million for his 2024 campaign. Trump emphasized his support for the cryptocurrency industry, which contrasted with the Democratic Party’s regulatory stance. This announcement follows recent criticisms of President Joe Biden’s crypto policies. Trump reiterated the importance of the U.S. leading in the crypto sector, expressing optimism and support for crypto companies.

Vitalik Buterin Criticizes Celebrity Memecoins for Lacking Substance

Vitalik Buterin, the Ethereum co-founder, expressed dissatisfaction with the recent surge of celebrity meme coins, urging projects to have meaningful societal value. He praised initiatives like Ashton Kutcher and Mila Kunis’ Stoner Cats for funding actual content, contrasting them with the 2024 meme coin trend. Buterin advocates for projects with long-term impact and public benefits beyond enriching celebrities. His comments followed the release of Iggy Azalea’s MOTHER token amidst wider celebrity token launches and controversies.

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