Crypto Weekly Recap: Tornado Cash Dev Sentenced; Circle Prepares for IPO; 1M+ New Tokens Launched; and More (May 12–18, 2024)
Despite a relative lull in the global crypto market, Bitcoin (BTC) surged above $67,000 this week. In contrast, memecoins dominated the charts in the last few days, with Floki, Pepe, Bonk, Shiba Inu, and others leading the way.
Notably, PEPE hit a new all-time high shortly after GameStop stock trader Keith Gill posted to his Roaring Kitty X account for the first time in three years.
Although this week was relatively quiet, we have compiled six top stories you might have missed but will find intriguing. Let’s take a closer look at some of these stories that you wouldn’t want to miss.
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TOP CRYPTO NEWS RECAP (May 12–May 18, 2024)
- Tornado Cash Developer Sentenced for Money Laundering
- Institutional Investors Pour Billions into Bitcoin ETFs
- Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April
- Circle Moves Legal Base to the United States Ahead of IPO
- DTCC and Chainlink Successfully Pilot Fund Data Tokenization
- Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto
Tornado Cash Developer Sentenced for Money Laundering
Alexey Pertsev, developer of Tornado Cash, was sentenced to five years and four months in prison by Dutch judges for laundering $1.2 billion in illicit assets. Despite Tornado Cash being a noncustodial protocol, Pertsev was held accountable for not preventing money laundering. This case raises concerns for open-source developers about potential liability for code misuse. Pertsev’s legal team has 14 days to appeal the ruling.
Institutional Investors Pour Billions into Bitcoin ETFs
Over 600 firms disclosed $3.5 billion in spot Bitcoin ETF investments in recent SEC filings. Millennium Management leads the investments with $1.9 billion, followed by Schonfeld Strategic Advisors with $479 million. Other major investors include Morgan Stanley, JPMorgan, and Wells Fargo. Despite a recent decline in inflows, institutional investment in Bitcoin ETFs remains substantial, reflecting strong interest and confidence in the cryptocurrency market.
Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April
Since April 1, over one million new crypto tokens have been created, with 372,642 on Ethereum and 643,227 on Solana. A significant portion, especially on Solana, consists of meme coins. Coinbase’s layer-2 blockchain Base saw 88% of Ethereum’s new tokens. This surge, driven by low costs and meme coin popularity, has led to concerns over scams and the proliferation of low-value tokens.
Circle Moves Legal Base to the United States Ahead of IPO
Circle, the company behind USD Coin, is relocating its legal base from Ireland to the U.S. to align with stricter U.S. cryptocurrency regulations and prepare for an upcoming IPO. This strategic move aims to boost investor confidence despite higher compliance costs. By adhering to U.S. regulatory standards, Circle seeks to enhance transparency and adoption, positioning itself competitively in the stablecoin market.
DTCC and Chainlink Successfully Pilot Fund Data Tokenization
The Depository Trust and Clearing Corporation (DTCC) and blockchain oracle Chainlink completed a pilot program with major U.S. banks, including JPMorgan and BNY Mellon, to tokenize traditional finance fund data. The Smart NAV Pilot utilized Chainlink’s Cross-Chain Interoperability Protocol to bring net asset value (NAV) data on-chain, enhancing automated data management and enabling various on-chain use cases. This initiative supports future financial industry innovations and broader API solutions for price data.
Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto
The U.S. Senate passed a resolution, 60–38, to nullify the SEC’s Staff Accounting Bulletin №121, which requires banks to keep customers’ digital assets on their balance sheets. Critics argue this stifles innovation. President Biden intends to veto the resolution to protect investors and the financial system. If vetoed, Congress needs a two-thirds majority to override. This marks a significant bipartisan move on crypto legislation.
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