Crypto Weekly Roundup: Interesting News on Cryptocurrencies (JUNE 18 - 24, 2023)

5 min readJun 25, 2023

Staying up to date with the latest developments in the crypto market is important. Here’s another version of MelegaSwap’s Weekly Crypto News Recap, where we unveil the top crypto stories throughout the week. These last seven days (June 18th to 24th, 2023) presented a lineup of exciting cryptocurrencies making waves for various reasons.

Five major traditional finance companies, including BlackRock and Fidelity Investments, have filed for a Bitcoin exchange-traded fund (ETF) to expose investors to cryptocurrency. These developments have pushed the price of Bitcoin to as high as $30,981, a price not seen in months.
Furthermore, Su Zhu and Kyle Davies, founders of the now-defunct Three Arrows Capital hedge fund, have launched a new venture called Open Exchange through their company, 3AC Ventures. In other news, Binance is facing scrutiny from Brazil’s Congress, the SEC of Brazil, the Federal Prosecutor’s Office, and the Federal Police over accusations of assisting clients in evading a stop order on Bitcoin derivatives investments.
Robert Kennedy Jr., a presidential candidate, has long been a vocal supporter of Bitcoin and has vowed to formulate policies that support the cryptocurrency.

Meanwhile, the SEC has agreed to postpone the payment of a $30 million fine issued to bankrupt crypto lender BlockFi until creditors are repaid. The CFTC has also filed a lawsuit against Cunwen Zhu and Justby International Auctions for running a romance scam.
Get ready as we delve into these hot topics one after the other!

TOP CRYPTO NEWS RECAP: (JUNE 18 - 24, 2023)

Five TradFi Giants filed for Bitcoin Spot ETF.
3AC's founders are taking the VC game to a whole new level with their latest venture.
Binance is in the hot seat as Brazil's Congress demands executive testimony.
Presidential Candidate Kennedy Jr. Vows to Formulate Policies that Support Bitcoin (BTC).
SEC Delays BlockFi's $30 million fine until creditors get their due.
Justby and the CEO were charged by the US CFTC for running a romance scam.

Five TradFi Giants filed for Bitcoin Spot ETF.

BlackRock, WisdomTree, Invesco, Valkyrie, and Fidelity Investments this week, filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.
The impact of these filings on the crypto market is undoubtedly huge, and its growing adoption is inevitable. The largest cryptocurrency is up over 16% since the news broke, as investors are seeing growing acceptance and adoption of digital assets by traditional finance giants.

3AC's founders are taking the VC game to a whole new level with their latest venture

Su Zhu and Kyle Davies, who previously founded the now-defunct Three Arrows Capital hedge fund, have launched a new venture called Open Exchange through their company, 3AC Ventures. Davies stressed the fact that 3AC is no longer active and that 3AC Ventures would fill the hole left by the company's collapse.

Three Arrows Capital had to declare bankruptcy in June 2022 as a result of multiple leveraged deals that had gone bad. However, the mishap occurred during a bear market and was exposed to the $40 billion Terra Luna ecosystem collapse.

Binance is in the hot seat as Brazil's Congress demands executive testimony

According to a recent report from Portal do Bitcoin, the Securities and Exchange Commission (SEC) of Brazil has previously pressed Binance to stop marketing Bitcoin futures contracts for Brazilian customers. However, officials in the South American country indicated that the intention for a summons is due to the corporation facing a number of scrutiny by regulators worldwide.
Moreover, Binance is also being scrutinized by the Federal Prosecutor's Office and the Federal Police in Brazil. The cryptocurrency exchange is accused of assisting clients in avoiding a stop order on Bitcoin derivatives investments.

Presidential Candidate Kennedy Jr. vows to formulate policies that support Bitcoin (BTC)

Robert Kennedy Jr., one of the competitors for the United States presidency, dug into some of his most contentious positions, stating the importance of Bitcoin (BTC) in his economic strategy.

In an exclusive interview with “On The Money,” he said he will make sure that policies that support Bitcoin and the freedom to transact and that allow individuals to manage their own Bitcoin wallets, nodes, and passwords are in place.

Kennedy's support for Bitcoin isn't a new development. He announced on the final day of the 2023 Bitcoin Conference in Miami that he would be accepting cryptocurrencies for his campaign activities, making him the first presidential candidate in US history to take campaign donations in crypto.

SEC Delays BlockFi's $30 million fine until creditors get their due

The US Securities and Exchange Commission has agreed to delay payment of a $30 million fine issued against bankrupt crypto lender BlockFi until creditors are paid back. The sum covers the remaining balance of a $50 million settlement with the regulator due in February 2022.

According to court filings dated June 22, the SEC will waive the amount owing by BlockFi in order to "maximize" and avoid delays in the distribution of funds to investors "until payment in full of all other Allowed Claims." Accordingly, the Commission has agreed to forgo participating in any distributions made under the Plan or requiring any cash reserve in connection with such distributions.

Justby and CEO Charged by US CFTC for Running Romance Scam

The Commodity Futures Trading Commission (CFTC) of the United States has filed a lawsuit against Cunwen Zhu of California and his company, Justby International Auctions. The defendants allegedly exploited online dating services to entice victims into participating in bitcoin trading. They promised great returns and persuaded their victims to hand over their money, but they used it for personal expenses and reimbursements to previous investors.

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