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Ethereum futures ETFs to start trading next week

Investment firm Valkyrie will start offering exposure to Ether futures in the coming days. On Sept. 28, the firm told Cointelegraph that its Bitcoin Strategy ETF will allow investors access to Ether and Bitcoin futures “under one wrapper,” making it one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission. Starting Oct. 3, the fund’s name will be updated to the Valkyrie Bitcoin and Ether Strategy ETF. Asset manager VanEck also disclosed its upcoming Ethereum Strategy ETF, which will be listed on the Chicago Board Options Exchange in the coming days. Analysts suggested that a potential U.S. government shutdown might have accelerated the launch of Ether futures ETFs.

SBF trial dates revealed: FTX founder to stand trial over 6 weeks

Former FTX CEO Sam “SBF” Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket. The first official date of the Bankman-Fried trial is Oct. 4, where the participants will begin discussing seven fraud charges laid against SBF. There are two substantive charges where the prosecution must convince a jury that Bankman-Fried committed the crime. Five other “conspiracy” charges involve the prosecution convincing a jury that Bankman-Fried planned to commit the crimes. The former FTX CEO has been serving pre-trial detention at the Brooklyn Metropolitan Detention Center since Aug. 11. If considered guilty of fraud, Bankman-Fried is likely to spend the rest of his life in prison, legal specialists explained to Cointelegraph.

3AC’s Su Zhu arrested in Singapore

Co-founder of Three Arrows Capital (3AC) Su Zhu was detained at Changi Airport in Singapore while trying to leave. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph that Zhu’s arrest followed a committal order from the Singapore Courts, which is a directive used to imprison someone for contempt of court. On Sept. 25, Teneo secured this committal order, alleging that Zhu didn’t comply with a court order. His arrest is part of an ongoing investigation to retrieve funds for 3AC’s creditors. The $10 billion hedge fund crashed in 2022 due to the collapse of the Terra ecosystem. A similar committal order was granted against Kyle Davies, also co-founder of 3AC. His whereabouts remain unknown.



Binance urges users to convert euros to USDT after Paysafe debank

Binance has warned its European users to convert their euro (EUR) balances to Tether by Oct. 31 due to the loss of support from its banking partner, Paysafe. Paysafe ceased processing EUR deposits for Binance users on Sept. 25. While EUR withdrawals to bank accounts remain available, Paysafe users won’t be able to engage in EUR spot trading. Binance’s token swap feature, Binance Convert, will also restrict EUR transactions. Paysafe previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the European Union’s Single Euro Payments Area. The move is the latest to add to Binance’s regulatory and debanking woes in the West.

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

The U.S. Securities and Exchange Commission has again postponed its decision on several spot Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, ahead of a potential government shutdown. Bloomberg ETF analyst James Seyffart anticipates similar delays for Fidelity, VanEck, and WisdomTree. These delays came two weeks before the applicants’ expected second deadline. Seyffart links the premature delays to an anticipated U.S. government shutdown on Oct. 1, which would impact financial regulators and federal agencies.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,895, Ether (ETH) at $1,667 and XRP at $0.53. The total market cap is at $1.07 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Compound (COMP) at 23.71%, Chainlink (LINK) at 15.12% and THORchain (RUNE) at 14.51%. 

The top three altcoin losers of the week are Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38% and XDC Network (XDC) at -4.61%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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Inside South Korea’s wild plan to dominate the metaverse


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Unstablecoins: Depegging, bank runs and other risks loom

Most Memorable Quotations

“You [Gary Gensler] are kneecapping the U.S. capital markets with the avalanche of red tape coming out of your commission.”

Andy Barr, U.S. representative

“A central bank that introduces a CBDC should increase the choices for society, not diminish them.”

Agustín Carstens, general manager at the Bank of International Settlements

“Looking like the SEC is gonna let a bunch of #Ethereum futures ETFs go next week potentially.”

James Seyffart, analyst at Bloomberg Intelligence

“Do you think it’s possible for you [Gary Gensler] to serve as an impartial regulator and not favor large financial intermediaries?”

Tom Emmer, U.S. representative

“[Stablecoins] will be a big driver of economic freedom in the decade ahead.”

Jesse Pollak, head of protocols at Coinbase

“The symbiosis between street art and Bitcoin is a powerful one. By working together, these two movements help to create a more just and equitable world.”

Street, pseudonymous co-founder of the Street Cy₿er artist collective

Prediction of the Week 

Bitcoin shorts keep burning as BTC price seeks to hold $27K

Bitcoin (BTC) bounced around $27,000 on Sept. 29 as a challenge to month-to-date highs dragged BTC price action upward. Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “short squeeze.”

The day prior offered a trip past the $27,000 mark, with Bitcoin bulls unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength returned to consolidate, still up 4% versus the week’s low at the time of writing.

Analyzing the situation on low timeframes (LTFs), popular pseudonymous trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X (formerly Twitter).

Skew subsequently noted that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was “likely to hunt both sides of the book.”

FUD of the Week 

Ben ‘BitBoy’ Armstrong arrested on livestream over Lambo dispute

Crypto influencer Ben Armstrong, formerly known as “BitBoy,” was arrested on Sept. 25 while livestreaming outside a former business associate’s house, claiming the associate had his Lamborghini. He was charged with “loitering/prowling” and “simple assault by placing another in fear” and was held for over eight hours before being released on a $2,600 bond and $40 in fees. In Georgia, the misdemeanor charges of loitering and prowling could result in a fine of up to $1,000, up to one year in jail, or both.

Crypto exchange claiming $1.4B trading volume uses reportedly fake license data

An investigation by Cointelegraph revealed that several cryptocurrency platforms, reporting significant daily trades on CoinMarketCap, may have provided misleading information about their crypto licenses. Bitspay, for instance, which has a daily trading volume of $1.4 billion on CoinMarketCap and ranks as the fourth-largest crypto exchange, claimed to be licensed in Estonia. However, after inquiries by Cointelegraph, Bitspay quickly removed the potentially false license data and no longer provides details about its registration or licensing.

Huobi Global hacked for $7.9M: Report

Huobi Global’s HTX crypto exchange was hacked on Sept. 24, according to a report from blockchain analytics platform CyVers. A total of $7.9 million of crypto has been drained in the attack. A known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knows the identity of the attacker and has offered to let them keep 5% of the drained funds as a “white-hat bonus,” but only if the attacker returns the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered the help of the exchange’s security team in investigating the attack.

Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

From solving Mt. Gox to tracing crypto used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.

US gov’t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame

Tim Draper’s first big Bitcoin prediction came off without a hitch, but he says the current administration is making his second one look bad.

China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop: Asia Express

Chinese national fined three years’ salary for using VPN for remote work, Hangzhou airdrops 10M digital yuan, JPEX alleged Ponzi nears $200M, and more.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Nexo back in the United States as Trump Jr. attends exclusive event

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Nexo back in the United States as Trump Jr. attends exclusive event

Nexo back in the United States as Trump Jr. attends exclusive event

Cryptocurrency services platform Nexo announced that it is reentering the US market after facing previous regulatory challenges.

According to an April 28 announcement, Nexo’s reentry event featured Donald Trump Jr., who said that he thinks “crypto is the future of finance,” adding:

“We see the opportunity for the financial sector and want to ensure we bring that back to the US.”

Trump Jr. also emphasized the need for a regulatory environment that supports the cryptocurrency industry. He said that “the key to everything crypto is going to be the regulatory framework.”

Nexo back in the United States as Trump Jr. attends exclusive event
Source: Nexo

Related: Coinbase presses to axe rule banning SEC staff from holding crypto

Nexo is back to fight where it lost

Nexo left the US at the end of 2022, citing a lack of regulatory clarity as the reason behind the decision. At the beginning of 2023, the firm agreed to pay a $45 million settlement to the US Securities and Exchange Commission (SEC) over its failure to register the offer and sale of securities of its interest-earning product.

A month after settling with US regulators, Nexo also decided to shut down its interest-earning product to US-based customers. The product allowed users to earn daily compounding yields on certain cryptocurrencies by loaning them to Nexo.

In late 2022, the California Department of Financial Protection and Innovation also filed a desist and refrain order against the same interest-earning product managed by Nexo. The regulator claimed that the product was an unqualified security, meaning a security that the government has not approved for sale in the form of an investment contract.

Related: US crypto rules like ‘floor is lava’ game without lights — Hester Peirce

US SEC dances to a different tune now

The US SEC, once viewed as the crypto industry’s primary regulatory obstacle, recently appointed Paul Atkins as chair.

The change was positively commented on by crypto entrepreneurs, with Michael Saylor, the CEO of top corporate Bitcoin holder Strategy (formerly MicroStrategy), saying:

“SEC Chairman Paul Atkins will be good for Bitcoin.”

James Gernetzke, chief financial officer of Bitcoin and crypto wallet Exodus, said that “the promise of being able to engage with a regulator on a reasonable basis is going to be very helpful.”

Nexo declined to comment further on its return to the US market.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

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Coinbase presses to axe rule banning SEC staff from holding crypto

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Coinbase presses to axe rule banning SEC staff from holding crypto

Coinbase presses to axe rule banning SEC staff from holding crypto

Coinbase has urged the US Office of Government Ethics to remove a rule banning Securities and Exchange Commission staff from holding crypto.

SEC staff need to use crypto to better understand how it works and the best way to regulate it, Coinbase chief legal officer Paul Grewal argued in open letters sent to OGE acting director Jamieson Greer and newly sworn-in SEC Chair Paul Atkins, which he shared to X on April 25.

“To regulate technology, you need to understand it. To understand technology, you need to use it,” Grewal said in the letter to Greer.

“Permitting commission staff to hold crypto is essential to them developing the knowledge necessary to propose and adopt workable regulatory frameworks for digital securities activity,” he added.

SEC, United States
Source: Paul Grewal

Legal Advisory 22-04, issued on July 4, 2022, by the OGE, prohibits SEC staff from buying, selling, or otherwise using crypto and stablecoins because they are not “publicly traded securities” and don’t qualify for an exception, unlike stocks.

SEC needs waivers for staff 

Grewal said US President Donald Trump directed the SEC and other agencies to submit recommendations for crypto regulations due in around 90 days, and SEC “staff still cannot use the technology on which they are making recommendations.”

In his letter to Atkins and SEC commissioner Hester Peirce, he echoed a similar sentiment, arguing that the inability to hold crypto is a roadblock for the agency’s Crypto Task Force in creating a regulatory framework.

SEC, United States
Source: Paul Grewal

While it’s up to OGE to rescind the advisory, the SEC should take its own action, Grewal said. 

“For example, issuing waivers to crypto task force members and other staff actively working on task force matters would be consistent with measures already taken in commensurate advisory situations,” he said.

Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost

Grewal added that a waiver would allow SEC staff on the Crypto Task Force responsible for creating crypto regulations to use crypto and “evaluate the underlying digital asset technology.”

Former SEC Chair Gary Gensler, who took office in 2021, was known for his hardline stance on crypto regulation. He resigned on Jan. 20 after spearheading an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against firms. 

Following Gensler’s exit, the SEC opted out of a swathe of lawsuits against crypto firms, including Coinbase, on Feb. 27 and, in a more recent April 24 walkback, flagged plans to drop its enforcement against blockchain firm Dragonchain. 

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26

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Local elections 2025: The poll where voters roll the dice?

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Local elections 2025: The poll where voters roll the dice?

This week’s set of elections across England will be a series of firsts: it will be the first big ballot box test of Sir Keir Starmer’s premiership and Kemi Badenoch’s leadership of the Conservative Party.

We will have the first by-election of this parliament in Labour-held Runcorn, the inaugural elections for the mayoralty of Hull and East Yorkshire and Lincolnshire, and our first chance to see if Reform’s surge in the polls since the general election can translate into seats.

In play are over 1,600 council seats, six mayoralties and the Labour-held seat of Runcorn and Helsby after a by-election was triggered by the Labour MP Mike Amesbury punching a constituent on a night out.

Former Runcorn and Helsby MP Mike Amesbury (centre) leaving Chester Crown Court after he had his 10-week prison sentence for assault suspended for two years following an appeal. Picture date: Thursday February 27, 2025.
Image:
Former Runcorn and Helsby Labour MP Mike Amesbury leaves court. Pic: PA

And there is plenty at stake for the party leaders with all the upside in the hands of Nigel Farage, who has barely any council seats to defend and hundreds in his sights, as he looks to translate his poll leads into proper governing – be it through mayoral wins or council control.

Sir Keir is bracing for an early verdict on his leadership, with the Runcorn by-election a test of nerves for a Labour Party that will be loathed to lose a seat in the northwest of England to a surging Reform Party.

Keir Starmer at PMQs
Image:
Sir Keir Starmer in the House of Commons

For the Conservatives, the pressure is obvious and acute.

Of the 23 councils up for grabs, 16 are currently controlled by the Conservative Party and when they last fought these seats in 2021, the Conservatives were riding high on the back of a then popular Boris Johnson and COVID vaccine bounce.

More on Conservatives

Back then, the party’s national equivalent vote share – an estimate of how the country would have voted if everywhere had had a local election – was at 40%, with Labour at 30%, the Lib Dems at 15%, and other parties at 15%.

Their support has collapsed since then, with current polling putting the Conservatives on 22% – an 18-point drop in vote share – while Reform, lumped in with ‘other parties’ in 2021, is now polling an average 25%.

So, expect to see the Conservatives lose control of councils and hundreds of seats as it haemorrhages support to Reform in a night that is set to be miserable for Kemi Badenoch and her party.

Conservative party leader Kemi Badenoch  during a visit to Romshed Farm, Sevenoaks, Kent, whilst on the local election campaign trail. Picture date: Tuesday April 22, 2025. PA Photo. See PA story POLITICS Tories. Photo credit should read: Gareth Fuller/PA Wire
Image:
Conservative leader Kemi Badenoch. Pic: PA

The Conservatives have majorities in 18 of the 23 councils up for grabs, and could even see the Lib Dems overtake them to become the second-biggest party in local government when it comes to council control. That would be a huge symbolic blow. The only glimmer of hope is whether the party can win the Cambridge and Peterborough mayoral race where a former Peterborough MP is looking to take the mayoralty from Labour.

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Labour and Reform face off in Runcorn

But like the Conservatives, there is little for Labour to cling on to in this set of elections as the party prepares for a lacklustre night at the ballot box, reflecting its steady drop in the polls following the autumn budget.

Support for Sir Keir’s government dipped below 30% last November and has continued on that trajectory, with Labour currently polling on average around 23%.

Labour has been haemorrhaging council seats in council by-elections since the national poll last July, and insiders are briefing that the party looks set to lose control of Doncaster Council, the only one it has control of in this set of elections, and perhaps the mayoralty of the city. Since last July, there have been by-elections in 95 vacant Labour council seats and Labour has lost 43 of them.

But the biggest race on the night for Labour will be the Runcorn by-election, where Reform is challenging to take a parliamentary seat that has long been part of Labour’s territory.

Nigel Farage said a coalition would not be happening
Image:
Reform UK leader Nigel Farage

While Reform set out with the aim to destroy the Conservative Party, Labour insiders know how bad the Reform surge is for their own prospects, with the party coming in second to Labour in 89 constituencies in the 2024 General Election. The party is all too aware of the threat of Nigel Farage, as Reform taps into voters’ disillusionment.

“People voted for change in 2024,” explains one Labour insider. “We came in with the double whammy of public services on their knees and the economy facing big challenges, and we promised change. People will be judging us. There is change – waiting lists for the NHS are falling six months in a row – but do people notice it yet? Arguably not.”

Labour is preparing to intensify attacks against Reform. The party is already using remarks made by Mr Farage around re-examining the NHS’s funding model to launch a series of attack ads around the local elections and is likely to step this up ahead of polling day.

But the party is right to be worried by the Reform threat and to give you a bit of flavour of that, we ran a focus group of voters in Doncaster on the latest edition of the Electoral Dysfunction podcast to get a sense of the mood in a city about to re-elect its council and mayor.

‘The country is stuck in a doom loop’

Luke Tryl, director of More in Common, who carried out that focus group in Doncaster for us, told us that the group’s disillusionment with politics and the main political parties was a common refrain all around the country.

“You know, people basically keep hitting the change button, right? You know, they did it in Brexit. They did in 2017 when [Jeremy] Corbyn does very well, Boris Johnson in 2019 was a sort of change and in 2024, change was literally the slogan of Keir Starmer’s 2024 campaign.

“And they keep hitting that change and thinking they’re not getting the change. And so actually it pervades right across the political spectrum. It’s not limited to just the Tories, Labour, Reform. It’s just this sense that something isn’t happening and the system isn’t responding to what we want,” Mr Tryl says.

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Local elections tips and predictions

The undertone of the focus group reflected this sentiment, as respondents honed in on very common top-three concerns across the country – cost of living, the NHS, immigration – but also the sense of mistrust in politicians of all hues.

“It’s not just that people think that the UK is in a bad state, you know, cost of living is bad, the NHS is bad, struggles with immigration, crime,” Mr Tryl said.

“It’s that they don’t have faith in our political class to find solutions. I said recently, I think the UK public moves in a bit of a doom loop at the moment and we can’t seem to find a way out of it and how that changes.”

This is helping Mr Farage’s Reform as voters, turned off by the Tories and disappointed in Labour, look to hit the change button again. “Britain is broken and needs Reform” is Mr Farage’s pitch.

That’s not to say that he was universally liked in our Doncaster focus group.

“It wasn’t actually massively effusive about Farage personally, and we’re starting to pick that up in a few more focus groups,” noted Mr Tryl.

“It’s rather more like, ‘I like what Reform is saying’ – people tend to particularly like what they say on immigration – but I’ve got a few questions about Farage and a word I’ve heard in other groups is baggage. He’s got a lot of baggage.”

He added: “What you’re hearing there is people are slightly willing to put that… we tried the Tories for 14 years. We’re not that happy with what we’ve had from Labour so far. So we may as well roll the dice on this guy. And I think that’s what you’re going to see next week is that rolling the dice.”

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Who has more to lose?

The Conservatives fared particularly badly with the Doncaster focus group, with just two out of the nine respondents even being able to name their leader Kemi Badenoch.

“If you’ve got no public image whatsoever, and also no trust, then you’re not going to pull any votes,” was the brutal verdict of one respondent as Mr Johnson was brought up as a politician they thought of as more likeable, relatable and capable of taking on Reform.

As for Labour, only one of the respondents seemed prepared to give the government more time to turn around the country and deliver on election promises, with others voicing criticism over the government’s handling of the winter fuel allowance cuts, high immigration levels and the lack of progress more broadly. Voters were also hostile to Sir Keir, who they believed to be out of touch, privileged and posh.

The best Sir Keir can hope for next week is, in the words of Mr Tryl is to “tread water” as we watch to see whether Reform can translate polling gains into real governing.

A YouGov poll on Friday suggested Reform is in pole position to win the Lincolnshire mayoralty, while the party is ahead in the Hull and East Yorkshire battle, according to the polling. Labour is also nervous about Reform in the Doncaster mayoral race.

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Expectations for Reform are high, with some pollsters predicting the party could make hundreds of gains in traditionally Conservative counties and have a chance of perhaps even gaining control of Labour-held Doncaster council or Durham, where Labour is the largest party. Reform now has over 100 councillors, most of whom have defected from other parties, and is not defending any seats from 2021, so the only way for Mr Farage is up.

Mr Tryl expects the Tories to lose 500 to 600 seats and Reform to pick up the same sort of numbers if it manages to organise its support and turn out the vote.

Read more:
Labour and Reform in battle for Runcorn by-election seat
Kemi Badenoch does not rule out local coalitions with Reform

So this will be a moment to test whether the Reform momentum in the polls translates into real progress on the ground and sees it become a major electoral force capable of challenging the two main parties across the country. In the general election, the party clocked up votes, but didn’t manage to concentrate that support into concrete wins. Can Reform change that in 2025?

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This set of local elections is far smaller than normal when it comes to the number of councils being contested than normal (Labour’s restructuring of local government has left a number of elections postponed), while the 11 million eligible to vote in England are just a quarter of those who could cast a vote across the UK in last year’s general election.

But these polls are seriously consequential. This will be a moment when we are able to better observe if the two-party system, battered in the 2024 General Election, really is dying.

Last July, third parties secured more votes than ever and a record tally of seats as support for the two establishment parties hit a record low. These elections could be the moment that Reform tastes real power and the Liberal Democrats surge.

Voters keep saying they want real change. On 1 May, we’ll get a better sense of how serious they are in a set of elections that could point to a profoundly different future for British politics.

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