1️⃣ Biden vetoes crypto bill
After the approval of the ETH ETF, many hoped that Biden would change his mind and abandon his promise to veto the bill overturning the SEC's SAB 121, making it harder for entities like banks to custody of cryptocurrencies.
Well, that didn't happen.
Yesterday, Biden kept his promise to veto the bill, much to the dismay of the entire industry – a move that will likely cost the former president some support within the industry, which has apparently found an ally in candidate Trump. The presumptive GOP nominee's efforts to woo crypto voters by both hosting an event for his NFT holders and promising to commute Silk Road Ross Ulbricht's sentence appear to be working despite Trump's mixed record on crypto.
But Biden's record on crypto is now beyond doubt. With this veto, Biden explicitly aligned himself with Gary Gensler and indicated that he would continue to support the SEC in its cavalier crusade against crypto.
Biden just lost the crypto vote.
What a stupid, stupid mistake. pic.twitter.com/4pk6nTczTl
– Avical – Electric ϟ Capital (@avichal) May 31, 2024
2️⃣ Solana Celebrity Coins 😵💫
This week, crypto memecoins experienced their latest evolution: Celebrity Coins. Australian rapper Iggy Azalearapper SoundCloud Trippie ReddNigerian rapper Davido joined the ranks with famous Olympic/failed gubernatorial candidate Caitlyn Jenner launching her own insider-allocated tokens on Solana.
As well as sparking discussions about how being dumped by insiders could possibly be seen as a positive example of “mainstreaming”, much controversy has revolved around whether this was largely the work of one. crypto promoter who helped Jenner launch her own Solana coin earlier this week.
Ansem, Crypto Twitter's most famous memecoin influencer, drew criticism for stoking hysteria, leading to a choice Vitalik retweet and a lot of reluctance elsewhere.
![](https://bankless.ghost.io/content/images/2024/06/Xnapper-2024-06-01-09.50.22.png)
3️⃣ Crypto villains’ court cases end
Former FTX co-CEO Ryan Salame was sentenced to 90 months in federal prison, three years of supervised release and ordered to pay $11 million in fines for his role in the stock market collapse. In his sentence, he pleaded guilty to illegal political contributions, defrauding the Federal Election Commission, And operating a money transfer business without a license.
Additionally, Terraform Labs founder Do Kwon said:reached a settlement in principle” – a non-binding handshake agreement – with the SEC regarding the collapse of LUNA. The trial began in late March without Kwon, who remains in Montenegro. Both sides must file documents for a proposed final judgment before the June 12.
![](https://bankless.ghost.io/content/images/2024/06/Xnapper-2024-06-01-09.58.35.png)
4️⃣ ETH upgrade planned for early next year
Ethereum's core developers want to launch the next hard fork upgrade of Ethereum by the end of the first quarter of 2025. The “Pectra” upgrade will feature the EVM Object Format (EOF), a new way to organize, update and execute smart contracts on the EVM, and PeerDAS, a data availability sampling solution. The developers also agreed to replace the EIP-3074 account abstraction with EIP-7702, allowing EOAs to function as smart contract wallets, which adds much more functionality. The final scope of the upgrade, which includes upgrading Prague on the execution layer and upgrading Electra on the consensus layer, is still under discussion.
![](https://bankless.ghost.io/content/images/2024/06/Xnapper-2024-06-01-09.59.21.png)
5️⃣ ETH ETFs are arriving quickly
Several other S-1 forms, required before Spot ETH ETFs go live, have since arrived black rock And Franklin Templeton. Bloomberg ETF analysts see this as a positive sign, indicating that issuers and the SEC are working quickly to launch the Ethereum ETF on time. Other companies like ARK Invest, Fidelity and VanEck are also in the process of filing amended S-1 forms. Given this movement, we could see ETFs as early as late June.
![](https://bankless.ghost.io/content/images/2024/06/Xnapper-2024-06-01-10.00.04.png)