President Donald Trump has just named Michael Selig the new chairman of the Commodity Futures Trading Commission-a move widely seen as central to his vision of positioning the United States as the “crypto capital of the world.”

A sweeping FBI crackdown that led to the arrest of an NBA player and coach last week has sent shockwaves through both the sports and financial worlds, reigniting fears that the booming prediction market sector could become the next major regulatory crisis.

SEC Chair Gary Gensler recently expressed pride in his tenure, amidst speculation about his resignation. With rising tensions between the SEC and the cryptocurrency industry, a successor would likely need to rebuild relations. But does Gensler’s statement hint at a departure, or will he finish his term?

SEC Chair Gary Gensler announced that Ethereum ETFs should be approved by summer’s end but did not clarify its classification as a security or commodity. But this “good” news had little impact on the sluggish crypto market.

Bloomberg analyst James Seyffart suggests the SEC is subtly recognizing Ethereum as a commodity, hinted by the approval of Ethereum futures ETFs, potentially signaling a departure from its previous security classification.

Explore the intricacies of Bitcoin futures, a sophisticated investment avenue in the dynamic cryptocurrency market.

The EC's methodology for assessing Bitcoin's environmental impact sparks criticism, with concerns of potential EU-wide mining bans. Batten calls for community unity, emphasizing Bitcoin's positive contributions and urging a critical evaluation of regulatory proposals.

ProShares CEO Michael Sapir stated that the new ETF was created specifically to help people short ETH.

CFTC Commissioner Christy Goldsmith Romero characterised the cryptocurrency industry as one marked by "pervasive fraud and other illegality."

Legal counsel representing Binance and CZ contended that the CFTC's legal actions could be interpreted as an effort to assume a role akin to the "world’s derivatives police."