TWIC: UNEXPECTED DEATH SHAKES THE CRYPTO WORLD / ETH ETF APPROVED
Welcome to another episode of This Week in Crypto! Markets are turning bullish again and here are this week’s top headlines:
1. SEC Approves Spot Ether ETFs in Landmark Decision
2. Crypto Icon Kabosu, the Doge Meme Dog, Passes Away at 17
3. Worldcoin Ordered to Halt Operations in Hong Kong
SEC Approves Spot Ether ETFs in Landmark Decision
The U.S. Securities and Exchange Commission (SEC) has approved several spot Ether exchange-traded funds (ETFs), marking a significant milestone for the cryptocurrency industry. On May 23, the SEC gave the green light to 19b-4 filings from major financial institutions including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. This approval allows these firms to list and trade spot Ether ETFs on their respective exchanges.
This decision comes amid speculation that the SEC was considering classifying Ether as a security. However, the regulatory body proceeded with the approvals, signaling a major step forward for Ethereum-based financial products. While the 19b-4 filings have been approved, the ETF issuers must still secure approval for their S-1 registration statements before the spot Ether ETFs can officially begin trading. Industry analysts suggest this process could take several days to months.
Interestingly, the SEC has not yet approved Hashdex’s spot Ether ETF application, which has a final deadline set for May 30. The approval comes just a day after the U.S. House of Representatives voted in favor of the Financial Innovation and Technology for the 21st Century Act, which aims to provide regulatory clarity for the cryptocurrency industry.
The SEC’s decision follows the approval of several spot Bitcoin ETFs in January, reflecting a growing acceptance of cryptocurrency-based financial products. The announcement had an immediate impact on Ether’s price, which briefly surged above $3,900 before stabilizing around $3,759.
Crypto Icon Kabosu, the Doge Meme Dog, Passes Away at 17
Kabosu, the Shiba Inu who became the face of the popular “Doge” meme and Dogecoin cryptocurrency, passed away peacefully on May 24 at the age of 17. Kabosu’s owner, Atsuko Sato, shared the sad news on her blog, expressing gratitude for the global support and announcing a farewell party for “Kabo-chan” on May 26.
Kabosu first rose to fame in 2010 when Sato posted photos of her on a blog, with one particular image capturing Kabosu’s skeptical and curious expression. This image quickly went viral, spawning the “Doge” meme, characterized by phrases in broken English and Comic Sans font. By 2013, Dogecoin was created, using Kabosu’s image as its logo, and quickly became a beloved cryptocurrency.
Despite its origins as a joke, Dogecoin gained a substantial following and was used in various charitable efforts, such as funding clean water projects and supporting the Jamaican bobsled team. Kabosu’s influence extended beyond the crypto world, even impacting political campaigns and digital culture.
In December 2022, Sato informed the community of Kabosu’s health struggles, which sparked a wave of support from the crypto community, including Dogecoin co-creator Billy Markus. Kabosu’s legacy as an internet icon and symbol of the cryptocurrency movement will be fondly remembered by fans worldwide.
Worldcoin Ordered to Halt Operations in Hong Kong
Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) has ordered Worldcoin to stop all operations involving the collection of biometric data, citing violations of the Personal Data (Privacy) Ordinance (PDPO). On May 22, Privacy Commissioner Ada Chung Lai-ling issued an enforcement notice, following an investigation that began in January 2024.
The PCPD found that Worldcoin’s practice of scanning and retaining iris and facial images for up to 10 years was unjustified and posed significant privacy risks. The investigation revealed that the collection of face images was unnecessary, as iris scanning devices could verify participants’ humanness without this additional data. Moreover, Worldcoin’s privacy notice was not available in Chinese, preventing non-English speaking participants from fully understanding the project’s policies and risks.
Worldcoin had scanned the faces and irises of 8,302 individuals in Hong Kong before the enforcement notice. The project, launched officially in July 2023, has faced regulatory scrutiny in multiple countries, leading to suspensions in Kenya and India.
The PCPD’s ruling underscores the importance of protecting personal data and ensuring that participants are fully informed and consent to the use of their biometric data. Worldcoin’s operations in Hong Kong have been deemed unfair and unlawful under the current data protection principles, prompting this decisive regulatory action.
