Today’s Top Crypto News: Key Developments in Bitcoin (BTC) and Ethereum (ETH)

<ul>
  <li>The crypto community is questioning why the approval process for Ether ETFs differs from the approval process for Bitcoin ETFs in January.</li>
  <li>The U.S. Securities and Exchange Commission (SEC) has approved spot Ether ETFs, but this has not significantly impacted ETH's price.</li>
  <li>Montenegro's Minister of Justice discussed legal proceedings involving Do Kwon with the SEC.</li>
</ul>
<p><strong>Discover the latest developments in the crypto world, including the approval of Ether ETFs and the ongoing legal issues surrounding Do Kwon.</strong></p>
<h2><strong>Spot Ether ETFs Approved but Raise Questions</strong></h2>
<p>The SEC has approved spot Ether ETFs through its Division of Trading and Markets, unlike the spot Bitcoin ETFs, which were approved by a five-member committee vote, including SEC Chairman Gary Gensler. The SEC approved 19b-4 applications from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton but declined to comment beyond the official decision.</p>
<p>Bloomberg ETF analyst James Seyffart noted that this is normal, but not everyone is convinced. A user on X (formerly Twitter) highlighted that a commission member could appeal the decision within the next 10 days, suggesting that the delegation of authority might be politically motivated to conceal votes.</p>
<h3><strong>Current Status of Spot Ether ETFs</strong></h3>
<p>On May 23, the SEC approved 19b-4 applications from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, allowing spot Ether ETFs to be listed and traded on their respective exchanges. Ether's price fell by 3.4% just before the news, rebounded by about 5% shortly after, and is currently trading at $3,806.</p>
<p>Some analysts suggest that the lack of significant price movement is because the Ether approvals were already priced in earlier in the week. Others argue that the absence of substantial price action is due to the Ether ETFs not yet receiving the necessary S-1 approvals for their market launch.</p>
<h2><strong>SEC and Montenegro Government Discuss Do Kwon Case</strong></h2>
<p>The Montenegro Government has opened communication channels with the U.S. SEC regarding Terraform Labs co-founder Do Kwon, who was arrested in the Eastern European country in March 2023. The dialogue between Montenegro's Minister of Justice and the SEC was summarized in a statement released by the Montenegro government on May 22. The Minister of Justice discussed the SEC's case against Do Kwon, who was found guilty of fraud in an April ruling.</p>
<p>Following his release, Kwon is free to travel within Montenegro, but his lawyers have filed various appeals to delay his extradition. Depending on the court's decision, Kwon could be extradited to either South Korea or the United States. Terraform's collapse in 2022 was one of the most significant failures in crypto market history, initiating a crypto winter that saw digital asset prices plummet throughout the year.</p>
<h2><strong>Bybit CEO Addresses Bankruptcy Rumors</strong></h2>
<p>Bybit CEO Ben Zhou addressed rumors on X about the platform being hacked and going bankrupt. On May 22, rumors of a bankrupt exchange spread on X. While some joked about withdrawing their funds from the exchange, others sought to understand the situation more deeply. The chart showed Bybit's wallets being emptied, raising concerns about a potential hack or bankruptcy. However, Bybit CEO Zhou stated that the rumors were unfounded: "None of the rumors I've seen so far are supported by facts; please be aware of the truth."</p>
<h3><strong>Conclusion</strong></h3>
<p>The approval of spot Ether ETFs by the SEC has sparked questions within the crypto community, particularly regarding the differences in the approval process compared to Bitcoin ETFs. Meanwhile, the ongoing legal issues involving Do Kwon continue to unfold, with potential implications for his extradition. Bybit CEO Ben Zhou has also addressed and dismissed bankruptcy rumors, emphasizing the importance of verifying information. As always, readers are advised to conduct their own research before making any investment decisions.</p>