A Week in Review: SBF gets 25 years in prison， Fidelity eyes ETH staking & other news

Stay ahead with our weekly roundup of the 🔥hottest crypto News

#1\xa0Sam Bankman-Fried sentenced to 25 years in prison

Former FTX CEO Sam “SBF” Bankman-Friedwill serve 25 years in prisonfollowing a sentencing hearing in federal court. On March 28, Judge Lewis Kaplan of the United States District Court for the Southern District of New York sentenced Bankman-Fried to 240 months and 60 months for his conviction on seven felony charges. Judge Kaplan found that SBF also committed witness tampering based on the events thatled him to revoke bailin August 2023 and perjury based on his testimony at trial over FTX user funds. SBF was the first person tied to FTX and Alameda Research to face prison time.

#2.\xa0Fidelity files S-1 application with US SEC for spot ETH EFT with staking

Fidelity filed an S-1 application with the United States Securities and Exchange Commission (SEC) on March 27to create a spot Ether exchange-traded fund (ETF). As expected from an earlier filing, the ETF will give Fidelity the option to stake part of the ETH it holds. Fidelity Digital Asset Services, which affiliated with sponsor FD Funds Management, would serve as custodian of the trust’s ETH. The SEC has pushed back the approval deadline for other ETH ETFs to May 23. There are eight applicants for spot ETH EFTs awaiting an SEC decision.

#3.\xa0SEC can proceed with Coinbase lawsuit: Court ruling

A United States courthas denied Coinbase’s motion to dismissthe SEC’s case against the exchange. The decision, made by U.S. District Judge Katherine Failla, allows the commission to pursue its lawsuit against Coinbase. The SEC sued Coinbase in June 2023, saying the crypto exchange violated federal securities laws by listing 13 tokens it alleged were securities. The firm was seeking an order to drop the case, questioning the SEC’s authority over crypto exchanges.

#4.\xa0Prediction of the week-\xa0Bitcoin gears up for a ‘massive’ short squeeze, price could go ‘vertical’

As Bitcoin toes around the \\$70,000 price mark, there’s speculation that short-sellers are feeling the pressure due to diminishing downtrends and quicker-moving uptrends, potentially driving Bitcoin’s price to \\$80,000, according to an analyst.

“This is a textbook sign that shorts are being squeezed as we hit fresh all-time high territory,” trading resource The Kobeissi Letter stated in a March 26 X post.

The Kobeissi Letter explained the main factor for the BTC short squeeze is the margin between institutional long positions and hedge fund short positions is “at a record high.”

If Bitcoin price reaches \\$71,000, \\$156.18 million in short positions will be liquidated, per CoinGlass data. A climb to \\$75,000 will liquidate \\$3.85 billion in short positions.

#5.FUD of the week-\xa0US Justice Department charges KuCoin and two founders with violating AML laws

U.S. Department of Justice (DOJ) officialsunsealed an indictment against crypto exchange KuCoinand two of its founders for “conspiring to operate an unlicensed money transmitting business” and violations of the Bank Secrecy Act. The DOJ criminal charges were announced in parallel to a civil enforcement case from the U.S. Commodity Futures Trading Commission (CFTC), which charged KuCoin “with multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations” on March 26. According to the DOJ, KuCoin received more than \\$5 billion and sent more than \\$4 billion of “suspicious and criminal funds.”

#6.\xa0FUD of the week-\xa0US lawmakers demand SEC clarify position on Prometheum’s plans for Ether

U.S. lawmakers, including House Financial Services Committee Chair Patrick McHenry and Vice Chair French Hill,are urging SEC Chair Gary Genslerto address crypto firm Prometheum’s intention to offer institutional custody services for Ether. According to lawmakers, the announcement is at odds with the Commodity Futures Trading Commission’s (CFTC) stance on recognizing ETH as a “non-security digital asset” under its purview.

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