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<p>Despite a relative lull in the global crypto market, Bitcoin (BTC) surged above $67,000 this week. In contrast, memecoins dominated the charts in the last few days, with Floki, Pepe, Bonk, Shiba Inu, and others leading the way.</p><p>Notably, PEPE hit a new all-time high shortly after GameStop stock trader Keith Gill posted to his Roaring Kitty X account for the first time in three years.</p><p>Although this week was relatively quiet, we have compiled six top stories you might have missed but will find intriguing. Let&#39;s take a closer look at some of these stories that you wouldn&#39;t want to miss.</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://twitter.com/MelegaExchange" rel="noopener noreferrer nofollow">&#64;melega</a><a href="https://twitter.com/MelegaExchange" rel="noopener noreferrer nofollow">exchange</a>) on Twitter for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (May 12–May 18, 2024)</h2><p>●  Tornado Cash Developer Sentenced for Money Laundering</p><p>●  Institutional Investors Pour Billions into Bitcoin ETFs</p><p>●  Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April</p><p>●  Circle Moves Legal Base to the United States Ahead of IPO</p><p>●  DTCC and Chainlink Successfully Pilot Fund Data Tokenization</p><p>●  Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto</p><h3 id="tornado-cash-developer-sentenced-for-money-laundering">Tornado Cash Developer Sentenced for Money Laundering</h3><p>Alexey Pertsev, developer of Tornado Cash,<a href="https://therecord.media/tornado-cash-money-laundering-verdict-netherlands-alexey-pertsev#:~:text&#61;Co%2Dfounders%20Roman%20Storm%20and,while%20Semenov%20remains%20at%20large." rel="noopener noreferrer nofollow"> was sentenced </a>to five years and four months in prison by Dutch judges for laundering $1.2 billion in illicit assets. Despite Tornado Cash being a noncustodial protocol, Pertsev was held accountable for not preventing money laundering. This case raises concerns for open-source developers about potential liability for code misuse. Pertsev&#39;s legal team has 14 days to appeal the ruling.</p><h3 id="institutional-investors-pour-billions-into-bitcoin-etfs">Institutional Investors Pour Billions into Bitcoin ETFs</h3><p>Over 600 firms disclosed $3.5 billion in spot Bitcoin ETF investments in recent <a href="https://www.sec.gov/Archives/edgar/data/1273087/000127308724000071/xslForm13F_X02/MLP_13F_2024Q1.xml" rel="noopener noreferrer nofollow">SEC filings</a>. Millennium Management leads the investments with $1.9 billion, followed by Schonfeld Strategic Advisors with $479 million. Other major investors include Morgan Stanley, JPMorgan, and Wells Fargo. Despite a recent decline in inflows, institutional investment in Bitcoin ETFs remains substantial, reflecting strong interest and confidence in the cryptocurrency market.</p><h3 id="meme-coin-frenzy-over-1-million-new-tokens-launched-since-april">Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April</h3><p>Since April 1, over <a href="https://x.com/jconorgrogan/status/1790385292446400623" rel="noopener noreferrer nofollow">one million new crypto tokens</a> have been created, with 372,642 on Ethereum and 643,227 on Solana. A significant portion, especially on Solana, consists of meme coins. Coinbase’s layer-2 blockchain Base saw 88% of Ethereum&#39;s new tokens. This surge, driven by low costs and meme coin popularity, has led to concerns over scams and the proliferation of low-value tokens.</p><h3 id="circle-moves-legal-base-to-the-united-states-ahead-of-ipo">Circle Moves Legal Base to the United States Ahead of IPO</h3><p>Circle, the company behind USD Coin, is <a href="https://www.bloomberg.com/news/articles/2024-05-15/usdc-issuer-circle-to-make-us-legal-home-ahead-of-ipo" rel="noopener noreferrer nofollow">relocating </a>its legal base from Ireland to the U.S. to align with stricter U.S. cryptocurrency regulations and prepare for an upcoming IPO. This strategic move aims to boost investor confidence despite higher compliance costs. By adhering to U.S. regulatory standards, Circle seeks to enhance transparency and adoption, positioning itself competitively in the stablecoin market.</p><h3 id="dtcc-and-chainlink-successfully-pilot-fund-data-tokenization">DTCC and Chainlink Successfully Pilot Fund Data Tokenization</h3><p>The Depository Trust and Clearing Corporation (DTCC) and blockchain oracle Chainlink <a href="https://www.dtcc.com/dtcc-connection/articles/2024/may/16/smart-nav-pilot-report-bringing-trusted-data-to-the-blockchain-ecosystem" rel="noopener noreferrer nofollow">completed a pilot program </a>with major U.S. banks, including JPMorgan and BNY Mellon, to tokenize traditional finance fund data. The Smart NAV Pilot utilized Chainlink&#39;s Cross-Chain Interoperability Protocol to bring net asset value (NAV) data on-chain, enhancing automated data management and enabling various on-chain use cases. This initiative supports future financial industry innovations and broader API solutions for price data.</p><h3 id="senate-votes-to-overturn-sec-crypto-rule-biden-threatens-veto">Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto</h3><p>The U.S. Senate<a href="https://twitter.com/BlockchainAssn/status/1791147044855337081" rel="noopener noreferrer nofollow"> passed a resolution</a>, 60-38, to nullify the SEC’s Staff Accounting Bulletin No. 121, which requires banks to keep customers’ digital assets on their balance sheets. Critics argue this stifles innovation. President Biden intends to veto the resolution to protect investors and the financial system. If vetoed, Congress needs a two-thirds majority to override. This marks a significant bipartisan move on crypto legislation.</p><h2 id="header-1">NEWS FROM MELEGASWAP</h2><h3 id="a-href-https-www-bullstarfinance-com-rel-noopener-noreferrer-nofollow-bull-star-finance-bsf-farm-pool-listed-on-melegaswap-a"><a href="https://www.bullstarfinance.com/" rel="noopener noreferrer nofollow">BULL STAR FINANCE (BSF) Farm &amp; Pool Listed on MelegaSwap</a></h3><p>BSF is a revolutionary blockchain project dedicated to philanthropy and personal development, focusing on helping children and small businesses grow.</p><h3 id="">•••</h3><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high-interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Website:<a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow"> https://melegaswap.finance</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter:<a href="https://twitter.com/melegaexchange" rel="noopener noreferrer nofollow"> </a><a href="https://twitter.com/melegaexchange" rel="noopener noreferrer nofollow">https://twitter.com/meleg</a><a href="https://twitter.com/melegaexchange" rel="noopener noreferrer nofollow">aexchange</a></p><p>Binance Square Page: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p>

Crypto Weekly Recap: Tornado Cash Dev Sentenced; Circle Prepares for IPO; 1M+ New Tokens Launched; and More (May 12–18, 2024)

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