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Crypto News: Another Day, Another Dollar. And as the price of bitcoin (BTC) soared 15%, the US-led war on crypto took a sinister turn.

Former Coinbase CTO Balaji Srinivasan warned that big tech companies could assist law enforcement organizations if G7 countries allow crypto seizures.

Srinivasans warning statement It comes while the G7 countries and China are discussing the potential implications of gaining the right to seize digital assets.

According to Srinivasan, there is a potential risk that companies such as Apple, Google and Microsoft could scan digital devices and hand over private keys on the orders of the government.

They said:

The fact that Apple has software updates and Google can get into your Google Drive and Microsoft has Windows; And if ordered by the state, in theory, they could scan your hard drive for private keys and then pull your digital assets.

If the end of crypto is near (as some would like to believe), traditional finance didnt get the memo.

In a strange turn of events, it appears that cryptocurrencies are slowly being adopted and shaped by the very companies they sought to challenge.

The biggest event of the week came when BlackRock, the worlds largest asset manager, announced it was applying for a bitcoin spot exchange-traded fund (ETF), prompting a flood of applications from other contenders.

Of course, weve been here before. Several crypto bogeymen have tried, and failed, to gain approval from the Securities and Exchange Commission (SEC). So whats different this time?

Well, BlackRock boasts an impressive track record of securing SEC approval for its ETFs. Of the 576 ETFs BlackRock has filed with the SEC, only one has been rejected.

and to increase its chances of success, it has done agreement A monitoring-sharing agreement with Nasdaq. The goal is to share information about trading, clearing and customer identification.

This reflects a thoughtful approach to tackling regulatory hurdles and ensuring approval of the application. And it marks a significant step forward in bridging the gap between Wall Street and blockchain.

It was a bumper week for Pepe the Frog as the PEPE meme coin made headlines again, surging 71% during the week. Stax (STX) and Conflux (CFX) posted impressive gains of 46% and 40%, respectively.

Meanwhile, an analyst at JP Morgan suggested that Ethereum is neither a security nor a commodity. They say it should be regulated as an alternative asset to strike a middle ground between the commodity and security regulatory regimes.

Nikolaos Panigartzgolou argues that the uncertainty surrounding ETH has prevented the Securities and Exchange Commission (SEC) from including it in the list of crypto assets that it considers securities.

But opinion is divided. Senators Cynthia Loomis and Kirsten Gillibrand suggest that ETH is a commodity and should be registered with the US Commodity Futures Trading Commission instead of the SEC.

Bitcoin bull Michael Saylor argues that Ethereums initial coin offering, management team and hard fork prove its volatility. And these naturally disqualify it from being a commodity.

This weeks Bad Taste award goes to crypto degens who are betting on the fate of the missing crew while diving into the wreck of the Titanic.

But, while we now know that all souls on board were lost, polymarket was hosting a betting pool, with users placing bets on whether or not the Oceangate ship would be found by June 23.

But, the growing popularity of crypto betting on real events has raised serious ethical questions. Especially the ones involving real people.

While gambling has historically been a part of many different businesses including sports, it is impossible to ignore the ethical implications of betting on outcomes that can be tragic.

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Link:
This Week in Crypto: Bitcoin on the Moon, What Exactly Is Ethereum ... - CryptoSaurus