Nigeria's crypto industry is in a state of uncertainty due to mixed signals from President Bola Tinubu's government. While Tinubu pledged to legalize crypto and blockchain for the banking sector in his campaign, recent actions have left stakeholders confused. The clampdown on P2P trading, arrest of a Binance executive, and accusations of currency manipulation have cast a shadow over the industry. Despite this, the Nigerian Securities Exchange Commission has published regulations for digital assets and lifted its ban on banks operating accounts for crypto service providers. However, the government is now preparing to introduce regulations banning P2P crypto exchanges using the Nigerian naira.

The SEC's "regulation-by-enforcement" approach to the crypto industry is intended to "choke" the sector, according to Coinbase. In a recent filing, the exchange accused the SEC of being unwilling to establish clear guidelines for the industry. Coinbase also stated that the SEC believes its rules are "workable enough" due to its legal actions against firms for violations. However, the SEC has countered by stating that its rules may only pose challenges for a small segment of the industry. Despite optimism for a dismissal, Coinbase's ongoing lawsuit with the SEC continues.

BlackRock's Ethereum ETF could launch as early as June, following positive developments in the approval process. Meanwhile, Binance France has changed ownership after a warning from the country's Financial Markets Authority. A memecoin called Turbo, created using the OpenAI chatbot ChatGPT, has reached a market cap of $638M. Bitcoin dipped 2% after wallets linked to the collapsed Mt. Gox exchange moved over $7B to an unknown wallet. Grayscale's proposed Ethereum ETF could see daily outflows averaging $110M in its first month, according to Kaiko analysts. Lastly, Bitcoin is at $67,004, Ether at $3,749, and XRP at $0.51, with a total market cap of $2.5T.

Google and Magic Leap have announced a strategic partnership to develop new extended reality technologies. Despite Google recently downsizing its augmented and extended reality teams, and Magic Leap's notorious flop in the field, the collaboration could pose a challenge to Apple and Meta in the metaverse hardware market. The partnership will leverage Magic Leap's optics expertise and Google's infrastructure, potentially leading to a new AR/XR headset. However, the specifics of what Google gains from the deal remain unclear.

OpenAI is expanding its ChatGPT services to universities and nonprofits. The AI firm has launched "ChatGPT Edu" for universities, offering enterprise-level security and affordability for educational institutions. Universities such as Oxford, Wharton, and Arizona State University are already using the service for various applications, including language learning and drug overdose prevention strategies. OpenAI is also providing further tools and support for nonprofits, offering discounted fees for ChatGPT usage. Both initiatives come with access to the latest models and features, including image generation and custom GPTs.

Ethereum's Ether (ETH) has seen a 67% rally in 2024 and may continue to rise in June, according to on-chain, fundamental, and technical indicators. ETH has entered the breakout stage of its falling wedge pattern, a bullish reversal pattern, with a potential target of around $4,255 by the end of June. Additionally, ETH's richest whales have been accumulating more of the token, boosting its potential to reach $4,000. Furthermore, the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs in June, following BlackRock's decision to update the Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC.

The Uniswap Foundation has delayed a crucial vote on UNI staking and delegation rewards due to concerns raised by a stakeholder. The vote would have brought the decentralized exchange closer to activating its “fee switch” and offering incentives to UNI tokenholders. The decision to postpone has drawn criticism, with some questioning the influence of venture capital firms on the decentralized governance system. The latest proposal, which aimed to address previous concerns, had garnered community support through an advisory vote earlier this year. The Foundation currently holds $41.41 million in fiat and stablecoins and 730,000 UNI tokens.

Changpeng Zhao, founder of Binance, the world's largest cryptocurrency exchange, has voluntarily entered a low-security federal prison in California to serve a four-month sentence. Zhao, also known as "CZ," was sentenced for charges related to money laundering at Binance. Despite the sentence, CZ plans to continue his involvement in cryptocurrency post-prison. He intends to maintain his existing crypto holdings and engage in passive investing, demonstrating his ongoing commitment to the digital asset market. The crypto community has expressed admiration for CZ's decision to serve his sentence rather than risk Binance's stability.

Bitcoin (BTC) ended June trading at $67,500, with an 11% monthly gain despite last-minute price volatility. Concerns over a cryptocurrency exchange hack in Japan and "predatory" trading moves contributed to weekly lows. US macroeconomic data, such as the Personal Consumption Expenditures (PCE) index, didn't significantly lift the mood despite beating expectations. Trading resource Material Indicators attributed the volatility to Bitcoin whales, large-volume traders who played with liquidity into the monthly close. Despite the turbulence, Bitcoin is consolidating and preparing for further upward momentum, according to Michaël van de Poppe, founder and CEO of trading firm MNTrading.

Web3, the decentralized internet, is transforming intellectual property (IP) rights protection. Its peer-to-peer networks and trustless interactions offer enhanced transparency, security, and user-centricity. Blockchain technology, central to Web3, records transactions in a tamper-proof manner, deterring plagiarism and simplifying ownership proof. Smart contracts automate IP rights enforcement, streamlining licensing processes and reducing infringement risks. IP tokenization offers a transparent and secure solution for creators to monetize their assets. However, legal gray areas and potential pitfalls exist, particularly around nonfungible tokens (NFTs) and copyright protection. Decentralized autonomous organizations (DAOs) offer a novel approach to collaborative digital rights management and enforcement. Despite these advancements, challenges remain, including legal frameworks, interoperability issues, and vulnerabilities in smart contracts.

Franklin Templeton's head of digital assets, Roger Bayston, has praised the US Securities and Exchange Commission (SEC) for its cautious approach to cryptocurrency regulation. Bayston believes the SEC's legal precedents are crucial for safeguarding the economy. He also noted a positive shift in the SEC's tone towards cryptocurrencies. Franklin Templeton, which launched its Franklin OnChain U.S. Government Money Fund in 2023, is bullish on cryptocurrencies, comparing their importance to investment portfolios to that of tech stocks 30 years ago. The company recently received approval from the SEC for a spot Ether exchange-traded fund.

Franklin Templeton, the American multinational investment firm, has disclosed its fees for its proposed spot Ether (ETH) exchange-traded fund (ETF) product in an amended S-1 application. The firm will charge an annualized rate of 0.19% of the net asset value of the fund, the same rate as its spot Bitcoin ETF product. While VanEck, Invesco, and Galaxy also submitted amended S-1 applications on the same day, none disclosed their sponsor fees. Bloomberg ETF analyst Eric Balchunas called this the "opening shot in the ETH ETF fee war."

Crypto news roundup: Former Mt. Gox CEO Mark Karpeles assures there's no immediate plan to sell the company's Bitcoin stake, which could disrupt the market. Meanwhile, Hong Kong regulators are set to oust all unlicensed virtual asset trading platforms by June 1. Despite China's Bitcoin ban, Hong Kong is praised as a "sandbox" for the development of Web3 and China's digital economy. In other news, Sinohope, a crypto investment firm, recovers 108% of deposits from the bankrupt exchange FTX, and Binance reportedly sells Gopax creditor claims at a steep discount.

Ripple CEO Brad Garlinghouse predicts an XRP exchange-traded fund (ETF) is on the horizon, in a recent interview at Consensus 2024. He also anticipates other crypto assets will follow suit, pushing the crypto market towards a $5 trillion valuation. Meanwhile, Blackrock CEO Larry Fink sparked speculation of a potential XRP ETF from the world's largest asset management firm, despite not confirming the rumors. Crypto ETFs are crucial for investors, especially institutions, as they provide exposure to cryptocurrencies without the need for direct asset holding, overcoming technical and regulatory barriers.

Despite previous technical issues, the Solana blockchain is thriving, with a record 55 million new addresses created in just two months. PayPal has recently integrated its stablecoin, PYUSD, into Solana, and LayerZero has added Solana to its network of over 70 chains. Meanwhile, BlackRock is adding shares of its Bitcoin ETF to its income and bond funds, and Semler Scientific's stock price has soared by 30% after adopting Bitcoin as its primary treasury reserve asset. Riot Platforms has proposed a $950M buyout for Bitfarms, and ARK Invest has invested $60M into Elon Musk's AI startup, xAI.

Crypto-friendly Senator Cynthia Lummis has urged President Biden not to veto the Congressional repeal of the SEC's contentious Staff Accounting Bulletin-121 (SAB-121). Lummis criticized the SEC's issuance of the guidance, arguing it bypassed necessary procedures. Despite Biden's previous threat to veto the repeal, changing attitudes towards crypto in the White House may offer hope. Following Trump's pro-crypto comments, the Biden administration has sought input from blockchain firms for future crypto policy. The crypto community now eagerly awaits Biden's decision ahead of the June 3 deadline.

In the world of decentralized finance (DeFi), memecoins are the new trend, with celebrities like pop star Iggy Azalea launching their own. Azalea has a unique anti-scam strategy: she'll burn her own coins whenever a celebrity coin is identified as a scam. Meanwhile, a trader who lost $6.91 million worth of Ether (ETH) seems to have received a large portion back from scammers. On a brighter note, a report from Immunefi reveals that crypto losses linked to hacks and frauds dropped by 12% in May. The top 100 DeFi tokens had a mixed week, with most trading in green and the total value locked in DeFi contracts staying above $100 billion.

In a series of AI-related news, a hacker named Pliny the Prompter has jailbroken GPT-4o, leading to a violation of OpenAI's policies. Meanwhile, the rapid rise in value of AI stocks like Nvidia, Microsoft, Apple, and Alphabet has sparked concerns of an AI stock bubble. In India, politicians are using AI-generated versions of themselves for campaigning, with over 50 million voice-cloned political calls made in just two months. GPT-4 has also shown its prowess in predicting company earnings and picking stocks, outperforming human analysts. Elsewhere, startup Opyl's machine learning tool, trialkey.ai, can predict the outcomes of clinical trials with over 90% accuracy, and Caristo Diagnostics' CaRi-Heart AI tech can predict heart attacks up to a decade in advance. Finally, a poll found that 20% of U.S. adults believe some AIs are already sentient.

Bitcoin's price has dipped 6.7%, settling at $67,100. Despite this, Bitcoin is only 8.7% below its all-time high. The recent inflows into Bitcoin spot exchange-traded funds (ETFs) have not sparked more bullish sentiment, leaving investors puzzled. Data shows $1.96 billion in net inflows into U.S. spot Bitcoin ETFs since May 15. However, Bitcoin withdrawal from exchanges has dropped to its lowest level since March 2018. This could be due to the movement of 141,686 BTC by the bankrupt Japanese exchange Mt. Gox, indicating an imminent asset distribution to its creditors. Regulatory uncertainty in the U.S. and ongoing legal challenges are also factors affecting Bitcoin's price.

The SEC's process for approving spot Ethereum (ETH) exchange-traded funds (ETFs) is causing a stir, especially around the inclusion of staking in the filings. While some see this as a compromise between product providers and the securities watchdog, others view it as the regulator's way of keeping a back door open for further scrutiny. The debate revolves around whether staking should be considered an investment contract and thus regulated as a security. Despite the controversy, once the ETFs begin trading, it's expected to boost ETH prices and potentially kick off the much-anticipated "altseason". However, the future regulatory attitude towards crypto remains uncertain due to the upcoming presidential election.