The Crypto Weekly Digest May 9: Michelle Bowman Confirmed by Senate As Fed Vice Chair
Hey folks!. It’s a privilege once again welcoming you to our latest edition of the Crypto Weekly Digest, which covers insights that hit the headlines in the past 24 hours. The week in crypto was packed with bold regulatory moves, strategic Bitcoin acquisitions, and sharp shifts in Ethereum’s market data. From legislative nods in Washington to strategic declarations in Singapore and Moscow, each development offered key signals about where crypto is heading next.
In a tense Capitol Hill session, a narrow Senate vote reshaped the future of U.S. financial oversight. Michelle Bowman’s confirmation as Vice Chair for Supervision not only signaled a policy shift—it gave the crypto industry its most symbolic nod yet. Amid growing regulatory uncertainty, her leadership could become a turning point for digital finance believers worldwide. Her stance has been welcomed by pro-crypto lawmakers such as Senator Cynthia Lummis, who called her confirmation a win for the digital asset sector.
Singapore Sets June 30 Deadline for Unlicensed Crypto Firms
Across the globe, regulatory clarity sharpened in Singapore as the Monetary Authority of Singapore (MAS) issued a firm mandate that all unlicensed digital token service providers (DTSPs) must cease offering services to foreign clients by June 30, 2025. Enforced under Section 137 of the Financial Services and Markets Act, the order applies to all Singapore-based or incorporated entities, regardless of their overseas client base. Notably, MAS announced no grace period or transitional leniency, marking a significant tightening of compliance requirements in one of Asia’s leading crypto hubs.
Regulatory Updates
Back in the United States, the U.S. Securities and Exchange Commission delayed its decision on the Spot SUI ETF proposed by Canary Capital. The ETF aims to allow institutional and retail investors to access the Sui blockchain’s native token through traditional stock exchanges. While market participants hoped for swift approval, the delay has introduced more uncertainty into the conversation about mainstream exposure to emerging blockchain assets.
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Institutional Moves
Japanese firm Metaplanet made waves after acquiring 1,088 Bitcoins worth ¥16.89 billion at an average price of ¥15.52 million per BTC. This strategic move brought the company’s total holdings to 8,888 BTC, valued at ¥122.27 billion as of June 2, 2025. Metaplanet’s Bitcoin acquisition program, initiated in 2024, has rapidly gained momentum through equity-based funding rounds and zero-coupon bond offerings. Each purchase has been tied to a specific bond series or exercised stock rights, making the firm’s aggressive crypto treasury strategy highly structured and transparent.
Meanwhile, Ethereum co-founder and Consensys CEO Joe Lubin revealed during an interview on Rug Radio that his firm is in active discussions with major sovereign wealth funds and top banks from a “very big” country. These talks focus on building infrastructure directly on Ethereum, raising speculation about potential institutional ETH purchases. Lubin hinted at a “new decentralized supercycle,” especially as Consensys recently supported a $425 million investment in SharpLink Gaming, which is transitioning its treasury strategy to Ethereum.
Another major development came from Uber. Speaking at the Bloomberg Tech Summit, CEO Dara Khosrowshahi announced that the company plans to begin accepting Bitcoin and other cryptocurrencies for payment. While Uber will not invest in or hold cryptocurrencies on its balance sheet, the move reflects its broader goal to expand digital payment options without taking on crypto-related market risks.
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Market Overview
Ethereum’s market fundamentals showed a striking shift as exchange reserves dropped to a seven-year low. Glassnode data revealed that ETH held on exchanges fell from over 34 million in late 2020 to just around 16 million by mid-2025. Historically, lower exchange reserves often coincide with price gains due to reduced selling pressure.
Over in Russia, the Moscow Exchange launched Bitcoin futures trading on June 4, 2025. These contracts are quoted in U.S. dollars and settled in Russian rubles, with eligibility limited to qualified investors. The futures are based on the iShares Bitcoin Trust ETF (IBIT) and allow exposure to Bitcoin’s price without direct ownership, offering a new investment route within the framework of Russian regulations.
On a more concerning update, Salus founder Mirror Tang revealed that Chinese law enforcement investigators had uncovered three crypto laundering operations since March 2025. These schemes are said to have manipulated HyperLiquid’s trading mechanisms to create artificial losses on decentralized platforms while making opposite profitable trades on centralized exchanges. This technique is an evolution of a method previously employed by illicit actors to move funds undetected; with the emergence of such a method, concerns about DeFi vulnerabilities are being raised.
