Fed Ends Bank Crypto Oversight; BitMine Adds $600M ETH
The Federal Reserve has terminated its special crypto oversight plan for banks, returning oversight of emerging digital asset activities to routine supervision. This regulatory change eases compliance burdens and could boost institutional participation in crypto markets. Meanwhile, BitMine has purchased $600 million worth of Ethereum (ETH) over the past 10 hours, raising its total ETH holdings to 1.297 million coins (≈$5.77 billion), signaling strong institutional confidence in Ethereum accumulation. In other developments, Digital Currency Group sued its subsidiary Genesis for $105 million, SEC Chair Gary Gensler asserted authority to craft blockchain rules without Congress, and GrayScale filed for a Dogecoin (DOGE) ETF tickered GDOG. Crypto exchange Gemini revealed IPO plans under ticker GEMI with a $282.5 million first-half net loss. Data show Ethereum’s TVL topping $95 billion—the highest since early 2022—while Bitcoin and Ethereum spot ETFs saw net outflows. These combined events underscore evolving crypto oversight, robust Ethereum accumulation, and significant institutional moves. Key keywords: crypto oversight, Ethereum accumulation, regulatory change.
Bullish
The Fed’s rollback of special crypto oversight reduces compliance hurdles for banks, potentially unlocking new institutional liquidity in digital assets. At the same time, BitMine’s $600 million Ethereum accumulation demonstrates continued institutional faith in ETH’s long-term value. Combined with signs of robust on-chain activity—Ethereum TVL at multi-year highs—and regulatory clarity from the Fed and SEC, trader sentiment should turn more optimistic in both the short and long term. Historically, eased banking regulations and major institutional buys have preceded upward price momentum in cryptocurrencies.