Bitcoin critic and economist Peter Schiff has criticized the flagship crypto again, calling it a ‘scam.’ He also alluded to the recent BTC price surge and suggested that a crash is imminent. Meanwhile, Schiff’s favorite asset, gold, is again eyeing a new all-time high (ATH).
Peter Schiff Comes For Bitcoin Again
In an X post, Schiff asserted that BTC is a “total scam.” This came as he remarked that the Bitcoin price was only pumping due to the US government pumping the crypto asset. The economist also commented on gold’s price action, noting that it had enjoyed significant gains in the last 24 hours and claimed that a breakout was near.
In another post, the Bitcoin critic again stated that the flagship crypto is a “total fraud.” He added that the longer market participants take to figure this out, the more money they will lose. Schiff also commented on the US dollar’s decline and boldly affirmed that gold is the only monetary asset that can replace it as the global reserve currency.
The economist’s comments on the US pumping the Bitcoin price relate to the plans to create a Strategic Bitcoin Reserve. He recently criticized Donald Trump’s BTC plans and claimed they were a waste of resources on the flagship crypto.
The US is expected to move forward with the Reserve plans, with the US Treasury drawing up a comprehensive plan on how it will establish and manage this reserve using seized assets. Meanwhile, it is worth mentioning that New Hampshire became the first state to sign the Strategic Bitcoin Reserve bill into law today.
Bitcoin Reclaims The $95,000 Level
Amid Peter Schiff’s latest fraud comments, the Bitcoin price has again reclaimed the psychological $95,000 level. This also comes amid market uncertainty due to Trump’s tariffs, inflation, and recession concerns. Market participants seem to view the flagship crypto as a hedge against the current macro conditions.
Schiff’s favorite asset, gold, is also enjoying an upward trend at the moment. Its price surge has extended to almost $200 in two days and is now just 2.5% short of a new all-time high (ATH). The market commentator The Kobeissi Letter noted that this price surge isn’t normal, hinting at inflationary pressures in the market.
Figment Acquisitions:- In a major market update coming from the leading staking giant, Figment, the firm is eyeing million dollar acquisitions in the industry.
According to a Bloomberg report, the firm is targeting mergers and acquisitions with crypto-focused firms.
Figment CEO Lorein Gobel who is leading the fourth startup Figment said in a recent interview, “I really just want to see how far we can take it at this point”.
Before co-founding Figment in 2018, Gobel had founded and lead three firms – Interlog, Bird on a Wire Networks, pingg.com, a Social networking/messaging startup.
Notably, the Canada-based crypto staking services provider Figment raised $50 million in a Series C funding round in the year 2021. CEO Lorein has now revealed that it not looking to raise rather acquire.
What Kind of Crypto Firms is Figment Looking to Acquire
Figment asa leading proof-of-stake (PoS) infrastructure providerserves institutional clients in the blockchain space. It currently manages more than $15 billion in staked assets.
And now the firm is reportedly looking to acquire projects that have dominant status on blockchains like Solana or Cosmos. The range of its acquisitions would be $100M–$200M.
It is likely seeking to acquire small crypto projects, with the terms sheet already out, according to the CEO Lorein Gobel.
The firm’s core business operations are in providing non-custodial staking services for PoS blockchains. This includes Ethereum, Solana, Cosmos, Polkadot – managing more than $15 billion in staked assets.
Accordingly, it can be eyeing acquisition of mid-sized staking and infrastructure boutiques. This can constitue validator operators, API/tooling startups, and regional specialists on high-growth PoS networks.
Such projects can easilybolt onto its institutional staking platform and accelerate its leadership in the Web3 infrastructure space.
Figment was valued at $1.4 billionin a 2024 financing by Thoma Bravo,Counterpoint Global (Morgan Stanley), Franklin Templeton, and Avon Ventures (Fidelity).
With $100-$200 million acquisitions, it is effectively willing to deploy between 7 % and 14 % of its current valuation on strategic bolt-on deals.
Figment’s acquisition push comes amid a broader boom in crypto M&A this year. This is being credited to the developing pro-crypto environment in United States under Trump Administration.
So far in 2025, 88 dealstotaling $8.2 billionhave closed. It is nearly three timesthe value seen over the same period in 2024.
Notable billion-dollar crypto deals signed this yeearinclude Kraken’s $1.5 billionpurchase of NinjaTrader in March for expansion of its exchange into retail futures trading.
Ripple’s $1.25 billionacquisition of Hidden Road on April 8, 2025 became the largest crypto deal, bolstering its institutional settlement network.
Another largest crypto-related listings to date includes the most recent $3.6 billion SPAC mergertaking Twenty One Capital public.
Thus, as Figment too eyes acquisitions and mergers, the broader ecosystem of crypto deals is set to receive a boost.
A new crypto market structure discussion draft has been released by key U.S. House committees, marking a new phase in digital asset regulation.
The U.S. House Financial Services Committee and House Agriculture Committee published the draft on Monday, May 5, 2025, aiming to create a more structured and transparent regulatory environment for cryptocurrencies and related markets.
Clear Roles for US SEC and CFTC Crypto Market Bill
The draft crypto market bill outlines a more distinct separation of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under the proposed framework, the US SEC will regulate digital assets that are considered investment contracts. The CFTC will oversee digital commodities and their spot markets.
This approach addresses concerns raised during earlier debates over the Financial Innovation and Technology for the 21st Century Act (FIT21). Justin Slaughter of Paradigm commented on X, “Overall, this bill again would make the CFTC the dominant crypto regulator,” but he noted that the SEC would retain jurisdiction until decentralization is proven.
The bill also aims to prevent securities laws from applying to digital commodities traded on secondary markets unless those transactions grant the buyer rights to the issuer’s profits or assets.
Definitions for Decentralization and Network Maturity
A clear decentralization test is included in the crypto market bill draft. A project must not be under unilateral control by any single party. If any party holds more than 10% of the token supply, they must disclosed while the network remains centralized.
A blockchain is described as “mature” if it has utility, is fully developed, is open, follows transparent rules, and is not centrally controlled. These definitions aim to clarify when networks transition from securities oversight to commodities regulation.
Such criteria will assist developers and regulators in determining how a project should be governed during its lifecycle.
Investor Access and Regulatory Exemptions
The draft crypto market bill removes wealth and income restrictions for retail investors, opening the market to a wider public. This shift eliminates accredited investor checks and suitability standards that were seen as barriers to broader participation.
In addition, the draft outlines how digital commodity exchanges can register with the CFTC. It also introduces an optional early registration process for issuers and encourages joint rulemaking between the US SEC under the new chair Paul Atkins and CFTC.
For decentralized finance (DeFi), the draft proposes exemptions for protocols that are non-custodial and do not exercise discretionary control over users’ funds.
Stablecoin Definitions and Senate Challenges
Stablecoins are defined under the draft crypto market bill without being categorized as securities. However, a separate stablecoin bill has encountered resistance in the Senate. Nine Senate Democrats recently withdrew support, raising concerns over risks that new language might introduce.
Senator Chuck Schumer has voiced concerns over the operations of Tether, a major stablecoin issuer. These concerns have created uncertainty around the timeline for comprehensive stablecoin regulation.
Rep. French Hill stated, “Our discussion draft builds upon that work and provides much-needed regulatory clarity for the digital asset ecosystem.” Rep. Glenn Thompson added, “Regulatory clarity is long overdue in digital asset markets. This is the first step in advancing a comprehensive framework.”
A hearing titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century” is expected to further discuss the contents of the draft.
Push for Capital Gains Tax Reform on Crypto Market
Alongside the release of the draft crypto market bill, public discussion around tax treatment of crypto transactions has also increased. Industry voices have called for a change in how everyday crypto use is taxed ahead of the US SEC crypto roundtable.
Kristoph Jeffers wrote on X,
“Now let’s eliminate cap gains tax on Bitcoin so people can use it as currency.” Matthew Sigel, head of digital assets research at VanEck, replied, “Agreed. Hard to call it money if every purchase triggers a 1099.”
Sigel referred to the ongoing work in the Senate to introduce a de minimis exemption through the Lummis-Gillibrand bill, which would allow small crypto transactions to go untaxed. “A de minimis exemption for crypto transactions is long overdue, and already in the works,” he wrote.
Solana has emerged as a powerful presence in the crypto industry. Since its inception in 2020, the network has dominated the market, demonstrating remarkable levels of user engagement and practical utility, particularly in decentralized finance (DeFi). Many in the industry view it as the next natural contender to receive an ETF approval in the United States.
However, others are more cautious in their evaluations. BeInCrypto spoke with representatives from Gravity, Variant, and OKX to understand the areas where Solana is still lacking. Industry leaders referred to centralization, network reliability, and excessive regulation as points of contention for Solana’s ETF approval.
Bitcoin and Ethereum’s Precedent
The availability of exchange-traded funds (ETFs) for prominent cryptocurrencies has grown over the past year. These funds offer investors diversified investment opportunities and act as a bridge between traditional finance and the increasingly mainstream cryptocurrency market.
Meanwhile, the deadline for some filings, including Grayscale’s, was extended until October. Nonetheless, posts on X and some analytical reports suggest yesterday’s deadline as a date of interest for an initial or consolidated SEC response to several applications.
2025 Predictions and Market Expectations
The tentative approval of a Solana ETF has generated much debate across social media platforms. ETF President Nate Geraci formally predicted that 2025 would be the year of crypto ETFs and that Solana would receive its approval this year.
Per previous reports, former Trump White House Secretary Anthony Scaramucci expressed that, with a Trump reelection, Solana ETFs could gain approval during Q1 of 2025. According to his predictions, Solana would receive the SEC’s green light during the next two weeks.
Meanwhile, the prediction market Polymarket estimates an 82% chance that a Solana ETF will get approved in 2025.
According to a Polymarket poll, Solana has an 82% chance of getting an ETF approval in 2025. Source: Polymarket
Several factors make an imminent Solana ETF approval seem plausible. Less than five years after the network launched, Solana quickly became a major player in the crypto industry, attracting users for its high transaction speeds and low gas fees.
“From a network perspective, Solana’s performance has been remarkable, now driving nearly 50% of all global DEX volume– a dominance that fundamentally reshapes the DeFi landscape. The blockchain is not just handling unprecedented transaction volumes… it’s transforming our understanding of blockchain scalability at scale,” Lennix Lai, Global Chief Commercial Officer at OKX told BeInCrypto.
Solana has established itself as a dynamic force in the crypto industry following a successful 2024.
A Messari report detailed particular growth in Solana’s final quarter across DeFi, liquid staking, NFTs, and institutional involvement. The total value locked (TVL) in Solana’s DeFi sector increased substantially, growing by 64% to $8.6 billion, which placed it behind Ethereum as the second-largest network based on TVL.
Solana’s positive performance, coupled with Donald Trump’s reelection to the US presidency, further amplified the crypto industry’s optimism over an ETF approval.
However, some industry experts have expressed more tempered expectations.
Experts Offer Tempered Expectations
A few days before Trump assumed the presidency, Bloomberg Intelligence analyst James Seyffart said Solana ETFs may not be launched in the US until 2026. He cited the SEC’s precedent of taking a lot of time to review filings as the cause for delay.
In another post, Bloomberg Senior ETF analyst Eric Balchunas said that ETF approvals for other cryptocurrencies were more likely to occur before Solana.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas said.
Balchunas further explained that complex legal issues around Solana, relating to its status as a security, need to be resolved before it can gain ETF approval. Consequently, he deemed the approval of Litecoin or Hedera ETFs more likely.
Uncertainty over whether Solana classifies as a security is a major driver fueling doubts over its ETF approval.
Security Classification Concerns
Martins Benkitis, co-founder and CEO of Gravity, explained that Solana’s regulatory classification complicates its path to approval.
“It’s no secret there’s currently a lack of precedent for Layer-1 blockchains beyond Bitcoin and Ethereum in the ETF space, this suggests cautious optimism but with higher regulatory hurdles. Bitcoin, being a commodity in the SEC’s eyes, and Ethereum’s gradual transition to PoS had different legal considerations. Solana, on the other hand, faces concerns over potential classification as a security due to its token distribution and foundation’s involvement,” Benkitis told BeInCrypto.
The SEC identified Solana as a security in lawsuits against Binance and Coinbase over the past two years, although these lawsuits have since been dropped. The SEC argued that these tokens could be considered investment contracts under the Howey Test.
While some interpreted the SEC’s lawsuit withdrawal as a softening stance on Solana’s security classification, others quickly challenged this assumption.
“There is no reason to think [the] SEC has decided SOL is a non-security. That they don’t want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy,” said Jake Chervinsky, Chief Legal Officer at Variant, following the Binance lawsuit withdrawal in July 2024.
Others believe that a pro-crypto administration should be enough to influence the SEC to consider Solana as a non-security. Lai disagrees.
“The changing political landscape, particularly with Trump’s victory and pro-crypto stance, could create a more constructive environment for innovative blockchain platforms like Solana. However, the technical and market structure considerations will remain crucial regardless of administration changes,” he said.
In the meantime, there are several other requirements Solana must meet.
On his part, Lai added other aspects to the list of considerations.
“While Polymarket shows high odds for 2025 approval, several critical factors suggest a more complex pathway: Solana’s technological architecture presents unique challenges with its PoS mechanism; The absence of CME futures raises liquidity and risk management concerns; Historical network downtime incidents need addressing; Centralization questions relative to BTC and ETH remain unresolved; Institutional interest hasn’t matched BTC and ETH levels despite the network driving 48% of global DEX volume; [and] the temporary nature of trending themes suggests caution in using current volumes as primary indicators,” Lai told BeInCrypto.
Concerns about centralization and scalability have long been discussed regarding Solana, even outside of discussions over an ETF approval.
Since 2021, Solana has suffered over a dozen network outages varying in severity. These outages have jeopardized the network’s reputation as stable and reliable– two strongly considered characteristics during the ETF approval process.
“From a market making standpoint, network reliability is crucial as any downtime or congestion can significantly impact trading operations and order execution,” Benkitis affirmed.
However, Solana has successfully curbed the number of outages it has experienced. Once notorious for the frequency of its shutdowns, the last time Solana experienced one was in February 2024.
Meanwhile, developers designed Solana’s upcoming Firedancer validator client to improve network stability and transaction processing. Its distinct codebase offers greater resilience against widespread outages and will enhance Solana’s performance.
Yet, Solana must also mitigate centralization concerns to improve its chances of obtaining ETF approval.
Centralization Concerns
Solana’s validator node requirements, which demand significant hardware investments, can create barriers to entry. These obstacles can potentially concentrate power within the network among those capable of affording the necessary infrastructure.
In turn, the protocol’s limited number of validators compared to other networks raises concerns over centralization. For context, while Solana currently has around 2,000 active validators, Ethereum passed the one million benchmark last year—the largest number recorded by any blockchain network.
Though Solana’s hardware reliance speeds up the network, it also raises decentralization concerns. Benkitis factored this aspect into his evaluation of an ETF approval.
Its currently underdeveloped futures market infrastructure further complicates Solana’s viability as an ETF candidate.
Its filings were unprecedented because the network did not have a previously established futures market. This factor was crucial in determining an ETF approval for Bitcoin and Ethereum.
“The lack of CME futures and institutional frameworks comparable to BTC/ETH could influence [the SEC’s] evaluation,” Lai said.
He added that the proliferation of meme tokens minted on Solana could present themselves as a potential roadblock.
“Market reactions reflect Solana’s emergence as the primary driver of this cycle, with DEX volumes exceeding $100 billion and dominating major aggregators. However, I believe the temporary nature of trending themes suggests continued volatility. While technological advancement and growing institutional adoption may provide stronger foundations, we need to maintain perspective on the cyclical nature of crypto trends,” Lai said.
This more recent development in Solana’s attraction also brings its set of downsides.
Meme Coin Influence and Regulatory Concerns
The expanding meme coin market on Solana partially explains its popularity. Platforms like Pump.fun allow anyone to launch their tokens, and this design has even led to celebrities launching their tokens on the platform.
More recently, political figures like Donald Trump and Argentine president Javier Milei have also launched meme tokens on Solana platforms. Yet, these activities have proven to be high-risk. In many cases, meme coin investments have caused smaller retailers millions of dollars in losses.
Benkitis said that the SEC might frown upon the speculative nature of these trading activities.
“While an ETF approval could unlock liquidity opportunities, the market’s heavy dependence on speculative sentiment calls for a measured and cautious approach,” he said.
With so many considerations, approving a Solana ETF in 2025 is far from guaranteed. The SEC’s eventual decision will be a defining moment for the network and the broader crypto industry.
