Cryptocurrency roundup for June 16: Bitcoin Advocate Francis Suarez Files for US Presidential Candidacy in 2024; BlackRock's Bitcoin ETF Application; DoJ narrows charges against FTX founder, and more

Miami Mayor Francis Suarez, a prominent supporter of cryptocurrencies, has taken a significant step towards running for the United States presidency in 2024.
> In his bid for the Republican presidential nomination, Suarez joins the ranks of former President Donald Trump and Florida Governor Ron DeSantis, both of whom are also proponents of Bitcoin.
> The official paperwork confirming Suarez's intention to run was filed on June 14, as per records from the U.S. Federal Election Commission.
> To further outline his presidential aspirations, Suarez is scheduled to deliver a speech at the Ronald Reagan Presidential Library in Simi Valley, California on June 16.
> During this address, he is expected to delve deeper into his plans for the presidency. Continue here.

Hong Kong's banking regulator is reportedly pressuring banks, including HSBC, Standard Chartered, and Bank of China, to take on crypto exchanges as clients, despite increased scrutiny from US regulators.
> The Hong Kong Monetary Authority (HKMA) questioned these banks during a meeting last month, expressing concern over their reluctance to accept crypto exchanges as clients.
> In a letter seen by the Financial Times, the HKMA emphasized that due diligence on potential customers should not create unnecessary burdens for those seeking opportunities in Hong Kong's crypto industry.
> While banks in Hong Kong do not have a ban on crypto clients, they are cautious due to fears of potential legal consequences related to money laundering and illicit activities. Details here.

The U.S. Department of Justice has decided to focus on trying FTX founder and former CEO Sam Bankman-Fried on the charges brought against him in December 2022.
> Prosecutors have agreed to proceed with a subset of charges, including wire fraud, securities fraud, and money laundering, after the Bahamas court blocked the government from considering additional charges.
> Bankman-Fried currently faces a total of 13 charges, with five of them being brought later through superseding indictments.
> The government's willingness to proceed with the initial charges is due to the uncertainty surrounding the Bahamas court's decision and the desire to simplify the trial and preparation process. Continue here.

ResearchHub, a startup co-founded by Coinbase CEO Brian Armstrong and Patrick Joyce, has successfully raised $5 million in a seed funding round.
> Led by Joseph Jacks from Open Source Software Capital, the funding round also saw participation from prominent investors such as Boost VC, RedHat's Bob Young, Vercel’s Guillermo Rauch, Replit's Amjad Masad, and Y Combinator’s Garry Tan.
> ResearchHub aims to revolutionize the scientific community by creating a tokenized social network that rewards scientists for openly sharing scholarly content.
> By leveraging blockchain technology, ResearchHub enables researchers to collaborate, share findings, and receive feedback from peers through a suite of collaboration and publication tools. Full report here.

Binance's U.S. affiliate, Binance.US, has reportedly conducted a series of layoffs following recent regulatory charges and asset freeze requests by the Securities and Exchange Commission (SEC).
> According to insiders and employee social media posts, around 50 people have been laid off, with the affected employees primarily from the legal, compliance, and risk departments.
> Binance.US has not provided any comment or response to the reports. The SEC accused Binance and its CEO, Changpeng Zhao, of using Binance.US as a means to evade securities laws, leading to a lawsuit against the exchange.
> In response, the SEC sought to freeze Binance.US' assets, including substantial amounts of cryptocurrency and U.S. dollar bank accounts. Details here.

BlackRock's iShares division, a major fund management firm, has submitted documents to the U.S. Securities and Exchange Commission (SEC) to establish a spot Bitcoin exchange-traded fund (ETF) called the iShares Bitcoin Trust.
> The ETF will primarily hold bitcoin assets managed by a custodian on behalf of the trust, according to the filing.
> While the SEC has rejected previous attempts by other asset management companies to launch spot bitcoin ETFs, including Grayscale, VanEck, and WisdomTree, BlackRock's application may face a different reception.
> As the world's largest asset manager with over $10 trillion in assets under management, and with CEO Larry Fink's political influence potentially matching that of SEC Chairman Gary Gensler, BlackRock's proposal carries considerable weight. Full report here.

Sotheby's, the renowned auction house, successfully concluded another sale of non-fungible token (NFT) artwork seized from bankrupt crypto hedge fund Three Arrows Capital (3AC), generating impressive sales totaling over $10.9 million.
> The live auction, held in New York, showcased 37 pieces from the "Grails" collection, featuring renowned generative artists such as Dmitri Cherniak, Tyler Hobbs, and Jeff Davis.
> One of the highlights was Dmitri Cherniak's Ringers #879, also known as "The Goose," which was estimated to sell for $2-3 million but fetched a staggering $6.2 million after intense bidding from notable NFT investor 6529.
> Sotheby's declared this sale as the second-highest ever for a work of generative art. Details here.

Bitcoin experienced a significant 1.3% surge, surpassing $25,700, shortly after the iShares division of investment giant BlackRock filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
> The cryptocurrency had dropped below the $25,000 mark the day before, marking its lowest point in three months.
> Throughout Thursday, Bitcoin remained just above this level, impacted by concerns over the Federal Reserve's hawkish stance and increased regulatory scrutiny in the United States. Ethereum, the second-largest cryptocurrency, followed a similar pattern and saw a slight increase to around $1,670 after the ETF filing.
> However, it remained relatively flat compared to the previous day. Ethereum also experienced a three-month low on Wednesday.
> In contrast, MATIC, the token of the Polygon smart contracts platform, faced a significant decline of over 5%.