May 30 Crypto News – Daily Crypto Update

May 30 Crypto News – Daily Dispatches from the Digital Frontier

Crypto News- Matter Labs’ recent move to trademark the term “zero-knowledge” has ignited a wave of resistance within the crypto industry. The firm’s application to claim exclusive rights to the term in nine countries has drawn sharp criticism from analysts and industry insiders alike.

Zero-knowledge (ZK) technology, integral to cryptographic protocols, allows for secure transactions without revealing sensitive information. Matter Labs’ attempt to monopolize this technology has been labeled as an “absurd IP grab” by Eli Ben-Sasson, CEO of StarkWare, and has prompted a public outcry.

In response, top figures such as Polygon co-founders Sandeep Nailwal and Brendan Farmer, along with Turing award winner Shafi Goldwasser, have penned a public letter denouncing Matter Labs’ actions. They argue that ZK technology is a public good that should remain accessible to all, and they call for the withdrawal of Matter Labs’ trademark filings.

Anticipation Builds for Ethereum ETF Launch

Meanwhile, anticipation is mounting for the potential launch of Ethereum exchange-traded funds (ETFs) in the United States. Analysts foresee a “legit possibility” of these ETFs hitting the market by late June, spurred by recent developments in BlackRock’s filings.

BlackRock, a major player in the financial industry, has updated its Form S-1 for the iShares Ethereum Trust (ETHA), a crucial step towards ETF approval. Bloomberg ETF analyst Eric Balchunas views this update as a positive sign, signaling progress towards regulatory clearance. While a late June launch is deemed feasible, Balchunas remains cautious, suggesting a July debut as more likely.

Gemini to Return Billions to Earn Program Users

In another significant development, cryptocurrency exchange Gemini has announced plans to distribute $2.18 billion to users of its Earn lending program. This move follows an 18-month freeze on withdrawals, during which users were unable to access their funds.

Gemini’s decision to reimburse Earn users marks a significant milestone in resolving the fallout from the program’s discontinuation. The company pledges to return users’ assets in full, including any appreciation accrued during the lending period.

The distribution comes on the heels of Genesis, a crypto lending firm, receiving approval to settle $3 billion in creditor claims. Gemini, having substantial funds locked up with Genesis, is now taking steps to honor its commitments to users affected by the lending program’s closure.

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