The New York Attorney General has reached a substantial $2 billion settlement with the crypto firm Genesis. According to Markus Thielen, a researcher from 10x Research, this development could herald a significant price surge for Bitcoin. Concurrently, the fate of spot Ether exchange-traded funds (ETFs) will likely be decided by a five-member panel at the U.S. Securities and Exchange Commission (SEC), with Chair Gary Gensler potentially casting the decisive vote.

In a recent announcement, New York Attorney General Letitia James revealed the conclusion of a $2 billion settlement with Genesis. This settlement, approved by a bankruptcy court, mandates the return of funds to Genesis investors and bans the company from operating in New York. James accused Genesis of misleading investors, who had deposited $1.1 billion through the Genesis Earn program. Genesis’ interim CEO, Derar Islim, expressed satisfaction with the court’s approval of both their bankruptcy plan and the settlement agreement, emphasizing the firm's commitment to maximizing value for all creditors.

The lawsuit against Genesis was initiated in October 2023 and was later expanded to include Digital Currency Group, its CEO Barry Silbert, and former Genesis CEO Soichiro Moro. This legal battle and subsequent settlement mark a significant event in the crypto industry, potentially influencing future regulatory actions and company behaviors.

In parallel, the price of Bitcoin might be poised for new all-time highs if it can surpass the critical resistance level of $67,500. Thielen’s report highlights this price point as a significant barrier, suggesting that a breakthrough above this level could trigger substantial gains. Recently, Bitcoin has shown robust performance, recovering above the $66,000 mark and experiencing a 7.3% increase over the past week.

Meanwhile, the decision on spot Ether ETFs is imminent, with the SEC’s five commissioners set to vote. Historically, a similar panel composition approved spot Bitcoin ETFs earlier this year. The upcoming vote on May 23 for VanEck’s spot Ether ETF will likely hinge on SEC Chair Gensler’s stance, as his vote previously played a crucial role in the approval of Bitcoin ETFs. The outcome of this vote could significantly impact the cryptocurrency market, particularly for Ether investors and proponents.