Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
President Donald Trump Exempts Smartphones, Computers, And Chips From New US Tariffs
Smartphones, computers, and chips have been exempted from new import duties in the United States despite the general increase in tariffs on Chinese products.
The exemption comes after Trump imposed a 145% tariff on Chinese goods, which could have major implications for tech companies like Apple.
The new guidance from US Customs and Border Protection allows these electronic goods to be exempt from reciprocal duties, easing the burden on companies relying on Chinese manufacturing.
China Promotes Digital Yuan Amid Trade Tensions
As trade tensions with the United States escalate, China is intensifying efforts to promote its central bank digital currency (CBDC), the digital yuan.
Notably, the yuan recently hit a 19-month low against the dollar amid growing concerns over tariff wars. In response, China raised tariffs on US goods and is accelerating the use of its digital currency to reduce reliance on the US dollar.
Mantra (OM) Token Price Collapses By Over 90%
The Mantra (OM) token crashed over 90% on April 13th, 2025, wiping out billions in market capitalization within hours. The token’s price dropped from around $6.30 to below $0.50, wiping out more than $5.5 billion in market capitalization.
The Mantra team attributed the collapse to “reckless liquidations” on an undisclosed exchange, denying any involvement in dumping tokens. Co-founder John Mullin described it as a “massive forced liquidation,” with the team still investigating the exact cause.
MANTRA CEO JP Mullin addressed the recent sharp decline in the price of $OM during the BTCON RWA Summit held in South Korea. He confirmed that the incident did not result from a security breach or insider/investor sell-off. Instead, the sudden drop was attributed to the liquidation of major wallets that had used $OM as collateral.
Mullin assured attendees that a detailed post-mortem analysis is forthcoming and emphasized that no team members financially benefited from the event.
In response, the team has also canceled a planned side event at ETH Seoul to dedicate their full attention to resolving the matter.
CryptoPunk Whale Pleads Guilty To Hiding $13M Profits From The IRS, Faces Up To 6-Year Sentence
Waylon Wilcox, a 45-year-old NFT trader from Pennsylvania, pleaded guilty to underreporting over $13 million in income from selling nearly 100 CryptoPunk NFTs, evading nearly $3.3 million in taxes.
This case marks a significant instance of tax evasion related to NFT sales in the U.S., with Wilcox facing a maximum six-year prison sentence, although his guilty plea may lead to a reduced sentence.
The sales occurred during the NFT boom in 2021 and 2022, while the overall NFT trading market has since declined.
Notably, Yuga Labs, the company behind CryptoPunks, previously announced it would no longer manage the collection, opting to preserve it on the blockchain and support educational initiatives instead.
Visa To Join Paxos-Led USDG Stablecoin Consortium
Visa is joining the Global Dollar Network (USDG), a stablecoin consortium led by Paxos, alongside major players like Robinhood and Kraken.
This marks Visa as the first traditional financial institution to join USDG, which also includes members like Anchorage Digital and Nuvei.
The consortium aims to share yield among its participants, contrasting with Tether’s model, which retains interest from its stablecoin reserves.
Visa and other major card networks are actively engaging in partnerships within the crypto space, with Visa also reported to be working with Sam Altman’s World Network.
Crypto Bank Anchorage Probed By US Homeland Security
The United States Department of Homeland Security, which focuses on anti-money laundering and other financial crimes, launched an investigation into the crypto company Anchorage Digital Bank, according to a report from Barron’s, citing people with knowledge of the matter.
The sources said that Homeland Security contacted former Anchorage employees to probe the company’s practices and policies without disclosing further details.
Notably, the bank was flagged by the Office of the Comptroller of the Currency (OCC) in April 2022 for failing to comply with anti-money laundering (AML) mandates and violating rules for monitoring suspicious activity. The OCC said at the time that Anchorage Digital Bank failed to adopt a compliance program that met Bank Secrecy Act (BSA) and AML protocols after being granted a conditional charter in January 2021.
“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities,” then-acting Comptroller of the Currency Michael Hsu said in an April 2022 press release. “When institutions fall short, we will take action and hold them accountable to ensure compliance with federal laws and regulations.”
SEC Delays Staking For Grayscale Spot Ethereum ETF
The SEC has postponed its decision on whether to permit staking for Grayscale’s proposed Ethereum spot ETFs.
These ETFs—the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust ETF—were submitted by NYSE Arca on February 14th, 2025. The submission included a proposed rule change allowing staking as part of the investment approach.
The initial deadline for the SEC to rule on the proposal was April 17th. However, under the Securities Exchange Act of 1934, the SEC can extend its review period by up to 90 days.
The agency has opted to take that extension, pushing the new decision deadline to July 2025.
If approved, staking would enable the ETFs to earn rewards by participating in Ethereum’s proof-of-stake mechanism—an option that has yet to be authorized for any US spot crypto ETF.
Bo Hines: The US Considers Using Tariff Revenue To Purchase Bitcoin
Bo Hines, a director of President Donald Trump’s digital asset advisory board, stated that the United States could use tariff revenue to purchase Bitcoin (BTC).
Previously, the President has expressed a desire to make the US a global crypto hub. This means the government might actually consider using that revenue to buy Bitcoin.
This approach would not contradict Trump’s earlier promise to avoid using taxpayer funds. Additionally, purchasing Bitcoin could serve as a way for the government to preserve asset value and hedge against dollar depreciation.
Ethena Labs Exits Germany After BaFin Crackdown On USDe Stablecoin
Ethena Labs has agreed to exit the German market and shut down its subsidiary, Ethena GmbH, following enforcement action by Germany’s financial regulator, BaFin.
BaFin revealed it had found serious deficiencies in Ethena GmbH’s operations during the authorization procedure and imposed sanctions, leading to the requirement for the company to reverse its USDe token issuance. The company had previously entered the German market under a transitional provision of the European Markets in Crypto Assets Regulation (MiCAR) but withdrew its authorization application on April 3rd, 2025, resulting in the termination of the authorization procedure.
Consequently, Ethena GmbH can no longer conduct business in the European Union and must implement a redemption plan for its USDe tokens under BaFin’s supervision. BaFin has also imposed a coercive fine of €600,000 and a ban on payments and sales to safeguard the company’s assets for creditor obligations.
VanEck Exec Matthew Sigel Proposes Bitcoin Bonds To Refinance US Debt
VanEck’s Matthew Sigel has proposed “BitBonds,” a new type of United States Treasury bond backed 90% by government debt and 10% by Bitcoin, to help refinance $14 trillion in maturing US debt. Presented at the Strategic Bitcoin Reserve Summit, the idea aims to reduce borrowing costs and attract crypto-savvy investors.
BitBonds are designed as 10-year securities, comprising 90% traditional US Treasury exposure and 10% Bitcoin, funded by bond sale proceeds. Upon maturity, investors will receive the full value of the US Treasury portion, equating to $90 for every $100 bond, plus the value of the Bitcoin allocation.
Additionally, investors will benefit from all Bitcoin gains until the yield reaches 4.5%. Any gains beyond this threshold will be shared equally between the government and bondholders.
Final Thoughts
So that’s it for this week!
To stay ahead of the game with the freshest crypto news and insights delivered straight to your inbox, consider subscribing to UseTheBitcoin’s newsletter today.
Have a fantastic week ahead!
