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:
Oregon Attorney General Sues Coinbase Over Unregistered Cryptocurrency Sales
Oregon’s Attorney General Dan Rayfield sued the cryptocurrency exchange Coinbase and said the lawsuit was necessary because of the dismantling of federal regulatory agencies.
The 171-page lawsuit alleges Coinbase is violating the state’s securities laws by facilitating the sale of virtual currencies that do not come with proper disclosures. The lawsuit was filed roughly two months after the US Securities and Exchange Commission (SEC) dropped a similar case, which Rayfield’s office characterized as showing the “enforcement vacuum” being created under the Trump administration.
Coinbase’s Chief Legal Officer, Paul Grewal, blasted the lawsuit in a series of posts on X, characterizing it as “resurrecting the dead,” “political jockeying,” and an “embarrassing waste of Oregon taxpayer dollars.”
Charles Schwab Plans To Launch Spot Crypto Trading In The Next 12 Months
Charles Schwab, a top US brokerage firm with over $10 trillion under management (AUM), plans to roll out spot crypto trading within the next twelve months, according to CEO Rick Wurster.
“Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto and our goal is to do that in the next 12 months and we’re on a great path to be able to do that,” said Wurster when asked about Schwab’s update on their plans for the digital asset market.
Charles Schwab currently provides crypto-linked exchange-traded funds (ETFs) and crypto futures. Adding spot crypto to its product lineup could enhance its competitive position against other brokers, such as Robinhood and Webull.
Vitalik Buterin Floats Swapping Ethereum’s EVM For RISC-V To Boost Scalability
Vitalik Buterin proposes replacing Ethereum’s EVM bytecode with the RISC-V architecture to significantly enhance the blockchain’s scalability.
He argues that this “radical” change could improve the efficiency of the execution layer and reduce on-chain execution costs by up to 100 times.
The proposal allows for interoperability between old EVM contracts and new RISC-V contracts, with plans for a dedicated interpreter for conversion.
Other blockchain projects, such as Polkadot (DOT), have explored similar approaches, and Ethereum is set to launch its “Pectra” upgrade to enhance user experience and scalability.
Deutsche Bank And Standard Chartered Explore US Expansion For Bitcoin Services
Deutsche Bank and Standard Chartered are reportedly exploring opportunities to scale up their crypto business operations in the United States. This comes after a shift in the regulatory framework and increased clarity on digital assets by US policymakers. The banks are reevaluating their previous strategies, which involved distancing themselves from the crypto market due to past failures, such as the FTX collapse.
US crypto regulations have become more lenient in recent months, drawing the interest of global financial institutions. Deutsche Bank and Standard Chartered’s expansion outlook demonstrates their belief in the potential of the US crypto market.
Banks continue to monitor US regulatory developments, as well as the policies of the Trump administration.
Paul Atkins Sworn In As SEC Chairman
Paul Atkins, who previously served as a member of the US Securities and Exchange Commission (SEC) from 2002 to 2008, was sworn in on Monday as the SEC chairman.
“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” Atkins said in a statement. “As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors.”
Atkins previously pledged to establish clear regulatory guidelines for digital assets if confirmed. In Senate testimony last month, he stated that he would prioritize a “rational, coherent, and principled” framework to foster innovation and mitigate market uncertainty.
The SEC Chair also stated that ambiguous rules hinder growth and promised to focus on investor protection, depoliticizing regulation, and ensuring smart, effective oversight.
Circle To Launch A New Payments And Remittance Network
USDC stablecoin issuer Circle announced that it plans to start rolling out a new cross-border payments network in May, the company said in a recent press release.
Notably, the Circle Payments Network (CPN) will connect financial institutions and enable real-time settlement of cross-border payments using USDC, EURC, and other regulated stablecoins.
CPN will enable connectivity to domestic real-time payment systems worldwide and is expected to power use cases like supplier payments, remittances, payroll, capital markets settlement, internal treasury operations, and on-chain financial applications, according to the release.
Trump Media Officially Finalizes Partnership With Crypto․com To Launch ETFs
Trump Media & Technology Group (TMTG) has partnered with Crypto.com to develop a series of exchange-traded funds (ETFs) under the Truth.Fi brand.
The ETFs will combine digital assets like Bitcoin and Cronos (CRO) with US-focused securities in sectors like energy and tech.
Crypto.com will handle the technology and custody services. The launch is pending regulatory approval and aims to align with American values in investment products.
Cantor Unveils $3 Billion Bitcoin Venture With Tether, SoftBank, And Bitfinex
Brandon Lutnick, son of US Commerce Secretary and Cantor Fitzgerald Chair Howard Lutnick, is spearheading a major Bitcoin-backed investment initiative with the launch of a SPAC (Special Purpose Acquisition Company) named Cantor Equity Partners. The venture is supported by crypto giants Tether, Bitfinex, and global investor SoftBank.
Cantor Equity Partners raised $200 million in January and is forming a new entity called 21 Capital. This firm will be seeded with $3 billion worth of Bitcoin, with contributions including $1.5 billion from Tether, $600 million from Bitfinex, and $900 million from SoftBank.
The model echoes MicroStrategy’s approach to BTC investment, converting bitcoin holdings into equity at a valuation of $85,000 per coin. The SPAC intends to raise an additional $550 million via bonds and private equity to increase its bitcoin reserves, aiming to further strengthen its digital asset position.
Russia Launching Crypto Exchange For Qualified Investors
Russia’s Central Bank and Finance Ministry are set to launch a cryptocurrency exchange aimed at “highly qualified investors” under an experimental legal regime to legalize crypto assets.
The initiative aims to bring crypto transactions into a regulated framework, thereby enhancing market transparency and expanding investment opportunities for sophisticated investors.
Qualified investors will be defined as individuals with investments exceeding 100 million rubles or annual income surpassing 50 million rubles.
This move indicates a shift towards embracing cryptocurrencies in Russia, despite previous restrictions on crypto asset payments imposed by President Putin.
Bitcoin Surpasses Alphabet To Become World’s Fifth Most Valuable Asset
Bitcoin has overtaken Alphabet, Google’s parent company, to become the fifth most valuable asset globally.
BTC’s market capitalization reached $1.86 trillion, surpassing that of Alphabet, which is $1.859 trillion. This milestone marks Bitcoin’s increasing significance as a digital store of value amid macroeconomic uncertainty.
Notably, the top four assets by market cap are currently gold, Apple, Microsoft, and Nvidia.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
