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:
US SEC Clarifies Stablecoins Do Not Fall Under Securities Offering
The Securities & Exchange Commission (SEC) Division of Corporation Finance released a guide on stablecoins clarifying that the issuance of US Dollar-backed stablecoins does not constitute sales or offering of securities.
As a result, people or entities involved in the process of minting and redeeming stablecoins are not required to register their transactions with the SEC.
The guide follows the ongoing process among lawmakers to provide regulatory clarity for stablecoins. House and Senate committee members are pushing for the issuance of the STABLE Act and the GENIUS Act, two bills focused on providing regulatory guidelines for stablecoin payments in the United States.
Circle Considers IPO Delay Amid Economic Uncertainty
USDC Stablecoin issuer Circle is reportedly considering postponing its initial public offering (IPO) amid escalating market volatility triggered by President Donald Trump’s sweeping trade tariffs.
While Circle officially registered its IPO with the Securities and Exchange Commission (SEC) on April 1st, the company is now “waiting anxiously” before advancing further. No details have been disclosed on the number of shares to be offered or the initial price, though the firm plans to trade under the ticker CRCL.
Circle now joins other major firms, such as Klarna and StubHub, that are reassessing their IPO timelines due to the growing economic headwinds.
Strategy (MicroStrategy) Makes No Bitcoin Purchases Between March 31st And April 6th
Strategy (formerly MicroStrategy) disclosed in a Form 8-K filing that between March 31st and April 6th, 2025, the company did not sell any Class A common stock or perpetual convertible preferred stock under its at-the-market issuance plan. Additionally, no Bitcoin purchases were made during this period.
As of April 6th, Strategy holds 528,185 Bitcoins, acquired at a total purchase price of $35.63 billion, with an average purchase price of $67,458 per BTC. Despite market volatility, Strategy continues to reinforce its position as the largest corporate Bitcoin holder.
Hong Kong Allows Crypto Staking For Licensed Platforms, ETFs As Global Competition Heats Up
Hong Kong’s Securities and Futures Commission (SFC) has issued guidance allowing licensed virtual asset trading platforms (VATPs) and exchange-traded funds (ETFs) to offer crypto staking services, aiming to position the region as a cryptocurrency hub.
The SFC requires VATPs and ETFs to obtain prior written approval before providing staking services and mandates the implementation of safeguards to protect clients’ staked assets and disclose associated risks.
This move is part of a broader roadmap announced by the Hong Kong government in February, which includes various initiatives to enhance the local crypto framework amid increasing global competition.
The SFC emphasizes the importance of expanding regulated crypto services while ensuring the safety of client assets as a central component of compliance.
Former Binance CEO CZ Joins Pakistan Crypto Council As Advisor
Former Binance CEO Changpeng Zhao (CZ) has joined the Pakistan Crypto Council as a strategic advisor to enhance the country’s crypto infrastructure, education, and adoption efforts.
The Pakistan Crypto Council was established by the government to oversee blockchain initiatives and is part of a broader strategy to embrace digital assets and attract international investments.
Zhao’s appointment coincides with Pakistan’s ambition to become a leader in blockchain finance, driven by a need for regulatory clarity and institutional adoption in the wake of global trends in cryptocurrency.
Despite his previous role at Binance, CZ left the firm after legal issues, including a guilty plea related to the Bank Secrecy Act, and has since focused on expanding Binance’s influence in South Asia and the Greater Middle East.
First US XRP Futures ETF Goes Live
The New York Stock Exchange (NYSE) has approved listing a new exchange-traded fund (ETF) tied to XRP.
The Teucrium 2x Long Daily XRP ETF (XXRP) aims to deliver twice the daily performance of XRP using swap contracts. According to the official fund summary:
The Teucrium 2x Long Daily XRP ETF (XXRP) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily price performance of XRP for a single day, not for any other period.
Notably, unlike spot crypto ETFs, XXRP does not hold the asset itself. Instead, it tracks XRP’s daily performance through derivatives. This setup allows traders to participate in XRP price action without owning the token directly or navigating crypto exchanges.
Standard Chartered Predicts XRP Will Overtake Ethereum By 2028
Standard Chartered forecasts that XRP could reach $12.50 by the end of 2028, representing a potential 500% rise from its current price. This projection is based on several factors, including regulatory clarity, wider adoption, and increasing use in payments and tokenization.
The bank’s global head of digital assets research, Geoffrey Kendrick, outlined a roadmap for XRP’s growth, with milestones of $5.50 in 2025, $8.00 in 2026, and $10.40 in 2027. By 2029, he expects XRP to maintain its $12.50 level.
XRP’s advantages in cross-border payments, alongside the growing stablecoin market, are key to this projection. On the other hand, Ethereum’s inflation issues and reliance on Layer-2 solutions may hinder its dominance.
XRP’s deflationary model and strong use cases position it for growth, making it a strong contender to challenge Ethereum.
China Hit With 104% Tariffs, Retaliates With 84% On US Goods As Trump Trade War Shakes Markets
President Donald Trump’s global trade war intensified this week as China announced additional levies on American goods, hitting back at the United States after President Trump’s punishing new tariffs took effect.
After President Trump imposed a 104% tariff on Chinese goods, China announced a levy on US goods of 84% in response to the trade war that will raise fears of further escalation.
Stocks, bonds, and the crypto market slumped on the moves, which heightened fears of a global recession as the European Union prepared its own retaliation for US steel and aluminum tariffs.
Trump Orders 90-Day Pause On New Tariffs Except For China
President Donald Trump announced a 90-day pause on all “reciprocal” tariffs except those imposed on China, which will see tariffs increased to at least 125%.
Trump said “more than 75 Countries” contacted US officials to negotiate after he unveiled his new tariffs last week.
When asked later about the reason for his decision, Trump told reporters, “Well, I thought that people were jumping a little bit out of line.”
“They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid,” Trump said at the White House.
Treasury Secretary Scott Bessett claimed to reporters that Trump had always intended to put the brakes on the wide-ranging tariffs the president announced last week.
“This was his strategy all along,” Bessent said at the White House, where officials, including him, had denied for days that the tariffs would be suspended.
Paul Atkins Officially Confirmed As New SEC Chair
The Senate voted 52-44 to approve Paul Atkins as the new Securities and Exchange Commission (SEC) Chair.
During a March Senate Banking Committee hearing, Atkins promised to make providing a “firm regulatory regulatory foundation for digital assets” a “top priority” in his administration. He also mentioned that he would reverse some of the SEC’s regulatory approaches under former Chair Gary Gensler.
Since Gensler’s resignation in January, the SEC has dropped several legal cases against crypto companies, including Coinbase, Ripple, Uniswap, and OpenSea. The agency also rolled back a controversial rule—SAB-121—that prevented banks from custodying crypto on behalf of clients.
Atkins served as an SEC Commissioner under President George W. Bush between 2002 and 2008 before founding the consulting firm Patomak Global Partners, which serves clients in the banking and crypto industries.
SEC Approves Options Trading For Spot Ethereum ETFs
The US Securities and Exchange Commission (SEC) approved options trading for several spot Ethereum exchange-traded funds, clearing the way for institutional investors to take more advanced positions in Ethereum markets.
The decision gives exchanges like Nasdaq the green light to list options on funds such as BlackRock’s iShares Ethereum Trust (ETHA), Bitwise’s Ethereum ETF (ETHW), Fidelity’s Ethereum Fund (FETH), and Grayscale’s Ethereum Trusts (ETHE and ETH Mini). The move follows months of regulatory review after BlackRock first submitted its request in July 2024.
In its formal response, the SEC described the new products as lower-cost vehicles that allow investors to gain exposure to Ether and hedge existing positions, which may help stabilize interest in the asset class.
US CPI Inflation Falls To 2.4% In March, Lower Than Expectations
Data: 2.4% YoY, -0.1% MoM
Forecasted: 2.5% YoY, 0.1% MoM
Last Month: 2.8% YoY, 0.2% MoM
Inflation slowed more than anticipated in March, suggesting potential progress in curbing inflation.
Despite former President Donald Trump’s recent move to ease some tariffs, economists still anticipate that the existing trade levies will contribute to rising inflation in the months ahead.
According to recent data from the Bureau of Labor Statistics, the consumer price index (CPI) rose 2.4% year-over-year in March. That marks a slowdown from February’s 2.8% rate and comes in below the 2.6% annual increase forecasted by economists surveyed by FactSet.
The weaker-than-expected inflation rate was primarily due to a drop in gasoline prices, while food prices remained more resilient.
Month-over-month, the overall CPI slipped -0.1% in March—contrary to economists’ expectations of a 0.1% increase and a step down from February’s 0.2% rise.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
