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 Signals Path To Ending Coinbase Lawsuit
The US Securities and Exchange Commission (SEC) is preparing to conclude major cryptocurrency litigation initiated during the Biden administration.
According to the Wall Street Journal (WSJ), the SEC informed the court that the lawsuit filed against Coinbase two years ago could reach a settlement soon. At the time, the SEC argued that crypto exchanges like Coinbase should comply with the same regulations as securities exchanges and brokers.
In a brief submitted to the Manhattan Appeals Court in New York, the SEC requested a 30-day extension for responding to Coinbase’s appeal arguments, stating that “a new approach could lead to an amicable resolution of the lawsuit with Coinbase.”
Trump Media Says Its Board Has Authorized Buying Crypto Assets
Trump Media recently announced that its board has authorized the purchase of crypto assets, marking a significant development for the industry. Following the announcement, this immediately led to a surge in trading activity across various crypto exchanges.
The company added, “While Trump Media currently does not hold any digital assets, it may purchase them in the future.” The digital asset investment plan was revealed through documents submitted to the Securities and Exchange Commission (SEC).
Javier Milei Claims He Has No Connection With $LIBRA Token; Was “Not Aware Of The Details Of The Project”
The $LIBRA token, promoted by Argentine President Javier Milei on his official X account, crashed 85% after its development team removed $87 million in USDC and SOL from liquidity pools, according to data tracked by blockchain analysis firm Bubblemaps.
However, moments later, President Milei posted that he was not aware of the details of the project. Upon learning more about what happened, he retracted the endorsement by deleting the tweet.
Argentine Lawyers Charge President Milei With Fraud Over Cryptocurrency Promotion
Opposition lawmakers in Argentina have raised the possibility of impeaching President Javier Milei after he promoted a cryptocurrency called $LIBRA that rapidly lost value over the weekend.
Argentina’s fintech chamber suggested that the incident could be a “rug pull,” a type of fraud where developers boost a cryptocurrency’s value before selling their holdings and abandoning the project.
The news has caused a significant scandal in Argentina, with the opposition accusing Milei of promoting a scam, an allegation denied by the presidency.
Dave Portnoy Claims He Returned 6 Million $LIBRA Tokens To Founder
Amid ongoing controversy surrounding the memecoin LIBRA, it was reported that Dave Portnoy, founder of Barstool Sports, had received a promotional offer for the $LIBRA token.
Dave Portnoy revealed through X Spaces, “It’s true that I received 6 million tokens as compensation for promoting the LIBRA project before its launch. However, I returned all of them when the token founders said I needed to disclose that I received compensation for promotion.”
$LIBRA, introduced as an Argentine memecoin, surged to nearly $5 shortly after launch but subsequently crashed by 95%, raising rugpull suspicions.
CZ Says Binance Could Sell A Minority Stake In The Company ‘Over Time’
Binance founder Changpeng Zhao (CZ) clarified on social media that the exchange is not for sale despite rumors suggesting otherwise.
Zhao indicated that while Binance is not selling parts of the company now, it may consider allowing minority investments in the future.
Binance co-founder Yi He echoed CZ’s sentiments, noting that the company frequently receives inquiries from potential investors and is open to mergers and acquisitions.
European Securities and Markets Authority (ESMA) Launches Consultation To Define Crypto Advisor Standards Across Europe
The European Securities and Markets Authority (ESMA) has unveiled comprehensive guidelines requiring crypto-asset service providers to ensure their staff meet stringent knowledge and competency standards under the Markets in Crypto-Assets (MiCA) regulation.
The ESMA also noted that while crypto awareness has grown significantly, comprehensive knowledge among market participants remains limited.
Metaplanet Expands Bitcoin Holdings With Additional Purchase Of 269.43 BTC
Japanese investment firm Metaplanet Inc. increased its Bitcoin holdings to 2,031.41 BTC with a $26.3 million purchase of 269.43 BTC at an average price of $97,481.
Funded by a zero-coupon bond, this move boosted their stock by 8%. Their total Bitcoin investment is now $163.3 million, averaging $80,394 per BTC.
The company plans further acquisitions, aiming for 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026, and will be included in the MSCI Japan Index.
Department Of Government Efficiency Launches SEC Account To Tackle Waste, Fraud, And Abuse In The SEC
Elon Musk’s Department of Government Efficiency is targeting the Securities and Exchange Commission (SEC) to investigate potential fraud and wasted spending from the regulatory body.
The DOGE_SEC account has urged the public to share information on the SEC’s actions.
“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse,” the account posted.
This move has drawn significant attention from the cryptocurrency community, particularly as the SEC’s long-running lawsuit against #Ripple Labs nears its conclusion.
US Senate Confirms Pro-Crypto Howard Lutnick As Secretary Of Commerce
The US Senate confirmed Howard Lutnick as the 41st Secretary of Commerce with a 51 to 45 vote, marking a pro-crypto shift in the administration.
Lutnick, previously the CEO of Cantor Fitzgerald, is known for his support of Tether and Bitcoin, and he has agreed to divest from his business interests to comply with ethics rules.
He aims to focus on job creation, economic growth, and innovation while supporting Trump’s trade agenda, including the use of tariffs as leverage in international trade.
Tether Co-Founder Is Working On Yield-Bearing Stablecoin Rival
Tether Co-Founder Reeve Collins is reportedly backing a new stablecoin project called Pi Protocol that will be backed by yield-bearing real-world assets like bonds.
According to a Bloomberg report, the new stablecoin is expected to debut on the Ethereum and Solana blockchains in the second half of the year.
The company will use smart contracts to mint its USP stablecoin and will reward the minters with another token, USI, as yield.
Grayscale Investments Unveils Pyth Network Trust
Grayscale has launched a new trust on Pyth Network’s governance token, expanding its digital investment products for retail and institutional investors.
Pyth provides real-time oracle data to roughly 95% of Solana’s dApps, and Grayscale sees the trust as an avenue for “higher-beta and higher-upside” opportunities in the Solana ecosystem.
The announcement also follows Grayscale’s ongoing efforts to convert existing trusts into spot ETFs, pending regulatory approval.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
