The top securities regulator in the US is pausing Bitwise’s plan to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF) almost immediately after approving it.

Two days ago, the U.S. Securities and Exchange Commission (SEC) gave an “accelerated” approval of Bitwise’s proposal to convert BITW to a spot ETF.

“Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Exchange’) filed with the Securities and Exchange Commission (‘Commission’) a proposed rule change, as modified by Amendment No. 1 (‘Proposal’), to amend NYSE Arca Rule 8.500-E (Trust Units) and to list and trade shares (‘Shares’) of the Bitwise 10 Crypto Index ETF (‘Trust’) under amended NYSE Arca Rule 8.500-E (Trust Units). The Proposal was subject to notice and comment.

This order approves the Proposal on an accelerated basis.”

Then, in a separate letter dated on the same day, the SEC informed Bitwise of its plan to pause, or “stay“, the accelerated approval.

“This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action. In accordance with Rule 431(e), the July 22, 2025 order is stayed until the Commission orders otherwise.”

Experts speculate that the SEC might be putting the ETF approval plans on pause while it aims to establish standards across different crypto ETFs.

The current BITW fund is 90% focused on Bitcoin (BTC) and Ethereum (ETH), with the remaining 10% being spread across eight large-cap digital assets.

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The U.S. House of Representatives is closing the proclaimed Crypto Week with a bang, passing three monumental digital asset regulation bills.

Yesterday, on a vote of 206-102, the Republican-led U.S. House passed the GENIUS Act, sending the country’s first crypto-specific regulations bill to the desk of the sitting President.

GENIUS is an acronym meaning “Guiding and Establishing National Innovation for US Stablecoins.” The bill purports to seek to improve consumer protection, transparency, marketing restrictions and regulatory oversight for the burgeoning stablecoin market, estimated to be worth $250 billion.

Furthermore, the House passed the CLARITY and the Anti-CBDC Surveillance State Acts by similar margins, sending both bills to the Senate for further consideration.

The CLARITY Act seeks to establish a clear regulation framework for crypto and other digital assets. The Anti-CBDC Act would prohibit Fed banks from issuing central bank digital currencies (CBDCs).

Though the GENIUS Act easily passed the House, prominent Republican Senator Josh Hawley has been vocal and adamant in breaking party lines on the bill, urging his fellow Republicans to vote against it.

“It’s a huge giveaway to Big Tech.

It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.”

Trump is expected to sign the GENIUS Act into law soon.

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Blockchain data research firm Chainalysis says that North Korean hackers are on track to make 2025 the biggest year in crypto theft history.

In its 2025 Crypto Crime Mid-Year Update, Chainalysis says 2025’s losses have already surpassed the total losses from 2024.

“With over $2.17 billion stolen from cryptocurrency services so far in 2025, this year is more devastating than the entirety of 2024.

The DPRK’s (Democratic People’s Republic of Korea [North Korea]) $1.5 billion hack of ByBit, the largest single hack in crypto history, accounts for the majority of service losses.”

Currently, hackers have stolen 17% more than they had by this time in 2022, the worst year on record. If the scams stay on pace, crypto could see over $4 billion stolen by year’s end.

While the ByBit breach set the record for the biggest heist ever, Chainalysis finds that more and more attacks are coming against individual user wallets.

“Personal wallet compromises now represent a growing share of total ecosystem theft, with attackers increasingly targeting individual users, making up 23.35% of all stolen fund activity year-to-date in 2025.”

Even more telling — while previous crypto thefts have mostly occurred in the digital realm, more and more threats are turning to physical violence.

“‘Wrench attacks’ — physical violence or coercion against crypto holders — show correlation with bitcoin price movements, suggesting opportunistic targeting during high-value periods.”

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The world’s largest digital asset exchange by trading volume may have played a larger role in the development of World Liberty Financial’s stablecoin USD1 than previously known.

According to a Bloomberg report citing unnamed sources, Binance wrote the code for World Liberty Financial’s USD1 stablecoin smart contract.

Once coded and promoted, Binance also made stablecoin available for a $2 billion transaction, completed in USD1. According to Bloomberg, approximately 90% of all USD1 is still in Binance-controlled wallets.

USD1 launched in March 2025. Two months later, during a podcast interview, former Binance CEO Changpeng Zhao, who was convicted in 2023 of failing to maintain proper anti-money-laundering standards at Binance and has already served a short prison term, confirmed that he had applied for a presidential pardon.

The news spurred three US senators to write a letter to the White House seeking answers:

“We write to request information about reports that Changpeng ‘CZ’ Zhao, founder and majority owner of cryptocurrency exchange Binance, is seeking a pardon from President Trump.

Just weeks ago, Binance, Emirati firm MGX, and World Liberty Financial (WLF)—a cryptocurrency company financially linked to President Trump and his family—announced a $2 billion deal involving USD1, WLF’s stablecoin.

The convergence of Mr. Zhao’s pardon application and Binance’s financial entanglements with the President’s family presents urgent concerns regarding the integrity of our justice system…

Though he stepped down from his role as CEO after pleading guilty to these charges, Mr. Zhao still owns 90% of the company.”

According to a World Liberty Financial spokesperson, Bloomberg’s reporting is “factually deficient and designed to further a political agenda.” A Binance spokesperson reiterated that CZ is no longer the exchange’s CEO.

World Liberty Financial is linked with Donald Trump but apparently not controlled by him, escaping any conflict of interest with his presidential duties. Trump has reportedly placed all his assets in a trust controlled by his oldest son.

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Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission (SEC) has clarified the regulator’s stance on tokenized securities in a new statement.

According to an official SEC statement released by Peirce, the burgeoning sector of tokenized securities falls under the regulator’s shadow.

“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset. Tokenized securities are still securities. Accordingly, market participants must consider—and adhere to—the federal securities laws when transacting in these instruments.”

Peirce says that firms distributing tokenized securities must still consider their disclosure obligations to the SEC under federal law and ensure their practices are aligned with the law in order to avoid potential penalties.

Peirce also says that purchasers of said tokenized securities should also consider the implications of securities laws when reporting their holdings.

Furthermore, the SEC commissioner says the regulator is open to working with the market to optimize regulations.

“Market participants, as they structure their tokenization product offerings, should consider meeting with the Commission and its staff.

When unique aspects of a technology warrant changes to existing rules or where regulatory requirements are outdated or unnecessary, we stand ready to work with market participants to craft appropriate exemptions and modernize rules.”

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The U.S. House is declaring the week of July 14th as “Crypto Week,” as three major crypto-related acts will be considered by Congress.

According to a new announcement from the U.S. House Committee on Financial Services, the CLARITY Act, the Anti-CBDC Surveillance State Act and the Senate’s GENIUS Act will all be considered by Congress during Crypto Week.

Says U.S. House Committee on Financial Services Chairman French Hill,

“We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House. After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy.

I thank my colleagues in Congress and the Trump Administration for their partnership and leadership and stand ready to work alongside the Senate as they work to advance standalone market structure legislation by the end of September.”

Added Speaker of the House Mike Johnson,

“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda.

During ‘Crypto Week,’ the House looks forward to the timely consideration of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act. I commend the close partnership between the Financial Services and Agriculture Committees and the leadership of Chairmen French Hill and GT Thompson, and I look forward to President Trump signing them into law.”

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The crypto firm behind the leading US-dollar pegged stablecoin USDT is looking to make Bitcoin (BTC) mining more sustainable.

In a new press release, Tether says it is joining forces with Adecoagro on a renewable energy BTC mining project in Brazil.

Adecoagro is a leading South American sustainable production firm. Tether and Adecoagro have co-signed a Memorandum of Understanding as they explore collaborating on BTC mining. As a result of this project, Adecoagro also plans to add BTC to its corporate balance sheet.

Says Adecoagro Co-Founder and Chief Executive Officer Mariano Bosch of the partnership,

“We’re excited to explore innovative ways to maximize the value of our renewable energy assets.

This project opens the door to stabilizing a portion of the energy we currently sell on the spot market, locking in pricing, while also gaining exposure to the upside potential of Bitcoin.”

The upcoming project will aim to show how renewable energy sources can be used to support crypto mining through both technology and infrastructure.

Explains Tether CEO Paolo Ardoino,

“Tether brings to the initiative its extensive experience in the bitcoin ecosystem, backed by a rapidly expanding portfolio of sustainable mining initiatives across multiple regions. As part of our long-term strategy to support resilient energy infrastructure and decentralized networks, we’re proud to collaborate with Adecoagro.

This project is another step in our growing commitment to renewable-powered bitcoin mining and highlights the potential to align agricultural energy production with cutting-edge digital infrastructure. We believe this model can drive financial inclusion, promote energy efficiency, and serve as a blueprint for responsible innovation at the intersection of technology and sustainability.”

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A Mexican national has been sentenced to eight years and four months in prison as a major player in a drug money laundering conspiracy that used crypto.

According to a new U.S. Department of Justice (DOJ) press release, Jose “Meno” Martinez of Guadalajara, Mexico, helped drug traffickers launder money in Mexico.

Martinez laundered $5.5 million in drug money, transferring the funds to Mexico via crypto while keeping a percentage fee for himself.

As a result of Martinez’s dealings, the U.S. Drug Enforcement Administration (DEA) has seized $1.35 million in bulk US currency, in addition to “approximately 3 kilograms of fentanyl, 52.77 kilograms of cocaine, 7,078.63 kilograms of unconverted methamphetamine in the form of charcoal lumps, 170 gallons of unconverted methamphetamine in the form of coconut oil, 140 kilograms of methamphetamine and 15 gallons of liquid methamphetamine.”

Earlier this week, the DOJ also announced that two Florida men are facing the possibility of multiple decades in prison after allegedly masterminding a fraudulent scheme to steal over $100 million from a nonprofit organization set up to manage funds for people with special needs and disabilities.

The DOJ alleges that Leo Joseph Govoni, John Leo Witeck and one unnamed co-conspirator purloined the Center for Special Needs Trust Administration client-beneficiary funds and concealed their embezzlement through complex financial transactions, allegedly sending fraudulent account statements with false balances to their disabled clients.

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The regulator of the United States’ largest mortgage provider has ordered that cryptocurrencies be listed as mortgage assets.

According to Federal Housing Finance Agency (FHFA) director William Pulte on the social media platform X, mortgage lending giants Fannie Mae and Freddie Mac have been told to “count cryptocurrency” as an asset in mortgage loan applications.

“After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage.”

Per the image of the order shared on the social media platform, the only digital assets that will count will be those held on a US-regulated crypto exchange.

“U.S. Federal Housing FHFA, as conservator, hereby directs each Enterprise to prepare a proposal for consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessments, without conversion of said cryptocurrency to U.S. dollars. Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a US-regulated centralized exchange subject to all applicable laws.”

The FHFA has regulated and controlled Fannie Mae and Freddie Mac ever since the 2008 subprime mortgage crisis spurred, in part, by the lenders.

The order does not specify which cryptocurrencies will be considered.

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A major corporate Bitcoin holder is hiring a new BTC Strategy Director with ambitious plans for the end of this year.

According to a new press release, medical technology firm Semler Scientific is bringing on Joe Burnett to head up its BTC strategy division.

Burnett previously served as director of market research at the BTC-focused financial firm Unchained and as head analyst and product manager at Blockware Solutions.

According to the announcement, Semler plans to own 10,000 BTC by the end of 2025, 42,000 BTC by the end of 2026 and 105,000 BTC by the end of 2027.

Says Burnett,

“We are witnessing the global monetization of Bitcoin as a superior form of money. The trend to adopt Bitcoin as part of corporate treasury is clearly accelerating. Semler Scientific, as the 2nd U.S. public company to adopt the Bitcoin Standard, has been at the forefront of this movement.

Semler Scientific is committed to massively growing its Bitcoin treasury in a highly accretive manner for stockholders, guided by a long-term conviction that Bitcoin is the ultimate long duration asset to hold. We are determined to build one of the largest corporate Bitcoin treasuries in the world.”

Just last month, Semler added $50 million worth of BTC to its treasury.

BTC is worth $104,169 at time of writing.

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The U.S. Department of Justice (DOJ) is filing a civil forfeiture complaint against over $225 million in crypto.

According to a new DOJ press release, the funds are connected to a crypto confidence scam, laundering and theft scheme.

A civil forfeiture is a legal complaint that targets property – in this case, crypto – that was either obtained illegally or used to commit a crime. The DOJ’s complaint was filed in the U.S. District Court for the District of Columbia, and if the court agrees with the filing, the DOJ will likely have the go-ahead to seize the funds.

The crypto confidence scam, often called a pig butchering scheme, allegedly took the funds of over 400 victims who thought they were investing in cryptocurrencies. The stolen funds were then transferred across wallets and blockchains to obfuscate their origin.

Says DOJ Criminal Division head Matthew R. Galeotti,

“Today’s civil forfeiture complaint is the latest action taken by the Department to protect the American public from fraudsters specializing in cryptocurrency-based scams, and it will not be the last.

These schemes harm American victims, costing them billions of dollars every year, and undermine faith in the cryptocurrency ecosystem. Our investigators and prosecutors are relentlessly pursuing these scammers and their ill-gotten gains, and we will relentlessly pursue recovery of victim funds.”

According to Chainalysis, these types of crypto scams were also the most lucrative for fraudsters in 2024.

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One physician in California has skipped town after manipulating the Medicare system to defraud the government of nearly $1.5 million.

According to a new Department of Justice (DOJ) press release, 61-year-old Medicare provider Lilit Gagikovna Baltaian of Porter Ranch, CA, has been sentenced, in absentia, to four-and-a-half years in prison for healthcare fraud.

The DOJ says the fugitive issued false certifications in Los Angeles from 2012 to 2018, costing the government $1.497 million.

“From approximately January 2012 to July 2018, she falsely certified patients to receive home health care from at least four Los Angeles area home health agencies. These certifications were used by the home health agencies to fraudulently bill Medicare.

In some instances, Baltaian pre-signed blank, undated physician certification forms knowing that the home health agencies would falsify the forms to make appear that she had seen the Medicare beneficiaries and made clinical findings to support the need for home health care, when she had done neither. Baltaian received cash payments related to these referrals and also separately billed Medicare for signing the fraudulent certifications.”

Though Baltaian pleaded guilty to a count of healthcare fraud in November of last year, the physician fraudster has since disappeared, presumably on the run from the law.

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GameStop (GME) stocks are falling following the announcement of a proposal to potentially purchase more Bitcoin (BTC).

Yesterday, GameStop announced a proposed private offering of $1.75 billion worth of senior convertible notes.

“GameStop Corp. (NYSE: GME) (‘GameStop’) today announced that it intends to offer, subject to market conditions and other factors, $1.75 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032 (the ‘notes’) in a private offering (the ‘offering’) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the ‘Securities Act’).

GameStop also intends to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $250 million aggregate principal amount of notes.”

In the announcement, GameStop says it plans to use the funds for general purposes, including potential investments “in a manner consistent with GameStop’s Investment Policy and potential acquisitions.”

According to a CNBC report, that could potentially mean purchasing more BTC.

Buying more Bitcoin is in line with recent GameStop investments. Late last month, the meme stock became a BTC Treasury by purchasing 4,710 BTC, worth $505 million at time of writing.

However, since yesterday’s announced proposal, GME has crashed 21% and is currently trading for $22.49.

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Senator Josh Hawley is opposing party lines by voting against an upcoming stablecoin bill endorsed by the White House.

According to a New York Times report, the Missouri Republican Senator is saying “no” to the upcoming GENIUS Act.

“It’s a huge giveaway to Big Tech.

It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.”

According to the Times report, the GENIUS Act could potentially upend the credit card industry and benefit both Trump and Musk, who are currently publicly feuding.

Hawley is pushing for amendments to the bill that would curtail Big Tech’s involvement.

GENIUS is an acronym meaning “Guiding and Establishing National Innovation for US Stablecoins”. The bill purports to seek to improve consumer protection, transparency, marketing restrictions and regulatory oversight for the burgeoning stablecoin market, estimated to be worth $250 billion.

Yesterday, the second-biggest player in the US-dollar pegged stablecoin space, Circle, issuer of USDC, launched its initial public offering, or IPO.

“Circle is now officially a public company, listed on the NYSE under CRCL.”

In its New York Stock Exchange (NYSE) debut, Circle saw an opening price of $69 per share, up by 168.48% from the IPO price of $31 per share.

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After stepping down from the Department of Government Efficiency (DOGE), Elon Musk is publicly attacking the President’s “big, beautiful” bill.

In a post on the social media platform X, the platform which he owns, Musk urges Americans to contact their representatives to prevent Trump’s plan from “bankrupting America.”

“Call your Senator,

Call your Congressman,

Bankrupting America is NOT ok!

KILL the BILL.”

According to Musk, Trump’s highly self-touted economic plan is a “disgusting abomination.”

“I’m sorry, but I just can’t stand it anymore.

This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.

Shame on those who voted for it: you know you did wrong. You know it.”

Furthermore, Musk says the shortcomings of Trump’s bill are significant enough to require the entire document to be redrafted.

“A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.”

Musk’s opposition to a budget plan that increases the debt ceiling should come as little surprise. The former DOGE head has long publicly stated that America’s growing debt will ultimately lead to financial ruin.

“DOGE has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country.” 

According to a NBC News report, during a bilateral meeting with German Chancellor Friedrich Merz, Trump had the following to say about his former ally:

“I’m very disappointed because Elon knew the inner workings of this bill. I’m very disappointed in Elon. I’ve helped Elon a lot…

Elon’s upset because we took the EV (electric vehicle) mandate, which was a lot of money for electric vehicles and they’re having a hard time with electric vehicles and they want us to pay billions of dollars in subsidy. Elon knew this from the beginning.”

However, according to Musk, Trump wouldn’t even be president without him.

“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.”

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One of the biggest sports brands in the world is betting big on Bitcoin (BTC).

Speaking at the Bitcoin 2025 Conference in Las Vegas, the head of Paris Saint-Germain (PSG) Labs, Pär Helgosson, claims that the Champions League final-bound French footballing giant is currently holding BTC.

“When I say PSG is the club of the new generation, I mean we’re about what’s next. Just like Bitcoin…

Last year, we put Bitcoin in our books.

We took our fiat reserves and we allocated Bitcoin. We still have it in our books.

As one of the largest clubs in the world, we are the largest player in the sports ecosystem to do that.”

According to some reports, the club holds 120 BTC, worth $12.5 million at time of writing.

The PSG Labs head dropped the BTC bomb on the eve of PSG’s visit to the Champions League final against Italian juggernauts Inter Milan in Munich, Germany. The 2024 Champions League final had over 400 million viewers worldwide. The Super Bowl of the same year had approximately 124 million viewers.

The PSG Fan Token (PSG) briefly leaped from $2.41 to $2.74 following the news, a 13.7% increase. PSG is worth $2.43 at time of writing, down 6% in the last 24 hours.

BTC is currently trading for $104,312, down 2.4% over the same period.

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The world’s largest crypto exchange by trading volume has helped Europol take down an international pedophile platform with nearly 2 million users.

According to a Binance announcement, the exchange participated in Operation Stream, a Europol-led global crackdown on online child sexual exploitation.

The exchange assisted in taking down Kidflix, an exploitation platform with 1.8 million international users, by identifying wallets via blockchain analysis.

“Unlike traditional forums, Kidflix monetized abuse. Users paid for streaming access with cryptocurrency, which was converted into internal tokens. But this wasn’t just pay-to-view. Offenders could also earn tokens by uploading CSAM (child sexual abuse material), tagging it, and validating descriptions, essentially gamifying exploitation.

Binance’s forensic tools and data-sharing efforts were instrumental in tracing these payments, which are permanently recorded on public blockchains. In total, over 120 Kidflix users were successfully identified thanks to Binance’s support.”

Kidflix’s use of blockchain technology led, in part, to its downfall. According to a Fortune report, Europol provided Binance with a list of crypto wallets linked to Kidflix. Binance, in turn, cross-referenced these wallets with its own database, leading to the identification of 120 Kidflix-linked Binance wallets.

Said Europol Executive Director Catherine De Bolle in a press release,

“The digital dimension has driven a rapid evolution in online child sexual exploitation, offering offenders a borderless platform to contact and groom victims, as well as to create, store, and exchange child sexual abuse material. Some attempt to frame this as merely a technical or cyber issue – but it is not. There are real victims behind these crimes, and those victims are children. As a society, we must act to protect our children.”

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Top US banks are considering teaming up on a stablecoin, according to a Wall Street Journal report.

JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Early Warning Services (operator of Zelle) and the Clearing House, among other commercial banks, are reportedly in talks to develop a stablecoin to compete with the cryptocurrency industry.

The Wall Street Journal cites “people familiar with the matter.”

According to the WSJ sources, the financial giants are only in the early stages of discussions. In those discussions, there is skepticism about stablecoin security, in addition to the crypto industry as a whole.

The news comes on the heels of an S&P Global report finding that the combined assets of JPMorgan Chase, Bank of America, Citibank and Wells Fargo ballooned by 5.9%, or $681.71 billion, in the first quarter of 2025, in stark contrast to “a 2.9% contraction in the previous quarter.”

“JPMorgan Chase & Co., the biggest US bank at $4.358 trillion in total assets as of March 31, reported an increase of $355.04 billion in assets in the first quarter. That marked the third-highest sequential increase among the nation’s 50 largest banks at 8.9%.

Citigroup Inc. posted the second-highest sequential growth at 9.3%, or an increase of $218.57 billion in assets.

Bank of America Corp. reported asset growth of 2.7% from the prior quarter, while Wells Fargo & Co.’s assets increased 1.1% in the same period.”

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The U.S. Department of Justice (DOJ) is charging two men with running a $227 million Medicare scheme.

According to a new press release, Syed Murtuza Kablazada, 34, of Arlington Heights, Illinois, and Syed Mehdi Hussain, 32, of Carol Stream, Illinois, owned and operated medical labs that submitted fake Medicare claims for COVID-19 test kit reimbursement that were allegedly never provided to beneficiaries.

As alleged in court documents, the defendants hired foreign nationals as owners of the labs asking for fraudulent Medicare claims with the plan for them to flee the country once the labs started being investigated.

Not only did the labs rarely provide COVID-19 test kits to beneficiaries, but the defendants allegedly went so far as to pay a marketing company to acquire the names of hundreds of thousands of Medicare beneficiaries to be used in the fraud.

Said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, of the purported scheme:

“As alleged, the defendants used straw owners at multiple laboratories to cause the submission of more than $200 million in fraudulent claims to Medicare for COVID-19 test kits.

Healthcare fraud harms Americans by squandering taxpayer money and diverting limited resources from those who need them most. The Criminal Division will continue to aggressively prosecute these crimes to hold fraudsters accountable, protect victims, and recover financial losses.”

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The post Department of Justice Charges Two Men in Alleged $227,000,000 Medicare Scam appeared first on The Daily Hodl.

A recent survey from the University of Michigan finds that consumer sentiment is down 26.5% since May 2024.

According to the university’s ongoing Surveys of Consumers, the Index of Consumer Sentiment dropped to 50.8 this month, the second-lowest rating ever recorded.

The lowest rating ever recorded was 50 in June 2022. The survey began in November 1952.

Said Surveys of Consumers Director Joanne Hsu,

“Consumer sentiment was essentially unchanged this month, inching down a scant 1.4 index points following four consecutive months of steep declines. Sentiment is now down almost 30% since January 2025. Slight increases in sentiment this month for independents were offset by a 7% decline among Republicans.”

The survey also finds that consumer assessments of personal finances fell by 10%, anticipating weaker incomes and a weaker economy ahead.

“Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April; uncertainty over trade policy continues to dominate consumers’ thinking about the economy.”

With Trump’s tariff wars creating uncertainty, the University of Michigan survey finds that inflation expectations are experiencing a bipartisan surge.

“Year-ahead inflation expectations surged from 6.5% last month to 7.3% this month. This month’s rise was seen among Democrats and Republicans alike. Long-run inflation expectations lifted from 4.4% in April to 4.6% in May, reflecting a particularly large monthly jump among Republicans.”

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Coinbase, the largest US-based crypto exchange by trading volume, just disclosed a cyber attack that relied on bribing exchange employees.

In a cybersecurity incident report to the U.S. Securities and Exchange Commission (SEC), Coinbase says hackers bribed multiple employees to share information about customer accounts and internal Coinbase documentation.

The exchange believes it will pay $180 million to $400 million in remediation costs and voluntary customer reimbursements.

“While the Company is still investigating the affected data, it included:

• Name, address, phone, and email;
• Masked Social Security (last 4 digits only);
• Masked bank-account numbers and some bank account identifiers;
• Government-ID images (e.g., driver’s license, passport);
• Account data (balance snapshots and transaction history); and
• Limited corporate data (including documents, training material, and communications available to support agents).”

Coinbase learned of the hack by receiving a May 11 email demanding a $20 million Bitcoin (BTC) payoff to prevent the hackers from releasing the illegally obtained info.

Coinbase says that the employees involved have been fired, that the firm will not pay the hackers’ ransom and that it is cooperating with law enforcement in the investigation.

In a video posted to the social media platform X, CEO Brian Armstrong promises Coinbase will pay back those affected, increase cyberattack defenses, and relocate certain overseas customer support operations. Armstrong claims that the bribed Coinbase employees were all “overseas support agents”.

Coinbase (COIN) stock has fallen over 4% since the news broke.

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The founder of the collapsed crypto platform Celsius has been sentenced to 12 years behind bars.

Alexander Mashinsky was initially arrested in July 2023 on charges of violating securities law by the U.S. Securities and Exchange Commission (SEC).

In December 2024, he pleaded guilty to a multi-billion-dollar crypto fraud. The Department of Justice (DOJ) said Mashinsky falsely represented Celsius as a safe and secure platform and exaggerated its potential for profitability, greatly inflating its user base.

After Mashinky’s lawyers asked for a lenient, one-year sentence earlier this week, the former Celsius CEO was handed a 12-year sentence by the courts yesterday, according to a US Attorney’s Office press release.

Said US Attorney Jay Clayton in a statement:

“Alexander Mashinsky targeted retail investors with promises that he would keep their ‘digital assets’ safer than a bank, when in fact he used those assets to place risky bets and to line his own pockets. 

In the end, Mashinsky made tens of millions of dollars while his customers lost billions. America’s investors deserve better. The case for tokenization and the use of digital assets is strong but it is not a license to deceive. The rules against fraud still apply, and the SDNY (Southern District of New York) will hold those who flout them accountable for their crimes.”

According to Reuters, Mashinky’s representatives have not yet commented on the ruling.

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An active crypto adviser to the President of the United States is raising funds to launch a Bitcoin (BTC) investment firm.

According to a new CNBC report, Trump crypto adviser David Bailey has raised $300 million in funding for a new BTC investment company, Nakamoto.

The $300 million fundraising includes $200 million in equity and $100 million in convertible notes.

Following the approach of Strategy, formerly MicroStrategy, the investment firm intends to buy and hold BTC.

Stripe payments app founder Jack Mallers, himself launching a different BTC-holding venture called Twenty One, said in the report:

“What we really pride ourselves on is being blue-chip credibility with startup upside. We feel like we’re big enough to win entering the market with billions of dollars of capital upon launch, but we’re small enough to grow and we’re small enough to post bitcoin-denominated returns in what’s becoming a really competitive capital markets appetite for Bitcoin exposure.”

Nakamoto is expected to merge with a Nasdaq-listed company and go public sometime this summer. The venture plans to use some of the BTC for international investments in companies in Brazil, Thailand and South Africa.

Bailey is also the CEO of the media group BTC Inc.

BTC is worth $100,068 at time of writing, up 3.4% in the last week.

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The post Trump Crypto Advisor Raises $300,000,000 for New Bitcoin (BTC) Investment Firm Named Nakamoto: Report appeared first on The Daily Hodl.

Great Britain’s finance ministry is aiming to restrict credit card usage when buying crypto.

According to a new Reuters report, the Financial Conduct Authority (FCA) aims to cut down on “bad actors” while simultaneously supporting legitimate projects.

“We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so.”

The FCA would still allow consumers to purchase stablecoins by credit card.

However, the FCA still says that crypto investors should be prepared to lose everything when betting on digital assets.

Earlier this year, the FCA moved to ban crypto ads, managing to cut the advertisements down by 50%.

The FCA says that it’s now making “good progress” with tech companies in regulating the banned advertisements, but is still “concerned about the prevalence of frauds and scams online”.

“Many social media sites have now banned paid-for adverts for UK financial services from non-FCA authorized firms, and we continue to [take] action against those we find breaching our rules.”

While seeking feedback on crypto regulation in February, David Geale, executive director of payments and digital finance at the FCA, said:

“Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection.

Our aim is to drive sustainable, long-term growth of crypto in the UK. We’re asking whether we have got the balance right.”

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The post Regulators in Great Britain Move To Keep Crypto Customers From Borrowing To Buy Bitcoin (BTC): Report appeared first on The Daily Hodl.

The head of a fintech giant SoFi says the firm is bringing back crypto banking thanks to the new presidential administration’s stance on the industry.

In a new interview with CNBC, SoFi CEO Anthony Noto says crypto is returning to the company after SoFi had to halt crypto activities in 2023 due to regulatory pressure.

“We’re going to re-enter the crypto business, which we had to exit. We’ll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency [this time], to include really providing crypto or blockchain capabilities in each product area that we have.”

Last week, the Federal Reserve said it withdrew four previous statements and letters regarding the Fed’s expectations of banking crypto activities.

“The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities.

These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system.”

The Reserve Board said it plans to continue to monitor crypto activities under a “normal supervisory process.”

The move follows a trend of regulators taking a more relaxed stance against the crypto sector since the reinstatement of President Trump and his new administration.

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One of the top stock exchanges in the world has filed to list a spot-based exchange-traded fund (ETF) for the original memecoin.

Nasdaq has officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to list a Dogecoin (DOGE) ETF that will be sponsored by 21Shares, a financial firm specializing in crypto investments.

Earlier this month, 21Shares teamed up with the corporate arm of the Dogecoin Foundation, House of Doge, for an initiative to launch DOGE exchange-traded products (ETPs) globally.

Said Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation, at the time,

“This initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit. Global adoption is critical, and we’re excited to take this next step – ensuring Dogecoin stays fun, but gains the credibility and backing needed to thrive at scale.”

Added Duncan Moir, President at 21Shares, of the powerhouse crypto partnership,

“By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market. This move reflects our commitment to expanding investor access to innovative and community-driven assets while maintaining the highest regulatory and operational standards.”

The S1 application form was also officially filed earlier this month.

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The Federal Reserve is taking a major step back from monitoring banks’ crypto activities.

In a new press release, the regulator says it is withdrawing four previous statements and letters regarding the Fed’s expectations of banking crypto activities.

“The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities.

These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system.”

The Reserve Board is officially withdrawing its expectation of banks to give advance notice of crypto activities. It plans to continue to monitor crypto activities under a “normal supervisory process.”

The Fed is also withdrawing a letter “regarding the supervisory nonobjection process for state member bank engagement in dollar token activities.”

In partnership with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), the Federal Reserve is also withdrawing two joint statements regarding US bank crypto activities.

“The Board will work with the agencies to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.”

The move follows a trend of regulators taking a relaxed stance against the crypto sector since the reinstatement of the Trump administration.

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The state Attorney General of Oregon is suing the top US-based crypto exchange.

According to a release from Oregon Attorney General Dan Rayfield, Oregon is leading the charge to fill the void left in crypto regulation enforcement by the Trump administration.

Rayfield alleges that Coinbase promoted and sold high-risk investments to residents of Oregon.

“After building trust with Oregon consumers, Coinbase sold high-risk investments without them being properly vetted to protect consumers.

Oregonians lost money, and we believe Coinbase should be held accountable and take steps to protect consumers…

You don’t go in for a medical procedure without knowing the risks. It’s the same for everyday folks who want to invest in cryptocurrency. I am committed to protecting Oregon’s investors so they’re not taken advantage of.”

The U.S. Securities and Exchange Commission (SEC) has stopped pursuing many high-profile crypto enforcement actions since Trump took back over. The SEC dropped its case, alleging much of what Rayfield is alleging against Coinbase, in February.

Rayfield cites the example of Internet Computer (ICP), an asset that has lost 99% of its value since being listed on Coinbase.

Coinbase almost immediately issued a response, taking the offensive in a blog post to blast the lawsuit.

Coinbase chief legal officer Paul Grewal also called the lawsuit a “copycat” and an “embarrassing waste” of Oregon taxpayer money.

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In a newly updated 2025 Quarter 1 (Q1) report, CoinGecko says Solana (SOL) is outpacing Ethereum (ETH) in several ways.

According to their Q1 Crypto Industry Report, CoinGecko says that Ethereum lost all gains from last year, while the rest of the crypto market cap only fell 18.6% in the first few months of 2025.

“ETH closed 2025 Q1 at $1,805, representing a -45.3% decrease within the quarter, having fallen from $3,336. It has erased its gains from 2024, returning to levels last seen in 2023. It has severely underperformed majors such as BTC, SOL, XRP, and BNB, all of which declined to a much lesser degree.

Trading volume dropped in Q1 as well, from a daily average of $30.0 billion in 2024 Q4 to $24.4 billion in the latest quarter. Days in which volume spiked saw the price of ETH plummet.”

CoinGecko also found that Solana has continued its dominance of the decentralized exchange (DEX) space.

“Continuing the trend from end-2024, Solana continued to dominate DEX trades, hitting 52% dominance in January 2025; newcomers Sonic & Bera make their mark.

Solana was the dominant chain for DEX trading in 2025 Q1, with its market share hitting 39.6% for the quarter. It grew +35.3%, from $217.0 billion in Q4 to $293.7B in Q1.

In January, Solana accounted for 52% of on-chain trades amongst the top 12 blockchains, driven by the ‘political memecoin’ frenzy led by TRUMP. It recorded over $184.8 billion in trading volume, an all-time high for the chain. This caused Ethereum’s market share to drop below 20% for the first time.

However, as the meme coin trend receded, Ethereum managed to reclaim the top spot in March, with a 30.1% market share compared to Solana’s 23.4%.

Optimism and Polygon were edged out of the top 10 in March by newcomers Sonic and Berachain. However, over the entire quarter, both chains stayed ahead.”

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Donald Trump signed a bill on Thursday reversing the expansion of the IRS’s definition of a broker to include decentralized exchanges (DEXs).

According to a new Reuters report, Trump has nullified the inclusion of decentralized finance (DeFi) exchanges in the IRS’s updated crypto tax reporting rules.

The crypto reporting rules were updated in the final weeks of President Biden’s administration. Both Republican-controlled Houses of Congress have since voted to reverse the new federal rule.

Trump’s signing of the bill is the latest in a series of acts seen as pro-crypto by industry leaders.

Recently, executive director of the President’s Council of Advisors on Digital Assets Bo Hines said the administration hopes to usher in a “golden age” for cryptocurrencies.

“At the end of the day, the largest players to the smallest players want to be operating in the United States – they just need a clear set of rules to abide by to do so…

We’ve been in the demolition phase – removing a lot of those barriers… So that people can actually start building back here in the United States.

My main message to players in the crypto space has been – welcome home. We are going to create the most pro-crypto-friendly regulatory environment that anyone could possibly imagine because we understand how important the innovation is here in this space.”

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The official corporate arm of the Dogecoin Foundation is partnering with one of the world’s leading producers of crypto exchange-traded products (ETPs) on a new Dogecoin (DOGE) product.

In a new press release, 21Shares and House of Doge are announcing their new partnership to launch DOGE ETPs globally.

Says Jens Wiechers, Advisory Board Member at House of Doge and Co-Executive Director of the Dogecoin Foundation, of the new partnership,

“This partnership marks a very large step forward for the Dogecoin vision.

Dogecoin was created to be a fun, accessible form of peer-to-peer money, and over the years, it has demonstrated real-world utility in payments, tipping, and charitable giving. For Dogecoin to reach its full potential as a global currency, institutional support and corporate partnerships are essential.

This initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit. Global adoption is critical, and we’re excited to take this next step – ensuring Dogecoin stays fun, but gains the credibility and backing needed to thrive at scale.”

Dogecoin is the original memecoin, and 21Shares boasts over $7 billion in assets under management across 11 major exchanges.

Says Duncan Moir, President at 21Shares, of the powerhouse crypto partnership,

“Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin’s growing adoption underscores its significance in the crypto ecosystem.

By partnering with the House of Doge, we are taking a pivotal step in bringing transparent and institutional-grade investment options to the market. This move reflects our commitment to expanding investor access to innovative and community-driven assets while maintaining the highest regulatory and operational standards.”

DOGE is trading for $0.150 at time of writing, up 1.7% in the last 24 hours.

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Investment giant Grayscale is filing to rename its prospective Solana (SOL) exchange-traded fund (ETF) while removing staking from the trust.

In a new S-1 Filing with the U.S. Securities and Exchange Commission (SEC), Grayscale says it intends to rename its previously filed trust, Grayscale Solana Trust, to Grayscale Solana Trust ETF.

“In connection with this registration statement, on December 3, 2024, NYSE Arca filed an application with the Securities and Exchange Commission (the ‘SEC’) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), to list the Shares of Grayscale Solana Trust (SOL) (the ‘Trust’) on NYSE Arca (the ’19b-4 Application’).

As of the date of this filing, the 19b-4 Application has not been approved by the SEC. The Trust makes no representation as to when or if such approval will be obtained. The Trust will not seek effectiveness of this registration statement and no offering of Shares hereunder will take place unless and until such approval is obtained.

This prospectus has been prepared on the basis that the 19b-4 Application has been approved by the SEC.”

The 19b-4 application has neither been approved nor rejected by the SEC, but it has been acknowledged.

Aside from the name change, the other notable update is the exclusion of SOL staking, meaning investors in the proposed ETF will not receive staking rewards.

“In addition, and in common with other spot SOL exchange-traded products at this time, none of the Trust, the Sponsor, the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in Staking (as defined herein), meaning no action will be taken pursuant to which any portion of the Trust’s SOL becomes subject to Solana proof-of-stake validation or is used to earn additional SOL or generate income or other earnings, and there can be no assurance that the Trust, the Sponsor, the Custodian or any other person associated with the Trust will ever be permitted to engage in such activity in the future.”

SOL is worth $119 at time of writing, up 4.5% on the day.

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Binance’s first class of memecoins chosen by traders is experiencing major volatility following their listings.

Earlier this month, Binance introduced a new “Vote to List” campaign, allowing users to choose smaller projects to add to the world’s largest crypto exchange.

“We now invite users to participate and vote on the first batch of Vote to List projects under the official post… on Binance Square Official.

The first batch of Vote to List is exclusively for BNB Smart Chain-based tokens.”

Yesterday, Binance announced the winners of the first ‘Vote to List’ campaign: memecoins Mubarak (MUBARAK), CZ’S Dog (BROCOLLI714), Tutorial (TUT) and Bananas for Scale (BANANAS31).

After going live on Binance yesterday afternoon, the four memecoins are now in various states of eruption.

MUBARAK is trading for $0.084 at time of writing, down 40% on the day.

CZ’s Dog is currently worth $0.055, up 8% in the last 24 hours.

Banana for Scale is worth $0.005 at time of writing, down 18% over the same period.

TUTORIAL is going for $0.042 at time of writing, rallying 157% in one day.

Memecoins are infamously unpredictable. Last month, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce warned investors against expecting protections when trading the volatile asset class.

“Just because something is out there and it’s popular does not mean that it will fit within the SEC jurisdiction. So I just caution people not to assume that there’s going to be an SEC regulatory backstop to everything…”

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GameStop (GME) shares are returning to normal levels today following an initial rally on the announcement of fundraising plans to buy Bitcoin (BTC).

Yesterday, GameStop announced a proposed private offering of $1.3 billion in convertible senior notes with plans to use the funds to purchase the crypto king.

“GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop’s Investment Policy.”

GME rallied 14% yesterday, following the news of the company’s board approving the BTC treasury strategy, which was outlined in a U.S. Securities and Exchange Commission (SEC) filing on Tuesday.

“The Board approved the addition of Bitcoin as a treasury reserve asset, alongside US dollar-denominated stablecoins, to diversify the Company’s investment portfolio… a portion of our cash or future debt and equity issuances may be invested in Bitcoin.

We have not set a maximum amount of Bitcoin we may accumulate, and may sell any Bitcoin we may acquire.”

Today, GME has fallen back to earth, retreating to roughly the same value as five days ago.

GME is worth $24.21 at time of writing, down 14.6% on the day. Over the same period, BTC is up 0.7%, currently going for $87,310.

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The Treasury Department’s Office of Foreign Asset Control (OFAC) is removing Tornado Cash from its Specially Designated Nationals (SDN) blacklist.

According to a new announcement from the Treasury Department, OFAC is removing economic sanctions against the crypto protocol.

Tornado Cash is a “crypto mixer” that uses cryptographic smart contracts and zero-knowledge proofs to obscure digital asset transaction trails. It has been criticized for facilitating bad actors, such as North Korea’s Lazarus Group, which uses Tornado Cash to wash stolen funds headed for nuclear development.

The move comes two months after a New Orleans-based U.S. Court of Appeals for the Fifth Circuit lifted sanctions against the controversial protocol.

“It is ordered and Adjudged that the judgment of the District Court is reversed, and the cause is remanded to the United States Court of Appeals District Court for further proceedings in accordance with the opinion of this Court.”

The Department of the Treasury officially filed with the courts on Monday to remove Tornado Cash from the US sanctions list. Now, the Tornado Cash Ethereum address has officially been removed.

Says Secretary of the Treasury Scott Bessent,

“Digital assets present enormous opportunities for innovation and value creation for the American people.

Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing US leadership and ensuring that the American people can benefit from financial innovation and inclusion.”

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The second-largest US-based crypto exchange by trading volume is expanding its repertoire as it prepares to go public.

Earlier this month, Kraken announced plans to offer an Initial Public Offering (IPO) early next year.

On the heels of the announcement, Kraken now says it has acquired the leading US retail futures trading platform NinjaTrader.

NinjaTrader was founded in 2003, provides services for nearly two million traders, and is a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM).

According to Kraken, the deal represents the largest ever between traditional finance and crypto.

Says Kraken co-CEO Arjun Sethi of the acquisition,

“Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure.

But legacy finance and crypto have remained separate ecosystems, until today. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime.”

Says Marty Franchi, CEO of NinjaTrader, in a separate statement,

“NinjaTrader’s mission has been to redefine retail futures trading, making it more accessible, cost-effective and trader-friendly. Joining forces with Kraken allows us to take this vision to a global scale, expanding our reach and unlocking innovative new use cases.

Together, Kraken and NinjaTrader will power the integration of traditional markets with crypto by offering cutting-edge tools and the ability to rapidly move across asset classes that the most sophisticated traders demand.”

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Russia is using cryptocurrencies in oil transactions with India and China, according to a new Reuters report.

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin (BTC), Ethereum (ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

The sources, who declined to be identified, claim the practice is a “small but growing” part of Russia’s oil trade.

The European Union (EU) sanctioned Russia last month, in part for previous sanction evasions.

Last week, Russian crypto exchange Garantex was forced to suspend operations due to the severity of the sanctions.

“Dear users! We have bad news. Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles.

We are temporarily suspending all services, including cryptocurrency withdrawals, while our entire team solves this problem.

We are fighting and will not give up! Please note that all USDT in Russian wallets is currently under threat. As always, we are the first but not the last. Garantex Team.”

According to one of Reuters’ sources, even if sanctions were lifted and the US dollar was available for Russia to trade with again, many would likely continue to use crypto because of the technology’s convenience and transaction speed.

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Former Binance CEO Changpeng Zhao is pushing back on a Wall Street Journal report that Donald Trump has held talks with Binance to buy a stake in Binance.US.

Earlier today, the WSJ reported that the Binance founder “pushed” for the Trump administration to pardon him for his 2023 guilty plea for violating US anti-money laundering requirements.

CZ was released from prison last October after serving a four-month sentence.

After today’s report, Zhao took to the social media platform X to deny the journal’s claims.

“Sorry to disappoint. The WSJ article got the facts wrong.

More than 20 people have told me they were asked by the WSJ (and another media), “Can you confirm that CZ made some deal for a pardon?”

They probably asked hundreds of people to have 20 people reach out to me. In essence, they tried hard to make a story to report.”

According to Zhao, he did not discuss a Binance US deal with anyone.

“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single Bank Secrecy Act charge.

Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the “war on crypto” from the last administration are still at work.

I am always happy to make crypto great everywhere, US and the rest of the world.

It’s good to see that even WSJ thinks I should be pardoned.”

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The post Binance Founder Refutes WSJ Reports of Trump Plans To Buy Stake in US Arm of the World’s Largest Crypto Exchange appeared first on The Daily Hodl.

Fold Holdings is announcing that it has acquired 475 more Bitcoin (BTC), increasing its total holdings to over 1,485 BTC.

According to a new press release, the acquisition ups Fold’s BTC treasury by nearly half, launching the company into the top ten US public companies in terms of Bitcoin holdings.

According to the press release, the purchase was made through a convertible note, offering a conversion price of $12.50 per share.

In the announcement, CEO Will Reeves underscored Fold’s commitment to advancing Bitcoin financial services.

“We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way. As the first publicly traded bitcoin financial services company, we believe maintaining a significant bitcoin treasury not only drives value for our shareholders, but more importantly, strengthens our ability to power the next generation of financial services built on Bitcoin.

Fold’s Bitcoin treasury serves a dual purpose: providing value to investors seeking bitcoin exposure, while acting as a corporate strategic reserve to support our growing suite of Bitcoin-native financial products. We remain committed to building a bridge between traditional finance and the Bitcoin economy and ensuring our users benefit from Bitcoin’s long-term appreciation and utility.”

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The post Fold Holdings Becomes Top 10 US Public Bitcoin Treasury With Latest Purchase of 475 BTC appeared first on The Daily Hodl.

Sanctioned Russian crypto exchange Garantex is announcing the suspension of its operations after Tether blocked its platform’s wallets.

In a new Telegram announcement on Thursday, the Russian exchange says that Tether has blocked Garantex’s wallets, which contained over 2.5 billion rubles, about $28 million.

“Dear users! We have bad news. Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles.

We are temporarily suspending all services, including cryptocurrency withdrawals, while our entire team solves this problem.

We are fighting and will not give up! Please note that all USDT in Russian wallets is currently under threat. As always, we are the first but not the last. Garantex Team.”

The European Union (EU) included Garantex in Russian sanctions last month, accusing Garantex of guilt by association with Russian banks that allegedly helped the country evade EU sanctions.

This is not the first time Tether has actively worked with regulators to disrupt USDT in sanctioned wallets.

In September of last year, Tether announced that, in conjunction with the U.S. Department of Justice (DOJ), it had seized over $6 million in wrongfully obtained crypto in Southeast Asia.

When Reuters asked for a comment, a Tether spokesperson requested that all questions be directed to the U.S. Secret Service.

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The post Russian Crypto Exchange Garantex Halts Services As Tether Targets Sanctioned Wallets appeared first on The Daily Hodl.

The U.S. Securities and Exchange Commission (SEC) is dropping charges once again in another high-profile crypto investigation.

According to Kraken, the second-largest US crypto exchange by volume, the SEC has agreed “in principle” to dismiss its lawsuit against the exchange.

Kraken says the SEC is dropping the lawsuit “with prejudice, with no admission of wrongdoing, no penalties paid and no changes to our business.”

According to Kraken, the SEC’s investigation was politically motivated and meritless.

Said Kraken of the SEC’s investigation last year,

“The SEC is moving in the wrong direction. Its theories in litigation are incoherent. We remain committed to doing what we believe is right for our community of clients and innovators. Our mission – accelerating the adoption of cryptocurrency so that everyone can achieve financial freedom and inclusion – remains central to everything we do.”

The exchange now says it looks forward to regulatory clarity from the new regime.

The announcement is the latest in a string of changes to the SEC’s crypto regulatory policies. In addition to the consolidation and creation of a new crypto task force, the Cyber and Emerging Technologies Unit (CETU), just last week, the SEC also dropped several other big-name investigations in February, including inquiries into Coinbase, Robinhood, Opensea and MetaMask.

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The top US securities regulator is officially announcing that memecoins do not fall under its purview, comparing the burgeoning crypto sector to “non-functional” collector’s items.

In a new statement, the U.S. Securities and Exchange Commission (SEC) is declaring that memecoins are officially not securities.

As defined by the SEC’s statement,

“A ‘meme coin’ is a type of crypto asset inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading.”

The SEC says memecoins are more like collectibles and entertainment items than securities.

According to the SEC, memecoins fail the Howey test, a litmus test for deciding whether or not something is a security.

“First, meme coin purchasers are not making an investment in an enterprise. That is, their funds are not pooled together to be deployed by promoters or other third parties for developing the coin or a related enterprise.

Second, any expectation of profits that meme coin purchasers have is not derived from the efforts of others. That is, the value of meme coins is derived from speculative trading and the collective sentiment of the market, like a collectible.”

The SEC’s official statement echoes comments made by Commissioner Hester Peirce on memecoins earlier this month.

“Just because something is out there and it’s popular does not mean that it will fit within the SEC jurisdiction. So I just caution people not to assume that there’s going to be an SEC regulatory backstop to everything…”

The statement comes on the heels of an overhaul at the regulatory agency. In addition to the consolidation and creation of a new crypto task force, the Cyber and Emerging Technologies Unit (CETU), just last week, the SEC has also dropped several high-profile investigations as February comes to a close, including inquiries into Coinbase, Robinhood, OpenSea and MetaMask.

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A freshman California Democrat congress member is proposing legislation to prevent lawmakers from profiting off meme assets.

According to reports from ABC and AP News, Representative Sam Liccardo (D-CA) is introducing the Modern Emoluments and Malfeasance Enforcement (MEME) Act to prevent lawmakers from capitalizing on memecoins.

The bill appears aimed at Donald Trump, who has profited off TRUMP despite the meme asset having seen billions in value leave after launching earlier this year. Some analysts have accused the elected official of officiating a rug pull.

The bill would also prevent family members, such as Melania Trump, from launching meme assets. The First Lady also released a memecoin last month that also suffered a major crash after an alleged rug pull. The team behind MELANIA has now been connected to other known schemes.

Says Representative Liccardo of the alleged crypto political corruption,

“Let’s make corruption criminal again. Our public offices belong to the public, not the officeholders, nor should they leverage their political authority for financial gain. The Trump’s issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch…

That behavior is so self-evidently unethical that it raises the question why isn’t there a clear enough prohibition.”

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The post House Democrats Look To Shoot Down TRUMP Memecoin With Proposed MEME Act: Report appeared first on The Daily Hodl.

The U.S. Securities and Exchange Commission (SEC) is dropping a lawsuit against the top US-based crypto exchange, according to a new Coinbase blog post.

Coinbase says the SEC has agreed “in principle” to dismiss its case with Commissioner approval.

According to Coinbase, the suit being dropped should be viewed as a “major win for the rule of law”.

Coinbase says that it has always complied with the SEC since going public in 2021. However, according to the top US-based crypto exchange by trading volume, political changes at the top of the SEC caused the regulator to file an “unlawful” suit against the exchange in 2023. That lawsuit is now being dropped.

In a new interview with CNBC’s “Squawk Box“, Coinbase CEO Brian Armstrong doubles down on the exchange’s claims that the lawsuit was politically motivated.

“I think it’s a really important signal that, [after] a small group of activists in this prior administration who tried to unlawfully attack this industry, we’re going to be able to turn the page on that and finally get some regulatory clarity in America…

I hope that they’ll dismiss all the bogus cases, frankly, and it will be a domino effect for the rest of the industry.”

The news comes one day after the SEC announced the consolidation of its crypto unit into the newly created Cyber and Emerging Technologies Unit (CETU).

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Laura D’Allaird has been appointed chief of the U.S. Securities and Exchange Commission’s new crypto watchdog, said the SEC in a new announcement.

The SEC says the new Cyber and Emerging Technologies Unit (CETU) will replace the old Crypto Assets and Cyber Unit.

CETU says it will “combat misconduct” relating to securities in the areas of emerging technologies fraud, social media and dark web fraud, hacking, brokerage account takeovers, crypto fraud, cybersecurity compliance, and cybersecurity fraud.

D’Allaird is an attorney who has served as Senior Counsel in the SEC’s Cyber Unit Enforcement Division.

Said Acting Chairman Mark T. Uyeda of the new unit,

“Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously.

The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”

One of CETU’s aims will be to combat crypto fraud by complementing the work of the SEC’s Crypto Task Force, led by Commissioner Hester Pierce.

Earlier this week, Pierce sent out a warning to memecoin traders – if things go wrong, the SEC might not bail them out.

“Just because something is out there and it’s popular does not mean that it will fit within the SEC jurisdiction. So I just caution people not to assume that there’s going to be an SEC regulatory backstop to everything…”

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HodlX Guest Post  Submit Your Post

 

The tech world in 2024 was nothing short of a rollercoaster, from the relentless advancements in generative AI to surprising moments like the Crowdstrike outage, catching many off guard.

These moments show just how unpredictable the tech landscape can be.

With the arrival of 2025, the tech world is buzzing with potential breakthroughs that could reshape the way we think about modern technology.

Having spent decades in the industry, I wanted to share some of my thoughts on what lies ahead – like the even more explosive growth of generative AI and other developments poised to reshape how we think about technology.

The seismic shift is coming. The very foundations of modern technology are about to be rewritten.

And I’m not just talking about incremental tweaks – I’m talking about a full-blown revolution. Get ready for the most transformative year in tech history.

Here’s what I see on the horizon.

More of the cloud

Cloud computing experienced a successful streak in 2024, with 45% of companies already having “shifted at least half of their applications onto public clouds.”

As expected, the dominant three – AWS, Microsoft Azure and Google Cloud – retained their position as the public cloud providers of choice.

In 2025, however, we’ll look at the ultimate dominance of multicloud strategies. This approach gained popularity in 2024, according to Flexera researchers.

Many companies now see the cost savings and reliability of using multiple clouds. Hybrid cloud technology will also keep pace – especially with the renewed emphasis on cloud security.

An integrated approach will help businesses grow through the use of public clouds, which can provide greater security and control, along with faster response times.

We’ll also see the growth of decentralized cloud platforms next year. The need for affordable cloud services will mainly drive their adoption, as they can help companies avoid vendor lock-in.

DePIN platforms will be essential in many organizations’ cloud onboarding process and fill the infrastructural gap.

The rise of multimodal AI

The release of GPT-4o teased the capabilities of commercially available multimodal AI in 2024. This year, multimodal AI will be vital.

Users will shift from text-based content to richer and more interactive input and output options. In essence, relying solely on generative AI won’t suffice.

Multimodal learning unlocks new possibilities for AI technology, allowing it to draw parallels and associate related text, audio, photos or video.

Using different data sources allows models to train and understand results more accurately than ever.

Agentic AI will make a significant impact in 2025. However, data privacy and ethical issues will be major challenges to its popularity.

Generative AI has done well with text-based chatbots. However, we’ll see more improvements in multimodal AI across different sectors.

AI governance is coming

AI supervision will be vital in 2025. The EU AI Act will start in February 2025. As open-source AI becomes more popular in the public sector, the focus on quality assurance will grow.

Data and AI governance will also become key to ensuring regulatory compliance while minimizing bias and security risk as the line between generative AI and reality becomes less clear.

Enterprise organizations aligning with AI governance platforms will reap more customer trust and regulatory compliance benefits.

Cybersecurity in the spotlight

Cybersecurity attacks have been on the increase in the past year. In 2025, the story will remain the same. We’ll see an escalation of cyberattacks now powered by AI.

Phishing attacks will become even more personalized as malicious actors leverage machine learning to identify and exploit weaknesses.

Deepfakes, voice spoofing (vishing) and other social engineering attacks will continue to bypass identity checks and traditional security measures.

Establishing a strong cyberattack defense mechanism powered by AI will be pivotal for organizations to quickly find and respond to threats in 2025 and beyond.

Edge AI for IoT

Traditionally, AI applications have relied on cloud-based central servers.

However, experts are seeing an increase in edge computing spending, implying that AI algorithms and models will more often run directly on edge devices in real-time. This helps reduce delays and improve data privacy.

This will be key for applications in industries like healthcare, allowing for faster and more accurate diagnoses.

It can also help with monitoring and improving production lines, finding defective products and spotting technical problems before they happen.

AI in IoT has already started with smart home devices. These include personalized automation for home appliances, lighting and entertainment.

AI-powered monitoring and surveillance help homeowners spot suspicious activities in real-time. They can also alert the proper authorities.

The broader, complex applications of edge AI in IoT will mature much later.

Many IoT companies will also adopt a hybrid approach. In this context, developers will use edge AI computing for models that handle sensitive data.

This also serves those who need real-time predictions and data processing.

At the same time, the cloud will manage more complex algorithms. A few extra seconds of delay may not greatly affect these algorithms.

Rounding up

The new year offers unique opportunities to reconsider the strategies of the past and brace for the challenges ahead.

As stakeholders, we’re responsible for learning from the mistakes of the past years and using them as building blocks for the future.

By embracing the lessons of 2024, we can forge a brighter 2025.

---

Daniel Keller is the CEO, president, and co-founder of InFlux Technologies Limited (Flux), the world’s leading decentralized Web 3.0 cloud infrastructure platform. A passionate advocate for disruptive technology, Daniel is known for his charismatic leadership and forward-thinking approach to world-changing innovations.

 

The post Predictions for Tech in 2025 appeared first on The Daily Hodl.

Top stablecoin firm Tether is joining forces with one of the winningest football clubs in the world.

According to a new announcement from Tether, the crypto firm has purchased a minority stake in the Torin, Italy-based football club Juventus.

Says Tether CEO Paolo Ardoino of the new partnership,

“Aligned with our strategic investment in Juventus, Tether will be a pioneer in merging new technologies, such as digital assets, artificial intelligence and biotech, with the well-established sports industry to drive change globally. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.”

Juventus is an institution that is older than most banks. Founded in 1897, Juventus has won Italy’s top flight Serie A a record 36 times, most recently in 2020. The Zebras have also won the Coppa Italia a record 15 times and the Supercoppa Italiana a record nine times. The Italian giants are considered one of the top five football clubs of all time by the UEFA club coefficient rating and currently boasts two American stars, Weston McKennie and Timothy Weah.

According to the Tether announcement, the funds for the stakes were provided by Tether’s investment arm, which relies on assets outside of the stablecoin reserves.

Tether is far from the first crypto giant to invest in the beautiful game. In 2023, Coinbase inked a sponsorship deal with Borussia Dortmund, a legendary German football club that made it to the Champions League final last year.

The year before that, former Juventus star and living football legend Cristiano Ronaldo released exclusive non-fungible tokens (NFTs) with Binance.

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Robinhood’s crypto trading division reportedly saw an eight-fold leap in revenue generated from digital asset transactions in the final quarter of last year.

According to a new Robinhood investment report, the trading app giant saw a 200% year-over-year increase in transaction-based revenues, largely due to crypto.

“Total net revenues increased 115% year-over-year to $1.01 billion.

Transaction-based revenues increased over 200% year-over-year to $672 million, primarily driven by cryptocurrencies revenue of $358 million, up over 700%, options revenue of $222 million, up 83%, and equities revenue of $61 million, up 144%.

Net interest revenues increased 25% year-over-year to $296 million, primarily driven by growth in interest-earning assets, partially offset by a lower federal funds rate.

Other revenues increased 31% year-over-year to $46 million, primarily due to increased Gold subscription revenues.”

According to a Reuters report, Robinhood’s latest advance into crypto solidifies the trading app as a top rival for the leading US-based crypto exchange Coinbase.

Says Paul Marino, Chief Revenue Officer at Themes ETFs (exchange-traded funds), of Robinhood’s success.

“The fact that Robinhood had such a surge in revenues across its entire platform is more than just an appetite for risk in the marketplace – it’s also a testament to the adoption of its platform and the fact that the next generation of traders prefer what Robinhood is offering versus competitors.”

Coinbase is on schedule to release its own quarterly earnings report later today.

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The post Robinhood Crypto Sees 8X Jump in Crypto Trading Revenues in Q4 2024, Putting Pressure on Coinbase: Report appeared first on The Daily Hodl.