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Crypto industry is not experiencing regulatory capture — Attorney

Brandon Ferrick, general counsel at Douro Labs, said that the Securities and Exchange Commission's (SEC) openness to public input on crypto policy and their roundtable discussions are positive signs that the crypto industry is not currently experiencing regulatory capture.

In an interview with Cointelegraph, Ferrick identified signs of regulatory capture including, a public-to-private sector revolving door of employees, the same roster of attendees at regulatory events, and special treatment given to certain crypto projects. However, Ferrick added:

"The reason why I am not worried today is that a lot of what you're seeing from the regulatory side, like the SEC, for example, is totally open, public, and there are available opportunities to have conversations with the regulators about changing or thinking about the regulatory structures."

"[The SEC] has a public portal where you can just submit written commentary on your thoughts for the crypto regulatory environment, and you can schedule meetings with them," the attorney continued.

Crypto Industry executives and panelists discuss cohesive crypto regulation at the SEC’s first crypto roundtable in March 2025. Source: SEC

As the crypto industry becomes more integrated with the traditional financial system and engages state regulators more, some analysts and executives are worried that the industry is experiencing regulatory capture that will skew incentives and politicize the burgeoning crypto sector.

Related: SEC staff gives guidance on how securities laws could apply to crypto

Crypto industry is not experiencing regulatory capture — Attorney
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Every chain is an island: crypto’s liquidity crisis

Opinion by: Jin Kwon, co-founder and chief strategy officer at Saga

Crypto has come a long way in boosting transaction throughput. New layer 1s (L1s) and side networks offer faster, cheaper transactions than ever before. Yet, a core challenge has come into focus: liquidity fragmentation — the scattering of capital and users across an ever-growing maze of blockchains.

Vitalik Buterin, in a recent blog post, highlighted how scaling successes have led to unforeseen coordination challenges. With so many chains and so much value splintered among them, participants face a daily tangle of bridging, swapping and wallet-switching. 

While these issues affect Ethereum, they also affect nearly every ecosystem. No matter how advanced, new blockchains risk becoming liquidity “islands” that struggle to connect with one another.

The real costs of fragmentation

Liquidity fragmentation means there is no single “pool” of assets for traders, investors or decentralized finance (DeFi) applications to tap into. Instead, each blockchain or side network hosts its own siloed liquidity. For a user who wants to buy a token or access a specific lending platform, this siloing introduces multiple headaches. 

Every chain is an island: crypto’s liquidity crisis
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UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend

Whales and institutions are increasing their Bitcoin holdings ahead of Easter, as market analysts predict a weekend with less volatility after two weeks of heightened volatility driven by escalating global trade tensions.

A wallet linked to London-based investment firm Abraxas Capital acquired 2,949 Bitcoin (BTC) worth more than $250 million during the four days leading up to April 19.

In the latest transaction, the firm bought over $45 million worth of Bitcoin from Binance on April 18, according to crypto intelligence firm Lookonchain, citing Arkham Intelligence data.

Source: Arkham Intelligence, Lookonchain

The investment came days after Michael Saylor’s Strategy bought $285 million worth of Bitcoin at an average price of $82,618 per BTC, as the world’s largest corporate Bitcoin holders signal continued confidence in Bitcoin, amid global tariff uncertainty.

Large Bitcoin investors, or whales, continue accumulating, absorbing over 300% of Bitcoin’s yearly issuance as exchanges continue losing coins at a historic pace, Cointelegraph reported on April 18.

UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend
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XRP to revisit its $1 'realized price'? These charts paint a bearish picture

XRP (XRP) has bounced nearly 30% after a four-month low of $1.61 amid rising tariff tensions. However, the rebound may be short-lived as technical patterns and on-chain signals now point to a deeper correction ahead.

XRP cup-and-handle pattern hints at 40% drop

XRP is forming a classic bearish reversal pattern that could see its price falling by at least 40% in the coming weeks.

Dubbed inverse-cup-and-handle (IC&H), the pattern forms when the price rounds off in a curved descent (cup) followed by a brief consolidation phase (handle) — all atop a common neckline support level.

Inverted cup-and-handle pattern illustrated. Source: Medium

The pattern is confirmed by a breakdown stage, where the price breaks decisively below support and falls by as much as the pattern’s maximum height.

As of April 19, XRP had entered the pattern’s handle-formation phase, eyeing a decisive close below the neckline support at around $2. In this case, the primary downside target will likely be around $1.24, almost 40% below current prices.

XRP to revisit its $1 'realized price'? These charts paint a bearish picture
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Bitcoin can reach $138K in 3 months as macro odds see BTC price upside

Bitcoin (BTC) faces “unprecedented” US dollar correlation as new BTC price research gives a $75,000 floor.

In one of his latest analyses on April 18, network economist Timothy Peterson calculated that BTC/USD may rise as high as $138,000 within the next three months.

BTC price probabilities give bulls the upper hand

Bitcoin is navigating highly unusual macroeconomic conditions as a result of the ongoing US trade war, but history still offers clues as to where BTC price action may head next.

For Peterson, the US High Yield Index Effective Yield, currently at over 8%, holds the key.

“This has happened 38 times since 2010 (monthly data),” he summarized. 

Bitcoin can reach $138K in 3 months as macro odds see BTC price upside
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Crypto, DeFi may widen wealth gap, destabilize finance: BIS report

The growing adoption of cryptocurrencies may pose risks to the traditional financial system and exacerbate wealth inequality, according to the Bank for International Settlements (BIS).

In an April 15 report, the BIS warned that the number of investors and amount of capital in crypto and decentralized finance (DeFi) have “reached a critical mass,” with investor protection becoming a “significant concern for regulators.”

The size of the crypto market signals that authorities should be worried about the “stability of crypto over and above the role it may have for TradFi and the real economy,” the report states, highlighting the role of stablecoins, which the BIS said have “become the means through which participants transfer value within crypto.”

BIS report on crypto and DeFi’s functions and financial stability implications. Source: BIS

The report calls for targeted stablecoin regulation on stability and reserve asset requirements that will guarantee the redemption of stablecoins for US dollars during “stressed market conditions.”

Related: Spar supermarket in Switzerland starts accepting Bitcoin payments

Crypto, DeFi may widen wealth gap, destabilize finance: BIS report
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$400M Web3 investment fund ABCDE halts new investments, fundraising

Web3 and blockchain-focused investment fund ABCDE is halting new investments, but the $400 million fund remains committed to supporting its existing projects.

In an April 19 X post, ABCDE co-founder and Huobi exchange founder Du Jun said the $400 million fund will no longer invest in new projects or raise capital for the second phase of the fund.

However, Jun said the fund will continue to “post-investment support and exit arrangements of existing projects” to ensure the firm’s commitment to entrepreneurs and liquidity providers (LPs).

“My personal work focus will also gradually shift from financial investment in the primary market to strategic investment-led and deep incubation-based, focusing more on industrial synergy and long-term value creation,” Jun added.

Source: Du Jun

The announcement comes nearly three months after ABCDE’s last investment into an Ethereum layer-2 (L2) solution, Soon (Solana Optimistic Network), which raised $22 million through a non-fungible token sale to mark the launch of its mainnet, Cointelegraph reported on Jan. 22.

$400M Web3 investment fund ABCDE halts new investments, fundraising
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Base creator Jesse Pollak admits ‘Base is for pimping’ art was a mistake

The creator of Ethereum layer 2 blockchain Base, Jesse Pollak, has apologized following backlash over posting digital artwork that controversially played on Base’s tagline, “Base is for everyone.”

Several social media users found the artwork offensive and inappropriate.

“It was a single phrase among many, but I’ll own this was a mistake and apologize,” Pollak said in an April 18 X post referring to his decision to reshare a GIF image that featured the phrase “Base is for...” followed by a rotating sequence of words, including both controversial terms like “pimping” and “squirting,” as well as more neutral ones like “art,” “minting,” and “ideas.”

Pollak says he appreciates “provocative art”

Pollak emphasized that the artwork was made by a creator, not him, and specifically apologized for the image featuring the phrase “Base is for pimping.”

Pollak said that while he wants to support artists building on Base and admits he appreciates “provocative art,” he recognizes the need to be mindful of his shared messages, especially when they appear to come directly from him.

Base creator Jesse Pollak admits ‘Base is for pimping’ art was a mistake
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Tariffs, explained: How they work and why they matter

What are tariffs?

Tariffs are taxes placed on imported goods by a government or a supranational union. Occasionally, tariffs can be applied to exports as well. They generate government revenue and serve as a trade regulation tool, often to shield domestic industries.

Four main categories of tariffs are:

Ad valorem tariffs: These are calculated as a percentage of the good’s value. For instance, a 20% tax might be placed on $100 of goods.Specific tariffs: These are fixed fees based on the quantity of goods. For example, there might be a tariff of $5 per imported kilogram of sugar.Compound tariffs: These combine a specific duty and an ad valorem duty applied to the same imported goods. Both tariffs are calculated together to determine the total tax. For example, a country might place a tariff on imported wine at $5 per liter plus 10% of the wine’s value.Mixed tariffs: Mixed tariffs apply either a specific duty or an ad valorem duty, based on predefined conditions. For instance, for imported trucks, a country might charge either $5,000 per vehicle or 15% of the car’s value, whichever is greater.

The objective of such policy is to influence international trade flows, protect domestic industries, and respond to unfair practices by foreign countries. When a tariff is applied to an imported good, it raises its cost, making domestically produced alternatives more lucrative for customers regarding price.

In the US, the Trump administration uses reciprocal tariffs as a key instrument in influencing the trade policies of other countries. Reciprocal tariffs are trade duties a country imposes in retaliation to tariffs or barriers set by another country. This policy seeks to correct trade imbalances and safeguard domestic industries.

Tariffs, explained: How they work and why they matter
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Trump firing Powell would be a ‘very bad precedent to set’ — Pompliano

Crypto entrepreneur Anthony Pompliano says that US President Donald Trump shouldn’t follow through on his recent threat to fire the head of the US Federal Reserve, saying it would set a dangerous precedent — especially considering the true motive behind it.

“I do not believe that the President of the United States should come in and unilaterally fire the Fed President,” Pompliano said in a video posted on X on April 18.

Firing over disagreement is a slippery slope, says Pompliano

Pompliano said, “Where you have a disagreement and then the firing, I think that’s not really the area that we want to go into.”

“The idea of firing the Fed chairman is a very bad precedent to set this way.”

It comes after Trump took to his social media platform Truth Social to accuse Fed chair Jerome Powell of being too slow to cut interest rates. “Powell’s termination cannot come fast enough!” Trump said on April 17.

Anthony Pompliano made the remarks on his online show “From The Desk of Anthony Pompliano.” Source: Anthony Pompliano

Pompliano explained that while the Fed is meant to operate independently, he agrees with critics who argue it’s not truly independent. “The Fed, I think, is highly politicized, even though they pretend not to be,” he said.

Trump firing Powell would be a ‘very bad precedent to set’ — Pompliano
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Lyn Alden lowers Bitcoin forecast after ‘tariff kerfuffle,’ eyes liquidity

Macroeconomist Lyn Alden expects Bitcoin to finish 2025 higher than its current price of around $85,000, though she says it would have been much higher if not for US President Donald Trump’s tariff announcement in February.

“Before all this tariff kerfuffle, I would have had a higher price target,” Alden told Natalie Brunell on the April 17 episode of Coin Stories. “My guess is that we end up higher at the end of the year than we are now, at least,” she added.

Bitcoin’s 24/7 trading bolsters volatility when TradFi “freaking out”

However, she said that a “massive liquidity unlock” could be the catalyst needed for Bitcoin (BTC) to reach more optimistic targets, similar to those before the tariffs were introduced.

For example, if the US bond market “broke” and the US Federal Reserve had to step in with measures like yield curve control or heavy quantitative easing (QE), Alden explained.

Lyn Alden spoke to Coin Stories’ host Natalie Brunell on April 17. Source: Natalie Brunell

While Alden said that there is a “good chance” Bitcoin reclaims the $100,000 price level before the end of the year, she emphasized that broader financial market “down days” will remain a challenge for the asset, especially since Bitcoin trades 24/7, unlike traditional stock markets with trading hours.

Lyn Alden lowers Bitcoin forecast after ‘tariff kerfuffle,’ eyes liquidity
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Firing Jerome Powell will crash financial markets — Sen. Elizabeth Warren

US Senator Elizabeth Warren warned that if President Donald Trump eventually moves to fire Federal Reserve Chair Jerome Powell, it could undermine investor confidence in the integrity of US capital markets and trigger a financial crash.

During an appearance on CNBC, the Massachusetts Senator said the President does not have the legal authority to remove Powell from his position. Moreover, removing Powell would weaken the financial infrastructure of the US, Warren added:

"If Chairman Powell can be fired by the President of the United States, it will crash the markets. The infrastructure that keeps this stock market strong and, therefore, a big part of our economy strong, and a big part of the world economy strong, is the idea that the big pieces move independently of politics."

"If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn't distinguish us from any other two-bit dictatorship," Warren continued.

Trump discusses US economic policies with reporters. Source: The White House

President Trump has repeatedly called for Powell's termination, citing the chairman's hesitancy to lower interest rates. Lower interest rates are usually considered a positive catalyst for risk-on asset prices, including cryptocurrencies, and could reverse the market downturn brought on by the trade war and current macroeconomic pressures.

Related: Fed's Powell reasserts support for stablecoin legislation

Firing Jerome Powell will crash financial markets — Sen. Elizabeth Warren
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Canary Capital files for staked TRX ETF

United States asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding the Tron blockchain network’s native token, TRX (TRX), regulatory filings show. 

The fund intends to hold spot TRX and stake a portion of the tokens for added yield, the filing said

According to CoinMarketCap, the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%, data from Stakingrewards.com shows.

The filing is the latest in an outpouring of submissions aimed at listing ETFs holding alternative cryptocurrencies, or “altcoins.” 

However, Canary’s proposed fund is relatively unique in requesting permission to stake its crypto holdings in its initial application. Other US ETFs, such as those holding the Ethereum network’s native token, Ether (ETH), have sought approval for staking only after successfully listing a fund holding the spot token. They are still waiting for a regulatory decision.

Canary Capital files for staked TRX ETF
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Aptos community proposal seeks to slash staking rewards by nearly 50%

An Aptos community member submitted a proposal on April 18 to slash staking rewards for the network’s native token, Aptos (APT), by nearly 50%

The proposal, submitted by a community member called MoonSheisty, aims at reducing reward yields from 7% to 3.79% in a three-month period, aligning Aptos staking rewards with other layer-1 blockchains and encouraging capital efficiency.

The proposal has sparked curiosity on X, but early comments on GitHub show some initial resistance.

A community member going by ElagabalxNode noted that reducing the staking reward without “compensatory mechanisms like a robust delegation program” could push smaller validators out of the network, thus weakening the Aptos blockchain’s decentralization and long-term resistance.

Related: Aptos to accelerate innovation with new tech, investment in India

Aptos community proposal seeks to slash staking rewards by nearly 50%
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MoonPay CEO calls on Congress to keep state authority over stablecoins

Ivan Soto-Wright, CEO of cryptocurrency payment firm MoonPay, is calling on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoins.

In an April 18 X post, Soto-Wright said he wanted Congress to “keep state-regulated issuers in the game” when it comes to stablecoin regulation, referencing efforts in the House of Representatives and Senate to create a federal regulatory framework. Lawmakers are considering whether to pass the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in the Senate and the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, in the House.

“While the cryptocurrency industry has called for federal legislation for years, it has been these state regulators who have provided and continue to provide regulatory clarity and supervision to ensure consumer protection and enable growth in the sector,” said Soto-Wright. “As federal legislation now approaches the finish line, it is essential to preserve viable state pathways for PSIs [permitted stablecoin issuers] that place the state regulators who meet the standards set out in GENIUS and STABLE on equal footing with federal regulators.”

April 17 letter from MoonPay CEO to congressional leadership. Source: Ivan Soto-Wright

The MoonPay CEO’s comment echoed those of the Conference of State Bank Supervisors (CSBS), which wrote to leadership on the House Financial Services Committee in an April 1 letter and recommended a similar state-level approach. Both the Senate Banking Committee and House Financial Services Committee voted to advance the bills in March and April, respectively, paving the way for a full floor vote.

Related: Lawmaker alleges Trump wants to replace US dollar with his stablecoin

MoonPay CEO calls on Congress to keep state authority over stablecoins
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Tokenized stocks could top $1T in market cap — Execs

Tokenized stocks are on track to exceed $1 trillion in market capitalization in the coming years as adoption accelerates, two industry executives said at the TokenizeThis conference in New York. 

The total addressable market for tokenized stocks — a type of tokenized real-world asset (RWA) —  is difficult to project but is “definitely a bigger trillion-dollar market,” Arnab Naskar, STOKR’s CEO, said during an April 16 panel at the event.

In 2025, demand for the instruments has “exploded” from institutions ranging from Web3 wallets to neobanks to traditional financial services firms, according to Anna Wroblewska, Dinari’s Chief Business Officer. 

“We've had an enormous influx of demand from a much broader scope of potential partners than you might even imagine [...] it's actually been really interesting,” Wroblewska said.

Tokenized stocks are still a small portion of the total RWA market. Source: RWA.xyz

Related: Tokenization can transform US markets if Trump clears the way

Tokenized stocks could top $1T in market cap — Execs
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Crypto Biz: Is the US Fed prepping the money printer?

The US Federal Reserve under Jerome Powell has developed a reputation for dragging its feet on implementing important policy changes. However, a top central banker has assured that the Fed is “absolutely” ready to do whatever it takes to avoid a financial crisis, whether triggered by the US-led trade war or other adverse developments.

Although the long-awaited “Fed pivot” could still be months away, policymakers appear poised to gradually ease financial conditions, beginning last month when they reduced the redemption cap on Treasurys by 80%. 

Fed policy exerts a gravitational pull on global markets through US dollar liquidity, which has a direct impact on Bitcoin (BTC) and the broader cryptocurrency markets. In fact, the Fed’s impact on crypto has only grown since the COVID-19 pandemic. Since then, Bitcoin has been highly correlated with liquidity — a fact that was reinforced by a 2024 academic paper by Kingston University of London. 

This week’s Crypto Biz newsletter highlights remarks from a senior central bank official and covers major developments in the Ethereum exchange-traded fund (ETF) market and the Bitcoin mining sector.

Fed’s Collins: Central bank will respond to liquidity constraints 

Boston Fed President Susan Collins said the central bank “would absolutely be prepared” to backstop markets if economic and financial conditions deteriorated rapidly. 

Crypto Biz: Is the US Fed prepping the money printer?
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Rare market volatility signal points to higher Bitcoin price in 6 to 12 months — Dan Tapiero

On April 7, the CBOE Volatility Index (VIX) posted a rare spike to 60, a level seen as a barometer of extreme market fear and uncertainty. According to Dan Tapiero, CEO of 10Tfund, the VIX has hit 60 only five times in the last 35 years, and data suggests a rebound for risk assets such as Bitcoin (BTC) in 6 to 12 months. CBOE Volatility Index. Source: Cointelegraph/TradingView

The VIX, which is widely considered a "fear gauge," reflects investor expectations of market turbulence based on S&P 500 options trading. As illustrated in the chart, extreme spikes were seen in 2008 and 2020, typically coinciding with market bottoms, where panic-driven sellers paved the way for generational market entries.

In light of that, Tapiero argued that the current spike is no different, with the worst of market fears likely "priced in," setting the stage for a positive future. Tapiero said that “odds favor better future.”

Likewise, Julien Bittel, head of macro research at Global Macro Investor (GMI), supported Tapiero’s claim and said that tech stocks are at their most oversold since the COVID-19 crash, with over 55% of Nasdaq 100 stocks posting a 14-day RSI below 30. Such a market signal has occurred only during major crises like the 2008 Lehman Brothers collapse and the 2020 COVID-19 pandemic.

American Association of Individual Investors survey. Source: X.com

Bittel explained that after the VIX touched 60 last week, it implied peak uncertainty, which breeds fear in investors’ minds. Briefly touching on the US Investors Intelligence Survey, Bittel compared the current bullish sentiment of 23.6% to the lowest reading since December 2008.

Rare market volatility signal points to higher Bitcoin price in 6 to 12 months — Dan Tapiero
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TRUMP tokenholders face 90% decline from peak as unlock begins

TRUMP tokenholders face steep losses as the first vesting unlock goes live on April 18, releasing 40 million tokens, worth roughly $309 million, into circulation at a 90% discount from its peak.

The unlocked tokens account for 20% of the current circulating supply and could introduce fresh volatility as a previously illiquid portion of the supply hits the market. According to CoinGecko, the TRUMP token price has fluctuated between $7.46 and $7.83 in the past 24 hours.

April 18 marks the first unlock event for the TRUMP token, with steady, smaller unlocks following from that date.

TRUMP emission schedule. Source: GetTrumpMemes

The TRUMP token is down 89.5% from its all-time high of $73.43 recorded on Jan. 19, just two days after launching ahead of US President Donald Trump's inauguration. The token's value collapsed in the weeks following its debut, with over 800,000 wallets suffering a total of $2 billion in losses, according to estimates from blockchain analytics firm Chainalysis

Gains or losses are only realized upon sale, meaning holders won’t incur actual losses unless they choose to sell their tokens. According to the token’s website, the unlocked tokens will belong to the “Creators and CIC Digital LLC.”

TRUMP tokenholders face 90% decline from peak as unlock begins
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Kraken adds forex perpetual futures contracts to its Pro platform

Cryptocurrency exchange Kraken introduced foreign exchange (forex) perpetual futures contracts to its Kraken Pro platform on April 18, giving traders further exposure to global currency markets.

The first two perpetual forex futures available on the platform will be the euro-US dollar (EUR-USD) and the British pound-US dollar (GBP-USD) contracts, according to a company announcement.

Both contracts feature 20x leverage and no expiry date, meaning they do not have to be rolled or settled by a deadline, unlike traditional futures contracts, which have an expiry date.

Kraken’s move is the latest in a series of expansions from the company, as it seeks to blur the line between digital assets and traditional financial products — a trend reflected across the crypto industry.

EUR-USD price action. Source: TradingView

Related: Kraken secures restricted dealer registration in Canada

Kraken adds forex perpetual futures contracts to its Pro platform
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Price predictions 4/18: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX

Bitcoin (BTC) has been trading in a tight range for a few days, but a minor positive is that the bulls have kept the price above $83,000. Usually, a low volatility period is followed by a range expansion, but it is difficult to predict the direction of the breakout with certainty.

Cryptocurrency analysts remain bullish on Bitcoin’s prospects because gold’s rally in 2017 and 2020 was followed by a sharp rise in Bitcoin's price. Theya head of growth Joe Consorti said in a post on X that Bitcoin follows gold with a lag of roughly 100 to 150 days. 

If Bitcoin moves as per Consorti’s expectations, a new all-time high could be hit between Q3 and Q4 of 2025. On similar lines, trading and analytics account Cryptollica projected a medium-term target of $155,000 for Bitcoin.

Crypto market data daily view. Source: Coin360

Along with Bitcoin, analysts are also bullish on altcoins. Swiss bank Sygnum said in its Q2 2025 investment outlook that improved regulations for crypto use cases have prepared the ground for a strong altcoins rally in the second quarter, as “none of the positive developments have been priced in.”

Could Bitcoin and the altcoins break above their respective overhead resistance levels and start a recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Price predictions 4/18: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX
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US prosecutors to pursue ex-SafeMoon CEO case despite DOJ memo

Federal prosecutors said they will continue pursuing their case against Braden John Karony, the former CEO of crypto firm SafeMoon, despite the US Justice Department issuing a memo suggesting a policy of abandoning “regulation by prosecution” related to digital assets.

In an April 18 filing in the US District Court for the Eastern District of New York, US Attorney for EDNY John Durham said his office had reviewed the April 7 DOJ memo issued by Deputy Attorney General Todd Blanche and intended to proceed with a trial against Karony.

The former SafeMoon CEO faces securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy charges for allegedly “divert[ing] and misappropriat[ing] millions of dollars’ worth” of the platform’s SFM token between 2021 and 2022.

April 18 notice that US prosecutors will continue to prosecute John Karony. Source: PACER

Karony, initially indicted in October 2023 under former US Attorney for EDNY Breon Peace, argued in February that his criminal trial should be delayed, hinting that securities laws enforcement under the Donald Trump presidency could see “significant changes.” The judge denied the motion and later ordered jury selection for the trial to begin on May 5. 

However, Karony’s legal team made its claims about securities laws under Trump potentially undergoing “policy changes” before the Securities and Exchange Commission (SEC) dismissed cases and dropped investigations into many crypto firms facing allegations of violating securities laws. Blanche’s April 7 memo also suggested that the DOJ under Trump would direct jurisdictions not to pursue many crypto enforcement cases.

US prosecutors to pursue ex-SafeMoon CEO case despite DOJ memo
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Mantra exposes crypto liquidity problems, and Coinbase is bearish: Finance Redefined

Crypto investor sentiment took another significant hit this week after Mantra’s OM token collapsed by over 90% within hours on Sunday, April 13, triggering knee-jerk comparisons to previous black swan events such as the Terra-Luna collapse.

Elsewhere, Coinbase’s report for institutional investors added to concerns by highlighting that cryptocurrencies may be in a bear market until a recovery occurs in the third quarter of 2025.

Mantra OM token crash exposes “critical” liquidity issues in crypto

Mantra’s recent token collapse highlights an issue within the crypto industry of fluctuating weekend liquidity levels creating additional downside volatility, which may have exacerbated the token’s crash.

The Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations among disillusioned investors, Cointelegraph reported.

While blockchain analysts are still piecing together the reasons behind the OM collapse, the event highlights some crucial issues for the crypto industry, according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.

Mantra exposes crypto liquidity problems, and Coinbase is bearish: Finance Redefined
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Analysts brace for Bitcoin slide on gloomy US manufacturing data

Bitcoin’s spot price could take a hit after the US Federal Reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.

On April 17, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in overall business activity since 2020. 

The data puts Bitcoin (BTC) “under short term pressure,” researchers at Bitunix, a crypto exchange, said in a post on the X platform. They added that Bitcoin could still see a “strong comeback” if its price holds above $83,000 per coin.  

As of April 18, Bitcoin has been trading at approximately $84,000 per coin, according to data from Google Finance.

The Federal Reserve’s bearish report comes as factories brace for the impact of US President Donald Trump’s plans to impose sweeping tariffs on US imports, potentially raising production costs for manufacturers.

“[I]ndicators for general activity, new orders, and shipments all fell and turned negative… suggest[ing] subdued expectations for growth over the next six months,” the report said

Analysts brace for Bitcoin slide on gloomy US manufacturing data
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Bitcoin whales absorb 300% of newly mined BTC supply — Is $100K next?

Bitcoin’s (BTC) richest traders and investors are increasingly bullish on BTC despite facing downside risks from unfavorable macroeconomic factors, the latest onchain data suggests.

Bitcoin whales absorbing 300% of new supply

Bitcoin whales and sharks are now absorbing BTC at record rates—over 300% of yearly issuance—while exchanges are losing coins at a historic pace, according to Glassnode.

Notably, Bitcoin’s yearly absorption rate by exchanges has plunged below -200% as outflows continue. This signals a growing preference for self-custody or long-term investment.

Bitcoin yearly absorption rates. Source: Glassnode

Meanwhile, larger holders (100–1,000+ BTC) are scooping up more than three times the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin’s history.

Bitcoin yearly absorption rates of whales and sharks. Source: Glassnode

This marks a structural shift as traditional finance increasingly adopts BTC, particularly with the approval spot Bitcoin ETFs last year. The result is less BTC supply on crypto exchanges and long-term bullish conviction among big holders.

Bitcoin whales absorb 300% of newly mined BTC supply — Is $100K next?
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Oregon targets Coinbase after SEC drops its federal lawsuit

Oregon Attorney General Dan Rayfield is planning a lawsuit against crypto exchange Coinbase, alleging the company is selling unregistered securities to residents of the US state, after the United States Securities and Exchange Commission's (SEC) dropped its federal case against the exchange.

According to Coinbase's chief legal officer, Paul Grewal, the lawsuit is an exact "copycat case" of SEC’s 2023 lawsuit against the exchange, which the federal agency agreed to drop in February. Grewal added:

"In case you think I’m jumping to conclusions, the attorney general's office made it clear to us that they are literally picking up where the Gary Gensler SEC left off — seriously. This is exactly the opposite of what Americans should be focused on right now."

The lawsuit signals that the crypto industry still faces regulatory hurdles and pushback at the state level, even after securing several legal victories on the federal level. Pushback from state regulators could fragment crypto regulations in the US and complicate cohesive national policy.

Source: Paul Grewal

Related: Coinbase distances Base from highly criticized memecoin that dumped $15M

Several US states drop lawsuits against Coinbase following SEC moves

The SEC reversed its stance on cryptocurrencies following the resignation of former chairman Gary Gensler in January.

Oregon targets Coinbase after SEC drops its federal lawsuit
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South Korean crypto emerges from failed coup into crackdown season

South Korea kicked off 2025 with political chaos, regulatory heat and a crypto market finally brought to heel — or at least forced to grow up.

The nation closed 2024 in disarray following then-President Yoon Suk Yeol’s botched martial law stunt in December.

In the aftermath, authorities spent the first quarter drawing lines in the sand as financial watchdogs slapped cryptocurrency exchanges with probes and lifted the ban on corporate trading accounts. Meanwhile, crypto adoption hit record highs as trading volume cooled.

Here’s a breakdown of the key developments that shaped South Korea’s crypto sector in Q1 of 2025.

South Korea’s economy limped into 2025 as local currency tanked. Source: Ki Young Ju

South Korean crypto traders given yet another two-year tax exemption

Jan. 1 — Crypto tax postponed

A planned 20% capital gains tax on crypto did not take effect on Jan. 1 after lawmakers agreed to delay it until 2027. This was the third postponement: first from 2022 to 2023, then again to 2025.

South Korean crypto emerges from failed coup into crackdown season
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Standardization is essential to enable crypto adoption

Opinion by: Axel Schorn and Dr. Duc Au

Traditional stocks, bonds and commodities markets have long benefited from well-established standards governing the flow of information and data. These standards underpin the seamless functioning of trading, settlement and regulatory compliance, ensuring all participants can rely on the same consistent frameworks.

As the financial industry moves into decentralized finance (DeFi) with the introduction of digital assets, like crypto assets and tokenized securities, the lack of such standards presents a growing challenge

While digital assets promise transformative potential, their fragmented information landscape risks undermining their adoption and integration into the broader financial ecosystem.

Independent platforms like CoinMarketCap or CoinGecko provide information on various tokens, but this data varies significantly regarding market capitalization, total supply and other relevant reference data. Several global initiatives by private foundations and associations are working toward standardization. 

Standardization is essential to enable crypto adoption
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Quantum computers likely to reveal if Satoshi is alive — Adam Back

Early cypherpunk Adam Back, cited by Satoshi Nakamoto in the Bitcoin white paper, suggested that quantum computing pressure may reveal whether the blockchain’s pseudonymous creator is alive.

During an interview after a Q&A session at the “Satoshi Spritz” event in Turin on April 18, Back suggested that quantum computing may force Nakamoto to move their Bitcoin (BTC). That’s because, according to Back, Bitcoin holders will be forced to move their assets to newer, quantum-resistant signature-based addresses.

Back said that current quantum computers do not pose a credible threat to Bitcoin’s cryptography but will likely threaten it in the future. Back estimated that quantum computers may evolve to that extent in “maybe 20 years.”

Related: Bitcoin’s quantum-resistant hard fork is inevitable — It’s the only chance to fix node incentives

When the threat becomes real, Back said the Bitcoin community will have to choose between deprecating old, vulnerable addresses or letting those funds be stolen:

Quantum computers likely to reveal if Satoshi is alive — Adam Back
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Buying Bitcoin vs gold: Which is easier for investors to purchase?

As gold prices break new highs, many Bitcoiners are seeking ways to obtain exposure to the precious metal, but have been met with hurdles along the way.

Although physical gold is accessible in the form of jewelry, gold bars and coins, many industry executives are concerned about aspects like its quality, liquidity when selling, and buying at a premium above spot prices.

Still, gold advocates are confident that the precious metal is much easier to buy than Bitcoin (BTC), given the complexities of storing private keys and a steep learning curve for new crypto investors.

Both Bitcoin and gold are available in the form of tokenized assets, exchange-traded funds (ETFs) and other equity instruments, but the question of owning these assets in their original form reveals some differences.

Community: Buying Bitcoin is easier and faster

“Buying Bitcoin is significantly easier and faster than buying physical gold,” Ross Shemeliak, co-founder of the tokenization platform Stobox, told Cointelegraph.

Buying Bitcoin vs gold: Which is easier for investors to purchase?
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