The digital asset industry had a mix of innovation, government encouragement, and partnerships.
Scams and the efforts of bad actors remained a significant concern.
The headlines:
- Stripe wants a stablecoin;
- Nasdaq asked for further crypto clarity;
- Ripple Labs postponed its IPO;
- According to the FBI, American residents lost $9 billion to crypto scams last year;
- Plus, the Federal Reserve is also pro-crypto! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $95k (as of 4/28/24)
The crypto markets continued making a comeback with Bitcoin moving from an $86,408.84 low to a $95,768.39 high before settling at $95,314.64.
The altcoins are also green.
Ethereum (ETH) is at $1,818.24, Solana (SOL) at $152.44, Chainlink (LINK) at $14.93, Avalanche (AVAX) at $22.27, Polkadot (DOT) at $4.23 and Uniswap (UNI) at $5.61.
Stripe Wants to Launch a New Stablecoin
The stablecoin space continued to lead the charge with e-commerce giant Stripe unveiling token launch plans. In an April 25 Twitter/X post, Stripe CEO Patrick Collison confirmed the reports, indicating that Stripe had intentions for most of the last ten years.
Collison also revealed an upcoming pilot phase with a yet-to-be-announced initiation date.
Bitnomial Revealed its Bitcoin Futures Contract Self-Certification Status
Premier crypto exchange Bitnomial announced the self-certification of its first-ever American-listed perpetual futures contracts. Trading will start on April 28.
Furthermore, institutional investors will first have access before retail traders.
Nasdaq asked the SEC to Treat Certain Tokens the Same Way as Stocks
A letter of comment from Nasdaq to the SEC on April 25 indicated some progress in adoption. The exchange operator called on the regulator to treat some tokens like stocks in the document, provided they meet similar thresholds.
Nasdaq also called for clarity over the digital asset space.
XRP token issuer Ripple Labs confirmed its decision to delay its IPO intentions. The move comes despite its recent wins, including the conclusion of its legal issues with the SEC and a $11.5 billion valuation.
In an April 29 CNBC interview, Ripple Labs President Monica Long confirmed the choice, iterating that the firm has several billion dollars in reserves and does not need to raise external funding.
American Residents Lost Over $9 Billion to Crypto Scams Last Year-FBI
The total losses by U.S. residents in 2024 topped $9 billion. That’s what a report from the FBI’s Internet Crime Complaint Center (IC3) suggests. According to the April 23 document, residents lost $9.3 billion of funds to crypto-related activities.
Additionally, older people aged 60 and over formed the segment’s majority.
Riot Platforms Received a $100 Million Loan From Coinbase
In an April 23 announcement, boutique Bitcoin miner Riot Platforms revealed that it had secured a $100 million line of credit from Coinbase. Riot also indicated that the loan is for operations and expansion activities.
Furthermore, the two-month facility has a 364-day term, with a 364-day renewal period and an interest rate component either north of the current federal funds rate or 3.25% plus 4.5%.
PayPal Unveiled a New Yield Rate for its PYUSD Stablecoin
E-commerce giant PayPal took its stablecoin adoption efforts to another level by introducing a new yield rate. According to an April 23 Bloomberg report, users can earn 3.7% annually for holding the PYUSD in their PayPal or Venmo wallets.
Subsequently, the initiative will take off in the summer.
DeFi Development Corp. Filed with the SEC to Raise $1 Billion in Solana Tokens
Boca Raton, Florida-based DeFi Development Corp. filed an S-3 form with the SEC to offer up to $1 billion in securities. The blockchain development firm wants to use the instruments for general operations and purchase additional Solana (SOL) tokens.
DeFi Development Corp. wants to sell up to 1,244,471 common stock shares with resale capabilities.
An Arkansas Town Rejected a Bitcoin Mining Facility Setup Proposal
The residents of Vilonia, Arkansas, made their opposition to the crypto mining project known, indicating environmental and health concerns. Following weeks of protest, the city’s planning commission rejected the proposal on April 25.
In addition, the residents cited noise pollution as another concern.
The Federal Reserve Changed its Digital Asset Stance for Banks
America’s top central bank joined other regulators and government agencies in withdrawing its crypto-related warnings for financial institutions. In an April 25 press release, the Fed revealed the reversal of previous crypto guidance warnings.
Furthermore, the central bank indicated its cooperation with other government agencies to help drive innovation in the sector.
Crypto ETFs Continued Pulling Weight
Digital Asset ETFs also had some progress, with several delays and some new applications. Crypto asset manager Bitwise revealed intentions to launch a NEAR protocol-focused ETF with a Delaware registration.
On April 24, the SEC announced that it would postpone its final decision to approve the Grayscale Polkadot Trust until June 11. The SEC also delayed the HBAR (Hedera) ETF application on the same date.
Additionally, on June 10, the SEC will decide on the Bitwise Bitcoin and Ethereum ETF.
New Hampshire’s Bitcoin Bill is Ready for a State Senate Vote
Crypto adoption in the Granite State will head for new highs with its Bitcoin reserve bill, House Bill 302 (HB 302), heading for a state senate vote. The New Hampshire State Senate Ways and Means Committee approved the legislation by a 4-1 vote.
Moreover, the draft bill seeks to empower the State Treasurer to invest up to 10% of its financial resources in crypto tokens with a market capitalization of over $500 billion.
SoftBank Wants to Launch a $3 Billion SPAC With Tether, Cantor Fitzgerald and Others
According to an April 23 Bloomberg report, SoftBank is in talks with key firms, including Cantor Fitzgerald and Tether, to list a treasure worth $3 billion. The vehicle will reportedly have several contributors, including Bitfinex ($600 million), Tether ($1.5 billion), and SoftBank ($900 million).
Furthermore, according to the report, a final decision will (likely) come in a few weeks.
