Crypto
crypto
Jamie Wilde

Crypto enters a new regulatory era

On the campaign trail, Donald Trump promised to make the US “the crypto capital of the planet.” So it’s no wonder everyone from everyday investors to the Winklevoss twins are celebrating Trump’s win, as bitcoin flirts with a new all-time high of $77,000.

One reason everyone’s celebrating: the former and future POTUS said he’ll fire SEC chief Gary Gensler as soon as day one. Gensler’s led a wide-scale crackdown on crypto. Under his guidance, the SEC sent a flurry of Wells notices to crypto’s biggest players, including Coinbase, Kraken, and Binance. 

The SEC’s investigations led to countersuits, fines, and in some cases, convictions. Coinbase’s top chief legal officer said he expects the SEC under Trump to “take a fresh look” at its crypto caseload.

Meanwhile pro-crypto super PAC Fairshake and related orgs poured hundreds of millions into congressional races. An estimated 253 pro-crypto politicians were elected to the House and 16 to the Senate. Coinbase called it “the most pro-crypto Congress in history,” as the industry looks to change how it’s regulated from the inside.

Because if you can’t beat ’em, join ’em.

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crypto
Sage D. Young

Crypto industry lifts on news of Iran ceasefire

News of a ceasefire between the US and Iran has sent cryptocurrencies and digital asset equities rallying, with privacy-focused token Zcash jumping 27% in the last 24 hours and leading market gains.

The price swing, which helped boost the total crypto market capitalization by 4.8% in the period, has resulted in $474.7 million in short positions liquidated worldwide, data from CoinGlass shows.

Since the ceasefire was announced:

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Yaël Bizouati-Kennedy
4h
Bitcoin jumps to 3-week high on Iran ceasefire announcement

Whether the rally is sustainable remains to be seen, but at the $71,000 level, bitcoin is back at the critical resistance level it’s been attempting to break for the past few months.

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Millie Giles
CRYPTIC CREATOR
4h
Has the identity of bitcoin’s mystery creator been unchained?

An investigation from The New York Times puts forward its case to solve the crypto world’s biggest puzzle.

Bitcoin
$11.4B
Sage D. Young

The FBI revealed in a Monday press release that Americans submitted 181,565 complaints of schemes involving cryptocurrency and reported losses totaling around $11.4 billion last year, a 22% increase from 2024.

The age range most affected were people older than 60. Those in this category had the highest crypto complaint count at 44,555 with losses at $4.4 billion, per the annual report from the Internet Crime Complaint Center, a division of the FBI tasked with gathering intelligence on cybercrime.

One cybercrime the report pointed to was cryptocurrency investment fraud, which are sophisticated long-term scams using psychological manipulation, an appearance of legitimacy, and exploitation of cryptocurrencies to deceive victims into investing large sums of money. 

“These scams are largely perpetrated by organized criminal enterprises based in Southeast Asia using victims of human trafficking as forced labor to run the scam operations,” per the report. 

The FBI report comes as the crypto ecosystem is still reeling from a recent $270 million exploit that was planned six months in the making, a change from the initial estimate of multiple weeks.

crypto
Sage D. Young

Aave sinks as another service provider leaves

The native token of the largest lending protocol in DeFi has shed roughly $163 million in market capitalization, dropping nearly 11% over the past 24 hours, after news that another service provider is leaving. 

Chaos Labs on Monday announced it was stepping down as a risk manager for the Aave DAO, citing concerns over V4 of the protocol and the recent exit of other core contributors. 

The risk management firm, which has been contributing to Aave since November 2022, decided to end its engagement with the protocol in part because of a “fundamental misalignment on how risk should be managed at Aave,” Chaos Labs CEO and founder Omer Goldberg said on X. 

The V4 protocol introduced a new smart contract code base. “When that architecture is rewritten from scratch, the risk infrastructure must follow. As a result, while the scope changed materially, the resourcing did not. Aave Labs may be comfortable with those trade-offs. We are not,” Goldberg stated.  

Chaos Labs’ termination comes after service providers Aave Chan Initiative and Bored Ghosts Developing Labs announced leaving due to centralization concerns with Aave Labs, which is headed by the protocol’s founder, Stani Kulechov. 

In response to Chaos Labs’ recent decision, Kulechov said, “There is no disruption to the Aave Protocol, its smart contracts, asset listings, or network deployments.” Kulechov added that Aave was not supportive of several elements of Chaos Labs’ initial proposal, such as a higher-risk management payment of $8 million. 

Aave has a total value locked of over $24 billion. V4 went live at the end of March and has seen around $10 million in deposits in the first week.

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