A US judge tossed the SEC’s case against Hex founder Richard Heart, stating it couldn’t decide whether he defrauded investors of $12.1 million because the US lacked jurisdiction.
The U.S. Securities and Exchange Commission has been busy over the past few weeks, hinting at a brighter future for crypto companies. PS: I'll be in San Francisco next week for the American Banker Payment Forum. Say hello. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. New era The narrative The crypto industry racked up a number of early wins in the first month (and week) of Donald Trump's second term as U.S. president. The U.S. Securities and Exchange Commission announced it would drop or close half a dozen open investigations and ongoing cases, and asked courts to pause two more. Why it matters The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air. Breaking it down Over the last week and change, the SEC filed to withdraw its case against crypto exchange Coinbase, pause its cases against Binance and Tron and informed ConsenSys, OpenSea, Robinhood, Uniswap and Gemini it would close its cases or investigations into those platforms. These announcements come on the heels of SEC Commissioner Hester Peirce announcing she would head up a new crypto task force at the regulatory agency and publishing a number of open questions to the general public about how securities law might apply to different types of cryptocurrencies and defining how the SEC would oversee this industry. The SEC also withdrew staff accounting bulletin 121, an accounting standard much of the industry hated. While there are a number of investigations or cases still outstanding, it's clear the SEC has taken a sharply diverging tack under Acting Chair Mark Uyeda from when former Chair Gary Gensler helmed the agency. Commissioner Hester Peirce said the SEC was now working to develop more policy that would guide the Division of Enforcement's future actions, rather than have these enforcement actions "write regulatory policy." "We're really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance [and] interpretations," she told CoinDesk in an interview. "And then enforcement has a role after that, of course, to enforce the rules that are on the books. But this has just been an area where we've kind of gone about it backwards, and we're trying to right the ship here." The industry has been taking a victory lap with the withdrawals and dropped cases (and to be clear, it's not just the SEC withdrawing enforcement actions and investigations). Amanda Tuminelli, the chief legal officer at DeFi Education Fund, a decentralized finance-focused lobbying group, said any groups in the crypto sector should be more confident they would not be sued "for a mere registration violation." "I don't think that we've won. I won't think that we have won until there are clear final rules on the books that make it clear, that are durable wins that make it clear that the industry is going to be able to innovate and exist for years in the future," she said in an interview. On the other side of this argument, the SEC — and Congress — are "actively welcoming" chaos from the crypto sector to the broader financial system, said Corey Frayer, the director of Investor Protection for the Consumer Federation of America and a former SEC senior adviser to Gensler. "The SEC is not just abandoning enforcement actions, it's actively building an unregulated market for crypto assets," he said in an interview. This could create risk for contagion, he said, referencing FTX and Silicon Valley Bank's collapses. FTX had an issue with leverage (and the various FTX-affiliated tokens, which were used as collateral but lost their value following the exchange's collapse). "As we’ve learned from prior financial crises, ramping up leverage risks that any single bad bet or any significant move in the value of one asset or intermediary will crash the entire crypto sector," Frayer said. Congress's efforts may take some time. Earlier this week, lawmakers with the Senate Banking Committee's new digital assets subcommittee convened its first hearing focused on future legislation. Lewis Cohen, an attorney who's long been active in the crypto sector and a witness at the hearing, said developers had "raced ahead of the legal and policy frameworks designed decades ago." "Perhaps most critically, this uncertain regulatory environment has left consumers and users of digital assets at risk," he said. "A clear, practical and flexible federal statutory regime is urgently needed to address activity involving digital assets in both the primary and the secondary markets." Former Commodity Futures Trading Commission Chair Timothy Massad suggested Congress should focus on stablecoins and hold off on any kind of market structure legislation, at least until his former agency and the SEC have had a chance to work on rulemakings and guidance first. Tuminelli said she was worried that some builders might take these recent signs to mean "it's just open season," even though she expects law enforcement agencies to continue cracking down on outright criminal activity. Other recent incidents, like Bybit's $1.5 billion hack, are also poor signs for the industry. "We have things like Bybit to worry about, and we do have to worry about national security concerns and things like that," she said. "So there are still going to be compliance issues that people need to pay attention to, even as there is a much greater runway in front of us." Stories you may have missed Bybit Sees Over $4 Billion ‘Bank Run’ After Crypto’s Biggest Hack : Bybit lost $1.5 billion to a hack — more on this below — and then another $4 billion to customer withdrawals. Bybit Closes 'ETH Gap' as Exchange Replenishes $1.4B Hole After Hack : Bybit claims it was able to fill its $1.5 billion hole through loans and purchases of ether (ETH). North Korean Hackers Were Behind Crypto's Largest 'Theft of All Time' : The infamous Lazarus Group, the North Korean hacking entity, was behind the Bybit hack, Arkham Intelligence and crypto sleuth ZachXBT said. The FBI also alleged Lazarus was behind the hack. Bybit Declares ‘War on Lazarus’ as It Crowdsources Effort to Freeze Stolen Funds : ByBit is offering a 5% bounty to anyone who can help it freeze or recover its stolen funds. Payments Card Issuer Infini Offers Reward for Return of Funds After $49 Million Exploit : While Bybit's hack took up a lot of the attention on hacks this week, stablecoin newbank Infini also lost nearly $50 million to a hack. The company is offering to let the hacker keep 20% of the stolen funds if it returns the rest. Germany's Centre Right Alliance Secures Most Seats in EU Nation's Election : Germany's Centre Right Alliance won the most seats in the country's parliamentary elections last weekend, with the far-right Alternative for Germany (AfD) came in second. U.S. Appeals Court (Mostly) Affirms 2023 Ruling Tossing Out Uniswap Class Action Suit : The Second Circuit Court of Appeals largely affirmed a 2023 decision from District Court Judge Katherine Polk Failla about a decentralized exchange's liability for third-party tokens. OKX Settles U.S. DOJ Charges, Pays Over $500M Penalty and Forfeiture : OKX settled charges with the U.S. Department of Justice, agreeing to pay over $500 million in penalties and forfeited fees to resolve allegations it operated without a money transmitter license. An acting U.S. attorney said the exchange facilitated over $5 billion in suspicious transactions. How to Prepare for a Major Compliance Failure Settlement: The OKX Approach : CoinDesk's Ian Allison reports on how OKX prepared to announce compliance failure settlements through a meticulously-prepared crisis management document. UK Introduces Crime Bill That Extends Powers for Courts When Retrieving Crypto : A new bill in the U.K. details new authorities for local law enforcement agencies to seize crypto in suspected crimes. One of 2 Remaining Democrats at U.S. CFTC Will Exit When New Chair Arrives : CFTC Commissioner Christy Goldsmith Romero — whose term has expired — will leave the agency after former commissioner and nominee for chair Brian Quintenz is confirmed by the Senate. Crypto-Friendly Former Congressman Patrick McHenry Joins A16z as a Senior Advisor : Former House Speaker Pro Tempore and Financial Services Committee Chair Patrick McHenry is joining venture capital firm Andresseen Horowitz as a senior advisor. Hackers Are Using Fake GitHub Code to Steal Your Bitcoin: Kaspersky : Some seemingly legitimate GitHub projects come with Trojan Horse files which execute malicious code which can be used to steal your crypto, Kaspersky warned. Michael Novogratz's Galaxy Hires Zac Prince, Former CEO and Co-Founder of BlockFi : Former BlockFi CEO Zac Prince is joining Galaxy Digital as a managing director. Crypto Asset Manager Bitwise Bolsters Balance Sheet With $70M Equity Raise : Crypto asset manager Bitwise, which launched some of the first crypto exchange-traded products, raised $70 million in an equity deal. U.S. Law Enforcement Seizes $31M in Crypto Tied to Uranium Finance Hack : Hackers stole $50 million from automated market maker Uranium Finance in 2021. U.S. authorities recovered $31 million in crypto tied to that hack, they announced last week. U.S. Appeals Court (Mostly) Affirms 2023 Ruling Tossing Out Uniswap Class Action Suit : The Second Circuit Court of Appeals largely affirmed District Judge Katherine Polk Failla's dismissal of a class action lawsuit against Uniswap, which alleged that Uniswap Labs was responsible for third parties listing scam tokens on the decentralized exchange. Crypto Trading Platform BitMEX Is Looking for a Buyer: Sources : The headline is pretty self-explanatory. Utah One Vote Away, But Some States Fail to Break Through on Crypto Stakes : Jesse Hamilton took a look at efforts to launch state crypto reserves — some have faltered somewhat. U.S. Treasury's New Crypto Point Person Says Stablecoin Law a Good First Goal : Jesse also spoke to Tyler Williams, the former Galaxy Digital attorney now advising the U.S. Treasury Department on digital assets. FTT Briefly Spikes After Sam Bankman-Fried Tweets for First Time in 2 Years : Sam Bankman-Fried's X (formerly Twitter) account shared posts for the first time in two years about checking email and laying people off, a seeming reference to Elon Musk and the Department of Government Efficiency (the renamed U.S. Digital Service). It's unclear who is actually tweeting from the account — Bankman-Fried is still detained in the Metropolitan Detention Center and can only communicate online through the jail's Corrlinks tooling. I'm told it's unlikely his account is compromised though. ETF bonanza Outside of enforcement actions, the crypto industry is looking to the SEC for another purpose: Approving a broad swath of new exchange-traded products backed by, or tracking the prices of digital assets that weren't under significant discussion a year ago. In recent weeks, companies like Canary, Grayscale and WisdomTree have filed the initial paperwork for ETPs tracking the prices of cardano (ADA), solana (SOL), XRP (XRP), litecoin (LTC), hedera (HBAR) and polkadot (DOT). Unlike in previous years, where there was uncertainty about how far an application might go (during the race to launch a spot bitcoin (BTC) and later ether (ETH) ETF), the expectation now seems to be that retail and institutional traders will soon be able to gain exposure to these digital assets through this type of regulated investment product. This week Wednesday 15:00 UTC (10:00 a.m. ET) The House Ways and Means Committee, the panel overseeing tax issues, advanced a Congressional Review Act effort to undo an Internal Revenue Service rule to impose a tax reporting regime on DeFi entities. The resolution now goes to the full House of Representatives. 19:30 UTC (2:30 p.m. ET) The Senate Banking Committee's digital assets subcommittee met to discuss stablecoin and market structure legislation. Elsewhere: ( The Wall Street Journal ) A lawyer with X (formerly Twitter) told a lawyer at an advertising conglomerate to have that conglomerate's clients spend advertising dollars on the social media platform "or else," the Journal reported. ( The Ringer ) The Ringer is out with an extensive report on NBA Top Shots. ( The New York Times ) The Times, for its part, has an extensive report on Elon Musk's journey into his current White House role. ( The Washington Post ) Speaking of Musk, the Post detailed the government loans that supported his various companies over the years. ( NPR ) The Social Security Administration plans to reduce its headcount by 7,000. ( Science ) Universities are canceling plans to host students due to National Science Foundation cuts. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social . You can also join the group conversation on Telegram . See ya’ll next week!
The post Pi Coin Price Prediction: Is $10 Possible After Binance Listing? appeared first on Coinpedia Fintech News Pi Network has recently made waves in the cryptocurrency market, surpassing its all-time high with a market cap of $15 billion. The surge in Pi’s price has outpaced Bitcoin and other altcoins, generating excitement within the community. At the time of writing, Pi price is down by more than two percent and is trading at $2.32. There are speculations that Binance, one of the largest cryptocurrency exchanges, is set to list Pi Network, and this has caused a surge in market sentiment. Binance recently conducted a community poll on Twitter, asking users if Pi Network should be listed on the platform. With an overwhelming 86% voting in favor, investors and supporters are awaiting that Pi Network will soon be available for trading on Binance. This alleged listing is expected to send Pi’s price soaring, with many speculating that it could double or even triple following the listing, as coins listed on Binance tend to experience massive price gains due to the platform’s market power. Crypto influencers are already predicting that Pi could reach $10 shortly after its Binance listing. Despite a bearish overall market, Pi has already approached $3, and experts believe it could hit $5 by the end of April. Another factor contributing to Pi’s price surge is the ongoing public dispute between ByBit’s CEO and Pi Network’s founder, Nicholas K. This controversy has sparked increased attention, which in turn is positively impacting Pi’s market trajectory. With the Binance listing rumours and the ongoing market interest, Pi Network’s future looks promising. Traders and investors are eagerly awaiting the official announcement and the potential price explosion that could follow. If Pi breaks above the $3.67 resistance level, analysts predict it could rally to new all-time highs, reaching around $4.20.
The post Big News: White House to Host First Ever Crypto Summit on March 7 appeared first on Coinpedia Fintech News In a surprising move, the White House, under the leadership of former President Donald Trump, will host its first-ever Crypto Summit on Friday, March 7. The summit will feature prominent CEOs, investors, and key members of the Presidential Working Group on Digital Assets, including David Sacks and Bo Hines. This event marks a major milestone in the United States’ pro-crypto government stance. With regulatory agencies like the SEC now supporting the digital asset space, this summit is seen as a major step towards formalizing the government’s relationship with the cryptocurrency industry. Industry experts view this as incredibly bullish news for the crypto market. As more regulatory bodies show their support, the momentum for cryptocurrencies continues to grow. The summit will provide an opportunity for crypto industry leaders to engage directly with government officials, further solidifying the industry’s position. https://twitter.com/EleanorTerrett/status/1895652998774456737 In addition to the summit, there is also news of the Trump Organization filing a trademark for the launch of a Metaverse and NFT trading platform. This move reflects Trump’s recognition of the potential of NFTs and the Metaverse, signaling a new era for digital assets. While NFTs gained popularity during the last market cycle, their use cases are expected to extend far beyond artwork. Experts predict that NFT technology will eventually revolutionize sectors like real estate, contracts, and even government identification, driving widespread adoption. With these developments, it is clear that the cryptocurrency and digital asset space is poised for growth, with the backing of the U.S. government and influential figures in the industry.
A new digital currency is grabbing the interest of industry veterans. Rumors that it could be — the next big thing. It is an altcoin that is accelerating quickly, and some say it will overthrow Solana. What is so spectacular about this newcomer? Dive in to learn why bulls are buzzing about its future. XYZ’s Rise to Glory: The Meme Coin Fighter Punching Through the Crypto Arena XYZVerse is the Next Champion named the Best New Meme project. It combines the electric energy of sports with meme culture, attracting millions of fans who want to feel like they’re part of something bigger. Every great story begins with a hero. Not the biggest, not the strongest — the one crazy enough to just keep going. That’s XYZepe, the masked combatant, the true believer, and the $XYZ HODLer. And his mission is to rank XYZVerse number 1 on CoinMarketCapital and engrave XYZ into the history of crypto. The CMC community fully supports this future champ: 95% super bullish on $XYZ. But greatness is not given away — it is earned in the ring. $XYZ has completed 10 phases of presale already, and with a rapidly expanding community behind it, it is building the base for an astronomical launch. At $0.0025, there is a wager to be made with $XYZ. And by the time presale ends, it’s set to soar to $0.1. The grind has only just begun, and the road to glory is clear. Champions Get Rewarded The community calls the shot in XYZVerse. Active contributors are even incentivized with airdropped XYZ tokens. The Most Passionate Play to Earn Big in XYZVerse. The Road to Victory With strong tokenomics behind it, listings on CEX, as well as DEX, and constant token burning, $XYZ is on a championship run. Every play is meant to advance it further, solidify its price, and galvanize a community of believers who recognize that this isn’t yet another meme coin — it’s the beginning of greatness. XYZepe is fighting for glory. Are you ready to join the ring? Solana’s SOL: Speeding Ahead in the World of Blockchain Among the numerous projects in the blockchain space, Solana is making a name for itself. Unlike its competitors, Solana offers the perfect mix of speed and scalability, ensuring that you never have to sacrifice one for the other. Imagine dapps running as seamlessly as applications on a mainframe computer—Solana makes that a reality! What sets Solana apart? The difference is in the cutting-edge architecture used to ensure transaction throughput and flexibility. As a result, there are many programming languages available to work with Solana, and it provides unparalleled configurability; this all makes it a good fit for both developers and users. At the heart of the Solana ecosystem is SOL, the native cryptocurrency that powers everything from lightning-fast transactions to program execution and rewarding dedicated network supporters. As interest in capable platforms grows, one that is getting lots of attention is Solana. Forget about complex sharding or cumbersome additional solutions—Solana simplifies the process, making it the go-to choice for those seeking performance and reliability. Conclusion XYZVerse (XYZ) promises to exceed even Solana (SOL) with its sports-meme niche-based platform and a dynamic community — a real growth opportunity, rather than what you see everywhere in the crypto market today. Learn more about XYZVerse (XYZ) here: Site , Telegram , X
Dogecoin (DOGE) has seen a significant uptick in accumulation by large holders, signaling potential bullish trends as the market reacts to recent price movements. Dogecoin whales bought the dip by
Uniswap Labs launched a feature for direct crypto-to-bank transfers. The service aims to simplify transactions for users in over 180 countries. Continue Reading: Uniswap Labs Empowers Users with Direct Crypto-to-Bank Transfers The post Uniswap Labs Empowers Users with Direct Crypto-to-Bank Transfers appeared first on COINTURK NEWS .
Is Polkadot (DOT) on the verge of a breakout, or will it encounter resistance? Currently, DOT is at a pivotal point, with $5.50 serving as a critical resistance level. If it surpasses this threshold, we could see prices ranging from $7 to $8. However, failing to break through could send it tumbling to $3.60. Meanwhile, MANTRA crypto has seen a remarkable 35% increase within 24 hours, soaring past $7 with robust trading volume supporting its ascent. With top cryptocurrencies rapidly shifting, the pressing question is—where will the next significant opportunity emerge? Whales are making a big splash in Web3Bay’s crypto presale , investing over $200K in just two days, eager to secure positions before prices rise in the next phase. As the presale progresses and prices increase, early investors are swiftly locking in their stakes. The opportunity is here—will you seize it? Web3Bay Presale Gains Speed as Whales Secure Positions— 2000K+ Raised in 24! Whales are actively securing their stakes in Web3Bay, with over $200K invested in just two days—a clear sign of their strong belief in the project’s potential. With each presale phase leading to a price hike, early investors are locking in their tokens now to capitalize before costs escalate. Currently priced at $0.00524, the tokens are set to launch at $0.1959, presenting a substantial upside for early participants. Web3Bay’s presale has already surpassed $1.5 million with over 395 million tokens sold, drawing those aiming to make the next big move in top crypto assets. As demand mounts, the cost of waiting could mean paying a significant premium later. This rush isn’t merely about securing a favorable price; it’s about getting in before the real wave of FOMO begins. The platform itself is turning heads with its decentralized e-commerce model , which eliminates intermediaries, reducing costs and enhancing security. Backed by strong fundamentals, Web3Bay is poised to become a key player in blockchain-powered commerce. As investment continues to flow, the pressing question remains: will you buy now, or face higher prices in the next stage? Polkadot (DOT) Approaches Key Resistance: Will It Break Through? Polkadot (DOT) is at a critical level, with traders eyeing the $5.50 resistance. A breakout above this point could drive DOT toward $7-$8, especially if buying volume increases. However, if prices fail to hold above this level, DOT might slide back to $4.00-$3.60, with a drop below $3.60 signaling deeper losses. Although DOT is still in a downtrend, breaking above its descending resistance could turn the outlook positive. Volume remains low, meaning DOT needs stronger buying pressure to sustain its bullish momentum. If that happens, prices could push toward $10-$12. On the flip side, failing to break resistance could increase selling pressure. Traders are watching the $5.00-$5.50 range closely—whichever side breaks first will set the tone for DOT’s next move. Mantra (OM) Rally Continues After 35% Price Surge OM price soared 35% within 24 hours, climbing above $7 and reaching a new all-time high. This rally pushed Mantra’s market cap to $7.3 billion, surpassing several Real-World Asset (RWA) competitors. Trading volume jumped 455% to $851 million, showing strong market interest, with many expecting further gains. The ADX indicator rose to 24.8, signaling that the uptrend is still strong and may continue. Technical indicators support the rally, with OM trading above the Ichimoku Cloud. The next key target is $8, with a move above $7.3 confirming the trend. However, if momentum slows, $6.48 is the main support level, followed by $5.26 and $4.37 if a pullback occurs. Wrapping Up! Polkadot (DOT) is on the verge of a breakout, but it must surpass $5.50 to confirm bullish momentum. If buying volume increases, prices could climb to $7-$8, while a failure could lead to a drop toward $4.00-$3.60. Meanwhile, OM price jumped 35%, reaching a high above $7, with traders eyeing $8 as the next target. Holding $6.48 is key to avoiding a deeper pullback. With major moves among top crypto assets, Web3Bay’s presale is drawing attention fast. Over $200K was secured in just two days as buyers locked in before prices rise. With 3BAY tokens priced at $0.00524 and a projected launch price of $0.1959, early buyers could see strong gains. Join Web3Bay Presale Now: Presale: https://web3bay.io/buy Website: https://web3bay.io/ Twitter: https://x.com/web3bayofficial Instagram: https://www.instagram.com/web3bayofficial/ The post Crypto Whales Pour Over $200K Into Web3Bay! Polkadot & Mantra Price Trends Show Rally appeared first on TheCoinrise.com .
Market Overview: Bitcoin and XRP Experience Corrections Bitcoin (BTC) is trading at $85,531, reflecting a 2.28% decrease. Similarly, XRP has declined to $2.20, marking a 3.08% drop. In contrast, OFFICIALMAGACOIN is capturing significant attention, with its presale successfully raising over $3.7 million, indicating robust investor confidence. THE NEXT 1000X CRYPTO – CLICK HERE TO JOIN NOW! Altcoins with Potential for 50,000% Growth While established cryptocurrencies like Solana (SOL) and XRP have shown resilience, emerging altcoins present opportunities for exponential gains. Here are five altcoins to watch: OFFICIALMAGACOIN: With a presale price of $0.0002165, OFFICIALMAGACOIN has garnered significant investor interest, raising over $3.7 million. Analysts project a potential surge to $1 by 2025, representing a remarkable growth opportunity. Polygon (MATIC): Currently trading at $0.279199, Polygon offers a scalable solution for Ethereum, attracting numerous decentralized applications. Solana (SOL): Valued at $139.64, Solana is known for its high-speed transactions and low fees, making it a strong contender in the blockchain space. Sei (SEI): At $0.263164, Sei is a newer entrant focusing on providing a decentralized trading platform with high throughput. Aptos (APT): Priced at $6.26, Aptos aims to deliver a safe and scalable Layer 1 blockchain, emphasizing user experience and security. Comparative Snapshot Cryptocurrency Current Price Growth Potential OFFICIALMAGACOIN $0.0002165 High Polygon (MATIC) $0.279199 Moderate Solana (SOL) $139.64 Moderate Sei (SEI) $0.263164 Moderate Aptos (APT) $6.26 Moderate Why OFFICIALMAGACOIN Stands Out Record-Breaking Presale: Surpassing $3.7 million, reflecting strong market trust. Strategic Positioning: Poised to capitalize on current market trends and investor sentiment. Exclusive Bonuses: Early participants can leverage the MAGA50X code for a 50% bonus on investments. DON’T MISS OUT ON THIS OPPORTUNITY—INVEST IN OFFICIALMAGACOIN TODAY! As the crypto landscape evolves, while established players like Solana and XRP prepare for potential surges, OFFICIALMAGACOIN presents a compelling case for investors aiming to capitalize on emerging opportunities with high growth potential. Website: officialmagacoin.io X/Twitter: https://x.com/officialMAGAx Continue Reading: 2025’s Breakout Crypto? OFFICIALMAGACOIN Could Be the Next XRP or SOLANA With 50,000% Potential!
Whales massively accumulated DOGE during the recent dip and indicators have started to show bullish signs.