The DeFi Education Fund, a research and advocacy organization, has petitioned the Trump administration to intervene in the prosecution of Roman Storm, the Tornado Cash co-founder facing criminal charges. According to an April 28 letter directed to White House crypto czar David Sacks, the group urged President Trump to “take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.” They argued that Storm’s case is part of a broader overreach that “threatens the very foundation of technological innovation” in the United States. Storm, whom the U.S. Department of Justice charged in August 2023, has been accused of helping launder over $1 billion through Tornado Cash, a popular crypto mixing service. He faces charges of conspiracy to facilitate money laundering, conspiracy to operate an unlicensed money transmitter, and violating U.S. sanctions, offenses that could carry a combined sentence of up to 45 years if convicted. As previously reported by crypto.news, last year Storm filed a motion to dismiss all charges, arguing that Tornado Cash was an immutable, open-source protocol beyond his control. You might also like: Tornado Cash ported to MegaETH testnet after U.S. Treasury lifts sanctions However, U.S. District Judge Katherine Polk Failla denied the motion in September 2024, ruling that the indictment met the legal threshold to proceed to trial. A subsequent bid for reconsideration was also rejected in February 2025. In their letter, the DeFi Education Fund argued that the Department of Justice is pushing an “unprecedented theory” by attempting to hold developers liable for how others use their code, even when they have “no control over those third parties or user assets.” They warned that if left unchecked, this legal approach “freezes” open-source development altogether. The group also pointed out that Storm’s prosecution appears to contradict earlier Treasury Department guidance issued during Trump’s first term , which clarified that developers of self-custodial, peer-to-peer protocols are not considered money transmitters under federal law. “We in the blockchain industry have relied on that guidance in good faith since 2019,” the letter stated. Further, the letter warned that beyond Storm’s individual case, the DOJ’s actions create a legal environment that “empowers politically-motivated enforcement” and puts every open-source developer at risk, regardless of industry. “No one writing code in good faith should have to fear prosecution for the actions of strangers,” the letter said, arguing that innovation in fields like financial technology, artificial intelligence, and even healthcare could be stifled if developers are held liable for how their tools are used. Achieving the goal of making America the “crypto capital of the planet,” they said, requires protecting the very builders who create the underlying technology. “We ask President Trump to protect American software developers, restore legal clarity, and end this unlawful DOJ overreach,” the group wrote, adding that the stakes “could not be higher” for the future of crypto innovation in the U.S. Meanwhile, support for the petition is growing, with more than 253 signatures as of press time from various industry leaders, including Ethereum core developer Tim Beiko, Paradigm co-founder Matt Huang, and Bankless co-founder Ryan Sean Adams. Read more: Coinbase legal chief slams U.S. Treasury’s bid to dismiss Tornado Cash suit
FTX Trading Ltd. and the FTX Recovery Trust have filed lawsuits against NFT Stars Limited and KUROSEMI INC., the company behind the gaming platform Delysium, for failing to deliver tokens owed to the FTX estate. The action was announced in an Apr. 28 press release. The complaints, filed in a Delaware bankruptcy court, accuse the two issuers of breaching their contracts by withholding assets that FTX claims are essential to its recovery efforts. FTX said it made repeated attempts to engage with NFT Stars and Delysium before turning to litigation. “We urge token and coin issuers to return assets that rightfully belong to FTX,” the estate said in the statement. “Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors.” (1/3) FTX today announced that to recover estate assets, FTX has commenced legal action against certain token and coin issuers which own FTX assets and have been unwilling to engage. — FTX (@FTX_Official) April 29, 2025 FTX’s legal team, led by Sullivan & Cromwell LLP, warned that more lawsuits are expected if other issuers do not cooperate. As part of its larger asset recovery strategy, the estate is actively reaching out to other token and coin issuers and intends to file lawsuits against non-responsive parties. You might also like: Shaquille O’Neal reaches confidential settlement in FTX endorsement lawsuit The lawsuits come as FTX moves forward with its second round of creditor distributions. Following a bankruptcy court-approved plan in October 2024, FTX aims to repay 98% of creditors 119% of their claim values. The second round of payments, which includes Customer Entitlement Claims and General Unsecured Claims, is set to begin on May 30. FTX collapsed in November 2022 after revelations that founder Sam Bankman-Fried misused $8 billion in customer funds. Under the leadership of bankruptcy specialist John Ray III, the estate has recovered between $14.5 billion and $16.3 billion to date. The outcome of the lawsuits against NFT Stars and Delysium could play a role in further boosting creditor repayments as FTX pushes to close one of crypto’s biggest bankruptcy cases. Read more: Backpack launches fund claim process for EU customers following acquisition of FTX’s EU arm
COINOTAG News reports that Upbit, a prominent South Korean cryptocurrency exchange, is set to expand its offerings by listing SIGN trading pairs against major currencies including KRW, BTC, and USDT.
The Texas court invalidated sanctions on Tornado Cash, emphasizing legal protocols. Coinbase's Chief Legal Officer praised the ruling and criticized OFAC's methods. Continue Reading: Tornado Cash Sees Hope as Court Overturns Previous Sanctions The post Tornado Cash Sees Hope as Court Overturns Previous Sanctions appeared first on COINTURK NEWS .
South Korea’s People Power Party has pledged crypto reforms, including ETF approval and banking rule repeal, ahead ofthe June election.
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and crypto news from the past week. This edition explores how the recently approved XRP ETF might be the starting point for a larger participation of Ripple in Latin America. Latam Insights Encore: XRP ETF Gives Ripple the First Regulated Product
Where Investors Are Looking for 2025 Growth With the cryptocurrency market gaining renewed energy, attention is turning to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and other high-potential projects that could deliver serious returns. If you are planning your strategy for 2025, these are the names making the biggest waves right now: MAGACOINFINANCE.COM : An early-stage project that has captured massive attention with its capped token supply, vibrant community momentum, and exclusive early access bonuses. Offering a limited-time 50% bonus through the MAGA50X code, it is quickly becoming one of the most talked-about opportunities of the year. PRE-SALE – LIVE NOW – LIMITED SPOTS XRP : Continuing its global expansion efforts despite regulatory hurdles, XRP remains a staple in international transaction discussions. Cardano (ADA) : Building on fresh smart contract upgrades, Cardano is pushing forward with broader adoption initiatives and ecosystem growth. Sei (SEI) : Emerging as a key player for decentralized trading, Sei’s innovative network design has gained strong developer interest. Optimism (OP) : Focused on scaling Ethereum through Layer 2 solutions, Optimism’s technological improvements are making waves across various sectors. As the broader market trend heats up, these projects are positioning themselves early for the next surge and smart investors are watching closely. Why Early Movers Are Focusing on MAGACOINFINANCE Among all the excitement, MAGACOINFINANCE is drawing particular interest for one big reason: momentum is building before it even hits major exchanges. Unlike older projects that require long-term narratives, MAGACOINFINANCE is generating immediate traction by combining scarcity, community enthusiasm, and a clearly communicated roadmap. The 50% bonus offer still available through the MAGA50X code makes now a rare moment for early buyers to dramatically increase their holdings — before broader exposure arrives. Many insiders are highlighting MAGACOINFINANCE as a project that could shift quickly from newcomer to powerhouse during this cycle. Snapshot Updates: SOL, TON, OP, SEI Solana (SOL) continues to improve network stability and developer activity following key ecosystem upgrades. Toncoin (TON) is gaining momentum as a preferred blockchain for messaging app integrations and fast transactions. Optimism (OP) is enhancing Ethereum scalability with its recent protocol improvements. Sei (SEI) is onboarding fresh projects focused on decentralized trading solutions. Final Thoughts The market outlook for projects like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) , Cardano , Sei , and Optimism remains bright — Those aiming for early-stage strategic positioning are also moving into MAGACOINFINANCE quickly. Staying ahead of the next big moves could be key in 2025’s dynamic environment. For more information about MAGACOINFINANCE , please visit: Website: https://magacoinfinance.com Twitter/X: https://x.com/magacoinfinance Continue Reading: From $840 to Impressive Gains in 2025? XRP, Cardano, Sei, and Optimism Could Deliver
Coinbase Asset Management is preparing to launch the Coinbase Bitcoin Yield Fund on May 1, offering non-U.S. institutional investors a new way to earn yield on their Bitcoin holdings. As originally reported by Bloomberg, Coinbase Asset Management will launch a new investment product designed to generate yield on Bitcoin ( BTC ) holdings. The Coinbase Bitcoin Yield Fund will open on May 1, exclusively targeting non-U.S. institutional investors. The strategy behind the fund is based on the practice called “basis trading”, which involves exploiting the price difference between BTC spot price and its perps price. When BTC price is rising, the gap between the spot price and the perp price can widen significantly, creating opportunities for profit. The fund seeks to deliver an annualized net return between 4% and 8%, with yields paid out in BTC. However, Coinbase cautioned that actual returns could vary. Although basis trading is considered a relatively low-risk strategy, there have been instances where excessive leverage led to significant losses. Coinbase stated that the Bitcoin Yield Fund would employ only modest leverage and would prioritize security by storing assets with Coinbase and “other qualified custodians.” Sebastian Bea, President of Coinbase Asset Management, said that this fund aims to provide institutions with more reliable and compliant investment vehicles for digital assets, stating : “We believe the Bitcoin Yield Fund is particularly well suited to the task, given its conservative and compliant investment strategy.” The fund has already attracted early support from firms like Aspen Digital, a wealth management platform based in Abu Dhabi. You might also like: Founders Factory, Coinbase and more join forces to launch U.K. web3 accelerator Coinbase’s move comes amid growing demand for institutional-grade Bitcoin yield products, with several new initiatives launched recently to offer returns on BTC holdings while ensuring secure custody and regulatory compliance. Earlier this year, The Core Foundation in partnership with Maple Finance, BitGo, Copper, and Hex Trust launched lstBTC, which allows users to deposit BTC with custodians like BitGo or Copper and mint a liquid token that accumulates yield over time. Similarly, Securitize Credit has recently collaborated with digital asset trading firm QCP to increase returns from BTC basis trades by using BlackRock’s USD Institutional Digital Liquidity Fund as collateral. By combining the basis trade strategy with the yield from the BUIDL fund, Securitize reported annualized returns exceeding 20%. You might also like: GoMining debuts institutional division, launches $100m Bitcoin yield fund
An exclusive dinner event has been organized by President Trump for holders of the controversial memecoin TRUMP token, which has garnered a lot of attention. After being introduced earlier this year, TRUMP’s price soared, going from less than $10 to more than $70 in just one day. But then things changed in the market, and the token’s value dropped to $7 as the crypto market as a whole sold off. Yet, the president’s announcement revived interest in the token, which caused a sudden flip in this declining trend. Exclusive Dinner Plans Ignite TRUMP Token Activity Over the weekend, TRUMP saw an impressive 80% uptrend, reaching approximately $16. This resurgence was accompanied by a substantial increase in on-chain transactions, as reported by market analysis firm Kaiko. On April 23, the team behind the TRUMP memecoin revealed plans for an exclusive dinner catering to the top 220 holders. Notably, the top 25 holders would have the unique opportunity to meet President Trump himself. Related Reading: Solana Forms Textbook Cup And Handle Pattern – Massive Breakout Ahead? The announcement triggered a flurry of activity, with nearly 10,000 wallets transferring TRUMP tokens on that day alone—a staggering 200% increase from the previous day. The trading volume surged to around $2.3 billion, marking it the busiest day of the month. Interestingly, most of this volume came from smaller holders, with wallets containing less than $100,000 worth of TRUMP tokens driving the activity. This shift was particularly evident as the share of wallets transferring smaller amounts of TRUMP surged from the usual 46% to 75% after the dinner announcement. Notably, transactions under $1,000 accounted for 47.2% of active wallets, indicating a significant influx of smaller investors. 37% Chance Bitcoin Will Hit $100,000 By Month-End The enthusiasm surrounding TRUMP was not limited to on-chain activity. The token recorded its highest daily trading volume on centralized exchanges (CEXs) since mid-February, eclipsing other major memecoins like Dogecoin (DOGE). In fact, the President’s official cryptocurrency accounted for nearly 50% of all memecoin trading volume on centralized exchanges last Wednesday. Per the report, while the initial excitement has tapered off, there is potential for renewed activity as the deadline for eligibility to the dinner approaches. The rules stipulate that only the top 220 average holders between April 23 and May 12 will qualify, likely fueling increased trading and movement of funds among holders. Related Reading: PEPE Rising Trendline Holds Firm: A Reliable Launchpad For Price Rally The recent surge of interest in memecoins like TRUMP occurs amid a broader bull run in the cryptocurrency market, characterized by Bitcoin’s resurgence. Bitcoin dominance has remained high, reminiscent of the first half of 2021 when the market began shifting toward smaller-cap assets, often referred to as “altcoin season.” However, the current market landscape suggests a different trajectory, with Bitcoin maintaining its stronghold. Options markets have indicated significant confidence in Bitcoin’s stability, particularly with a notable volume increase surrounding a $100,000 strike option set to expire on May 30. Current estimates suggest a 37% probability that Bitcoin will trade above $100,000 by the end of May, a promising outlook given its recent trading levels near $74,000. As of now, the memecoin trades at $14.29, retracing 1.1% in the 24 hour time frame. Featured image from DALL-E, chart from TradingView.com
Executive Branch, a project co-founded by Donald Trump Jr., White House crypto czar David Sacks and Gemini co-founders Tyler and Cameron Winklevoss, is charging $500,000 for membership with a growing waiting list. Located in Washington’s Georgetown neighborhood, the club is set to open within weeks. Its launch party on Saturday reportedly drew cabinet officials, tech founders and wealthy investors, signaling its ambitions to blend political influence, crypto leadership, and business networking under one roof. Last night a new club opened in the wealthy Georgetown neighborhood in Washington, D.C. It’s called “Executive Branch,” and it’s an invitation-only club backed by Donald Trump Jr. and megadonor Omeed Malik. Dasha Burns of Politicoreported that it costs more than half a million… — Harvey J Kaye (@harveyjkaye) April 28, 2025 Attendees included Secretary of State Marco Rubio, SEC Chairman Paul Atkins, and several high-profile tech CEOs, CNBC reported Monday. Crypto Titans Tighten Grip On Washington’s Private Power Circles Executive Branch stands apart from other luxury private clubs that have boomed in cities like New York and Miami since the pandemic. By comparison, venues such as Aman Club charge up to $200,000 for membership. In contrast, Executive Branch’s $500,000 entry fee makes it one of the most expensive membership clubs in the US. Additionally, annual dues are expected but have not yet been disclosed. Crypto’s rising political influence is unmistakable in the club’s founding team. The inclusion of the Winklevoss twins and Sacks points to how digital asset leaders are embedding themselves in conservative political networks. With crypto regulation a key topic in Washington , proximity to policymakers may soon prove as valuable as market access. Membership at Executive Branch is tightly controlled. Prospective applicants require referrals and undergo heavy screening. CNBC reported that some people have offered up to $1m to secure early admission, only to be turned away. “We do not want members of the media or just a lot of lobbyists joining,” one person involved with the club said. “We want people to feel comfortable having conversations in privacy.” New Club Fuses Trump-Era Networks With Rising Crypto Clout The project revives a familiar model in Washington. During the first Trump administration, the Trump International Hotel became a magnet for Republican officials, foreign dignitaries, and business elites. Executive Branch is now positioned to serve a similar role, although with an even tighter circle of power players, particularly those with ties to crypto, finance, and technology. The club’s founding group also includes Omeed Malik and Chris Buskirk of 1789 Capital. In addition, Alex and Zach Witkoff, sons of real estate mogul Steve Witkoff, are part of the team. Together, they combine political connections, real estate fortunes and fintech investments. Consequently, they appear to be tightening the links between old-world finance and the new wave of crypto power. The post David Sacks, Winklevoss Twins Co-Found Exclusive ‘Executive Branch’ Club With $500K Entry Price appeared first on Cryptonews .