Bitwise Asset Management has made headlines by filing for a revolutionary Aptos (APT) ETF trust in Delaware, marking a pivotal moment for altcoin investments in the United States. This filing
Oklahoma is making strides towards potentially becoming the first U.S. state to integrate Bitcoin into its public financial reserves through the Strategic Bitcoin Reserve Act. The proposed legislation, known as
Ripple President Monica Long recently took to X to emphasize the critical importance of institutional adoption of digital assets in South Korea. In her announcement, she unveiled Ripple’s new partnership with BDACS, a leading digital asset custody firm in the region. The collaboration aims to build a robust custody infrastructure for cryptocurrencies like XRP and … Continue reading "Ripple Partners with BDACS to Boost Crypto Custody in Korea" The post Ripple Partners with BDACS to Boost Crypto Custody in Korea appeared first on Cryptoknowmics-Crypto News and Media Platform .
The SEC has concluded its investigation into Gemini without filing any charges. Cameron Winklevoss criticized the SEC for the negative impacts of the investigation. Continue Reading: SEC Closes Gemini Investigation Without Charges, Sparking Industry Debate The post SEC Closes Gemini Investigation Without Charges, Sparking Industry Debate appeared first on COINTURK NEWS .
This move is part of the SEC’s recent trend of dropping or pausing crypto-related cases, including those against Gemini, Coinbase and OpenSea. Gemini co-founder Cameron Winklevoss criticized the SEC’s aggressive stance, and called for reforms to prevent regulatory overreach. Meanwhile, former CFTC attorney Elizabeth Davis suggested that the CFTC is better suited to regulate meme coins, given its focus on fraud prevention. SEC and Justin Sun Request Legal Pause The United States Securities and Exchange Commission (SEC) and Justin Sun requested a federal court to pause the regulator’s case against the crypto entrepreneur to facilitate settlement discussions. A filing was submitted on Feb. 26 to a Manhattan federal court , which stated that both parties “jointly move to stay this case to allow the Parties to explore a potential resolution.” The filing pointed out that pausing the case is in the best interest of both parties while they consider a potential settlement. If granted, the SEC and Sun will be required to submit a joint status report within 60 days. Justin Sun and SEC filing This move is yet another instance of the SEC pausing its enforcement actions against crypto entities under the administration of President Donald Trump. The regulator also stayed or dismissed its cases against major crypto exchanges Binance and Coinbase . Trump has been vocal about his pro-crypto stance, and pledged during his campaign that he plans to reduce regulatory pressures on the digital asset industry and position the United States as the leading hub for crypto innovation. The SEC is reportedly prioritizing crypto cases that have more pressing deadlines, and suggested that it may later stay its lawsuits against Kraken and Ripple, which have upcoming court deadlines in late March and mid-April. The case against Sun dates back to March of 2023, when the SEC filed a lawsuit against him and three of his companies—Tron Foundation, BitTorrent Foundation, and its San Francisco-based parent firm Rainberry Inc. The SEC accused them of selling unregistered securities through the sale of Tron (TRX) and BitTorrent (BTT) tokens. The regulator also alleged that Sun engaged in “manipulative wash trading” of these tokens on secondary markets. Sun wanted to have the lawsuit dismissed by arguing that the SEC lacked jurisdiction over the matter as the token sales were predominantly conducted outside the United States. However, the SEC pushed back that Sun traveled extensively in the US, making him subject to its oversight. Sun’s ties to Trump extend beyond legal battles. In fact, he is the largest investor in Trump’s crypto platform, World Liberty Financial. He first invested $30 million in November to become its primary backer and recently increased his stake with an additional $45 million purchase of the platform’s native token, WLFI. His total investment in the platform now stands at $75 million. SEC Drops Investigation into Gemini The SEC also officially closed its investigation into crypto exchange Gemini. On Feb. 26, Gemini co-founder and president Cameron Winklevoss shared a notice from the SEC stating that, based on the information available, the agency will not be recommending any charges against the firm. However, the SEC still made it clear that this decision does not constitute an exoneration and does not rule out future action should new information emerge. The investigation stemmed from a Jan. 12, 2023, lawsuit in which the SEC accused Gemini and crypto lending firm Genesis Global Capital of offering unregistered securities through the “Earn” program. While the agency’s decision to stop its probe may provide some relief, Winklevoss is still frustrated over the impact the SEC’s actions had on Gemini and the broader crypto sector. He stated that the regulator caused the firm to incur tens of millions of dollars in legal expenses while stifling innovation and economic growth. He also argued that the SEC’s aggressive stance against the crypto industry cost the United States valuable talent and investment. The decision to close the Gemini case happened after similar moves by the SEC over the past few weeks. On Feb. 21, the regulator dropped its case against Coinbase. The same day, it also ended its investigation into NFT marketplace OpenSea. More recently, the SEC withdrew its scrutiny of Uniswap Labs, the developer behind the Uniswap decentralized exchange, and Robinhood Crypto , which received a Wells notice on May 4. Winklevoss described the SEC’s reversal as another milestone in ending what he called the ”war on crypto.” However, he warned that the damage had already been done, as regulatory pressure likely stopped entrepreneurs and projects from entering the industry. To prevent similar incidents in the future, he called for legislative reforms to hold regulatory bodies accountable. He also proposed certain measures like dismissing SEC staff who were involved in baseless enforcement actions, barring them from future agency work, and compensating affected crypto firms for their legal expenses. Overall, he criticized the SEC’s handling of the crypto sector, and argued that it was unacceptable for the agency to aggressively pursue an industry only to drop cases without consequence. While he acknowledged the decision as a positive step, he pointed out that it was only the beginning of ensuring these kinds of regulatory overreach does not happen again. CFTC Could Take Charge of Meme Coin Regulation Other regulators want to take on a more hands-on approach to the crypto space. A former chief attorney at the Commodity Futures Trading Commission (CFTC) believes the agency is best suited to regulate meme coins. Elizabeth Davis, a partner at Davis Wright Tremaine and former CFTC chief trial attorney, stated that the CFTC's focus on protecting retail market participants from fraud and manipulation makes it the ideal choice for overseeing meme coins. The debate over meme coin regulation has intensified over the past few weeks, with former CFTC Chair Chris Giancarlo blaming the SEC for the current lack of order in the market. The SEC’s crypto task force head, Hester Peirce, previously stated that meme coins fall outside the agency’s jurisdiction. Davis suggested that the CFTC’s role will likely depend on broader digital asset regulations, but if the agency gains jurisdiction over the crypto spot market, meme coins will probably fall under its oversight. She is confident that upcoming US digital asset laws will provide clarity on the matter in 2025. Davis also pointed out that the CFTC historically took an expansive approach to defining commodities under the Commodity Exchange Act, making it very likely that meme coins will be classified as commodities under its jurisdiction. The agency’s primary focus in regulating meme coins would be to prevent fraud and market manipulation. Meme coins have been a hot topic in early 2025 due to high-profile launches like US President Donald Trump’s WLF token and the controversial Libra token associated with Argentine President Javier Milei. Because of increasing investor losses , many in the crypto community demanded clearer regulations to prevent reckless speculation. Meanwhile, Zak Folkman , co-founder of Trump’s crypto venture World Liberty Financial, criticized investors for making risky bets on meme coins, and stated that it is unwise to risk one’s life savings on speculative assets. Adding to the controversy, reports from Argentina suggest that the US Department of Justice launched an investigation into the Libra token that was promoted by Milei, which only further intensifies the debate over regulatory oversight of the meme coin market.
Crypto exchange Gemini has announced that the United States Securities and Exchange Commission (SEC) has concluded its investigation into the company without taking any enforcement action. This marks a significant development for Gemini, which has been under regulatory scrutiny for various aspects of its operations. No Enforcement Despite Ongoing Legal Challenges The SEC had been investigating Gemini’s Earn program , which allowed users to earn interest on their cryptocurrency holdings. While this decision provides some relief for the company, Gemini is still entangled in legal battles, including a lawsuit from the New York Attorney General’s Office related to its dealings with the now-bankrupt Genesis Global Capital . In a statement, Gemini shared: “We are pleased to announce that the SEC’s investigation into Gemini has been closed without any enforcement action. We have always maintained our commitment to compliance and transparency.” However, Gemini continues to face regulatory scrutiny due to the Earn program , which led to lawsuits and financial complications when Genesis Global collapsed. What This Means for Crypto Regulation This decision by the SEC could indicate a more measured regulatory approach , rather than blanket enforcement actions. The SEC has aggressively targeted crypto firms, including Ripple, Binance, and Coinbase , but this outcome suggests that regulators may be reconsidering their strategies. For Gemini, the focus will now shift toward legal defenses in other cases and the expansion of its services, including derivatives trading and international offerings .
On Wednesday, Bitcoin (BTC) prices plummeted to a four-month low, reaching as low as $81,000, as the anticipated “Trump bump” in the markets faded. This has prompted investors and traders to hedge against further decreases, with Bitcoin options indicating a notable interest in put options with a strike price of $70,000. Bitcoin Plummets 20% Since Trump’s Inauguration According to data from Deribit, the largest crypto options exchange, this strike price represents the second-highest open interest among all contracts set to expire on February 28, with a total of $4.9 billion in open interest poised to expire by Friday. Related Reading: Solana (SOL) Sees Red—What’s Next for the Price? Since President Donald Trump’s inauguration in January, Bitcoin has experienced a substantial decline of roughly 20% from its record highs. Market analysts attribute this downturn to a combination of factors, including Trump’s “aggressive geopolitical” stance and ongoing concerns about elevated inflation. Chris Newhouse, director of research at Cumberland Labs, noted, “Tariff policies are further dampening the outlook, and stubbornly high short-term inflation expectations add to the overall caution.” Newhouse also highlighted that the Bybit Ethereum (ETH) hack has not only exerted downward pressure on Bitcoin’s price but has also negatively impacted overall market sentiment. Investors Pull Back Amid Declining Demand For ETFs The market has also witnessed a significant liquidation of bullish bets, with around $2 billion wiped out over the past three days, according to data from Coinglass. Bitcoin perpetual futures—a popular method for offshore investors to leverage their positions—saw a sharp decline in long positions during this timeframe. Adding to the bearish sentiment, demand for Bitcoin exchange-traded funds (ETFs) has waned, with the group experiencing approximately $2.1 billion in outflows over the past six days. This reflects a broader trend of investors pulling back, with more than $1 billion withdrawn from spot Bitcoin ETFs on Tuesday alone, marking the largest outflow since these funds debuted in January of the previous year. The Fidelity Bitcoin Fund (FBTC) and BlackRock iShares Bitcoin Trust ETF (IBIT) were among the hardest hit. Related Reading: Avalanche (AVAX) Overextended—Is A Market Shakeup Imminent? Bohan Jiang, head of over-the-counter options trading at Abra, commented, “This is a mix of spot selling and basis unwind. In my view, nearly all of this is from ETF spot outflows from directional traders.” Ethereum has also felt the impact of the Bybit incident, amplifying its volatility, while Solana (SOL) has surrendered gains achieved in recent months amid declining interest in memecoins. The market’s search for a new catalyst to reverse its bearish sentiment has led many investors to remain on the sidelines, rotating out of cryptocurrencies in a risk-off environment. Ravi Doshi, co-head of markets at crypto prime broker FalconX, stated, “The crypto market is still in search of a new catalyst to reverse bearish sentiment.” Currently, BTC is attempting to find support at $84,578, but has fallen another 4.5% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
The bill would allow Oklahoma to invest up to 10% of its public funds into Bitcoin and other digital assets.
A Russian founder of cryptocurrency exchange Gotbit has been extradited to the U.S. to face charges of wire fraud and conspiracy to commit market manipulation. Code for Wash Trading Crypto Transactions Aleksei Andriunin, 26, founder of cryptocurrency exchange Gotbit, has been extradited to the United States to face charges of manipulating cryptocurrency markets on behalf
Bitcoin (BTC) has experienced one of its largest price pullbacks in recent times, plunging from $96,131 on February 24 to a potential local bottom of $85,418 today. The decline triggered liquidations exceeding $1.5 billion, with the majority coming from long positions. Is It Time To Buy Bitcoin? The recent price action suggests that the crypto market is reacting to bleak macroeconomic conditions, driven by US President Donald Trump’s proposed trade tariffs and a hawkish stance from the US Federal Reserve (Fed). The total crypto market cap has now fallen below $3 trillion for the first time since November 2024, signaling growing bearish sentiment around risk-on assets. Major altcoins like Ethereum (ETH) have fallen by more than 10% in the past week. Related Reading: As Bitcoin Sell Pressure Fades, Could A Local Bottom Be Forming? Analyst Explains However, despite yesterday’s downturn, overall sentiment toward the crypto market appears to be improving. In an X post, Andre Dragosch, European Head of Research at Bitwise, suggested that the worst may be over for BTC. Dragosch shared the following Cryptoasset Sentiment Index, which is flashing a strong contrarian buy signal for the flagship cryptocurrency. The analyst added: Wide-spread bearishness among flows, on-chain, and derivatives data implies that downside risks are fairly limited. Risk-reward appears to be quite favourable at these prices. To further illustrate the level of bearishness surrounding risk-on assets, Dragosch highlighted that US spot Bitcoin exchange-traded funds (ETFs) recorded their single largest daily net outflow on record yesterday. Data from SoSoValue supports this assessment. Additionally, the Crypto Fear & Greed Index remains in bearish territory. Dragosch noted that sentiment levels are “already as bearish as during the macro capitulation last August.” At that time, BTC made a local bottom at $49,000 before rallying to multiple new all-time highs (ATHs). On a more optimistic note, on-chain data indicates that crypto whales are capitalizing on market uncertainty. According to crypto analyst Ali Martinez, long-term holders have accumulated nearly 20,400 BTC following the recent sell-off. Strategy Falls With BTC Crash In line with BTC’s decline, Strategy stock MSTR has also suffered, plummeting 55% from its peak of $543 in November 2024. At the time of writing, MSTR trades at $249, down approximately 29% over the past month. Despite the overall bearish sentiment, recent analysis comparing BTC’s returns to other assets, such as gold and stocks, shows that while Bitcoin’s cumulative annual growth rate has slowed in recent years, it continues to outperform traditional asset classes significantly. Related Reading: Is Bitcoin Showing Early Signs Of Bullish Divergence? Analyst Explains However, not all analysts share Dragosch’s optimism. In stark contrast, Standard Chartered recently warned that BTC may face further downside before resuming its bullish trajectory. At press time, BTC trades at $87,086, down 1% in the past 24 hours. Featured image from Unsplash, Charts from X, Yahoo! Finance and TradingView.com