News

According to BlockBeats, Abu Dhabi's sovereign wealth fund ADQ, conglomerate IHC, and the First Abu Dhabi Bank, the largest bank in the UAE by assets, have announced plans to launch a new stablecoin backed by the Dirham, the official currency of the United Arab Emirates. The companies stated that the stablecoin will be fully regulated by the UAE Central Bank. This initiative signifies a deeper investment by Gulf nations in the cryptocurrency sector.

According to PANews, South Korea's People Power Party has announced plans to abolish the 'one exchange, one bank' policy among other measures as part of its presidential election promises. The proposed virtual asset policy includes removing the current restriction that limits exchanges to partnering with only one bank, legalizing virtual asset trading for corporations and institutional investors, introducing a virtual asset spot ETF, advancing legislation for security tokens (STO), establishing a regulatory framework for stablecoins, drafting a Basic Law for Digital Asset Promotion, and developing an innovative virtual asset tax system. These initiatives aim to comprehensively reform the regulatory framework of South Korea's virtual asset market and promote the healthy development of the digital asset industry.

Peirce, Uyada, and Atkins Urge More Rational Framework to Support Crypto Market DevelopmentTop officials at the U.S. Securities and Exchange Commission (SEC) voiced concerns over the current state of cryptocurrency regulation during the agency’s "Know Your Custodian" roundtable event held on April 25.Speaking at the event, SEC Commissioner Hester Peirce compared the regulatory landscape faced by U.S. financial firms engaging with digital assets to playing a children's game in the dark. She likened the current environment to the game "the floor is lava," where participants must avoid direct contact — symbolizing firms’ efforts to avoid handling crypto assets amid regulatory uncertainty.Navigating Regulatory UncertaintyPeirce explained that SEC registrants — including brokers and alternative trading systems (ATS) — are moving cautiously to avoid regulatory missteps, often refraining from directly managing or custodying cryptocurrencies.Key challenges cited include:Unclear classification of which crypto assets qualify as securitiesLack of clarity around qualified custodians for digital assetsRegulatory uncertainty surrounding staking and governance activitiesPeirce warned that the cautious approach hampers the development of a robust and innovative crypto market.Calls for Practical Custody SolutionsSEC Commissioner Mark Uyada echoed these concerns, emphasizing the need to expand custodial options for firms dealing with digital assets. Uyada suggested that state-chartered limited-purpose trust companies could be recognized as qualified custodians, providing greater flexibility and legal clarity for advisers handling crypto assets.New SEC Chair Signals Support for Crypto InnovationNewly appointed SEC Chair Paul Atkins also addressed the gathering, expressing optimism about the potential of blockchain technology to deliver efficiency, risk reduction, transparency, and cost savings across financial markets.Atkins criticized the regulatory uncertainty left by the previous leadership under Gary Gensler and pledged to work closely with market participants, the Trump administration, and Congress to develop a rational, transparent regulatory framework for digital assets."Clear guidelines are essential to foster innovation while protecting investors," Atkins stated, signaling a shift toward a more collaborative regulatory approach.OutlookThe SEC’s leadership acknowledges that addressing regulatory ambiguity is crucial as digital assets become an increasingly central component of the financial system. Efforts to create comprehensive, practical regulations are expected to continue, shaping the future environment for crypto firms, custodians, and investors alike, according to Cointelegraph.

According to PANews, U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently addressed a roundtable on crypto asset custody, highlighting that federal regulators currently permit national banks to act as trustees for crypto assets. Given the historical precedent of allowing state-chartered banks to compete with federally chartered banks, Uyeda proposed that the SEC should consider recognizing state-chartered trust companies as qualified crypto custodians. Uyeda also suggested that the SEC could enhance competition by revising or eliminating the 'special purpose broker-dealer' framework. This could involve providing interim guidance on how firms can custody non-security crypto assets, crypto asset securities, and traditional securities while adhering to capital and customer protection rules. Ultimately, these guidelines could be incorporated into amendments to existing regulations.

According to Odaily, the newly appointed Chair of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, expressed his eagerness to tackle longstanding issues in the blockchain sector during the third cryptocurrency roundtable meeting. On his fourth day in office, Atkins emphasized the importance of addressing regulatory concerns surrounding digital assets and distributed ledger technology. He plans to collaborate with colleagues and staff while also seeking external input. Atkins highlighted the significance of this work, noting that entrepreneurs across the United States are leveraging blockchain technology to modernize the financial system. He anticipates substantial benefits from market innovations in terms of efficiency, cost reduction, transparency, and risk mitigation.

According to Cointelegraph, the crypto industry is anticipating a significant change in regulatory approach following Paul Atkins' appointment as the chair of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025. Atkins, a former SEC commissioner known for his deregulatory stance, succeeds Gary Gensler, whose tenure was marked by a stringent approach to cryptocurrency regulation. This leadership change is expected to influence innovation, investment, and regulatory clarity in the digital asset sector. Chris Perkins, president of CoinFund, expressed optimism about the new SEC leadership during a discussion with Savannah Fortis on Byte-Sized Insight. Perkins anticipates a decrease in regulatory uncertainty, which he believes will foster a more favorable environment for investors and developers in the crypto space. He noted that the previous administration's regulatory policies created a climate of apprehension among investors and developers, who were concerned about reputational and regulatory risks. Perkins suggested that the new regulatory climate could stimulate growth by reducing personal liability and attracting institutional capital and developers, potentially ushering in a 'golden age' for venture and value creation. Katherine Dowling, general counsel and chief commercial officer at Bitwise Asset Management, echoed this sentiment, noting that the regulatory atmosphere has already begun to shift. She observed a surge in legal activities, with some cases being dismissed or dropped, not due to a lack of regulation, but because there is a need to better define digital assets. Dowling emphasized that the focus is on achieving clarity rather than deregulation, suggesting a move towards a more structured understanding of digital assets and their regulation. James Gernetzke, chief financial officer of Bitcoin and crypto wallet Exodus, highlighted the potential benefits of engaging with regulators on a reasonable basis. He anticipates a return to more typical timelines for initial public offerings (IPOs) and access to capital markets, predicting an IPO surge towards the end of the year. Perkins also mentioned the potential impact of an upcoming market structure bill, which could provide clear processes for asset classification, capital formation, and disclosures, significantly influencing the crypto market landscape.

According to Odaily, U.S. President Donald Trump has announced a 90-day suspension of tariffs. He stated that the pause will remain in effect until the desired figures are achieved. The decision to implement this suspension is not related to the bond market.

According to Cointelegraph, the U.S. Federal Reserve has announced a significant change in its approach to overseeing banks involved in cryptocurrency and stablecoin activities. In a statement released on April 24, the Board of Governors of the Federal Reserve revealed that it is rescinding its 2022 supervisory letter. This letter had previously set an expectation for state member banks to provide advance notification of any planned or ongoing crypto-asset activities. This move marks a shift in the regulatory landscape for banks engaging in the rapidly evolving crypto sector.The Federal Reserve's decision to withdraw this guidance means that any crypto-related activities by banks will now be subject to the Federal Reserve's standard supervisory process. This change aims to streamline the oversight of such activities without the need for additional advance notifications. Furthermore, the Federal Reserve is also retracting its 2023 supervisory letter, which had implications for how state banks could participate in stablecoin activities. This development reflects the Federal Reserve's ongoing efforts to adapt its regulatory framework to the dynamic nature of the cryptocurrency market. As this is a developing story, more information will be provided as it becomes available.

According to BlockBeats, the Atlanta Federal Reserve's GDPNow model has adjusted its forecast for the United States' first-quarter GDP growth to -2.5%, down from the previous estimate of -2.2%. 

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding Grayscale's application for a spot Polkadot ETF. The delay comes as the SEC continues to evaluate the proposal, which aims to offer investors exposure to Polkadot through a regulated exchange-traded fund. 

According to Odaily, the U.S. Securities and Exchange Commission (SEC) has announced the agenda for its third cryptocurrency policy roundtable, scheduled for April 25. The meeting will focus on custody issues, with newly appointed Chairman Paul S. Atkins delivering the opening remarks. Attending SEC commissioners include Caroline Crenshaw, Mark Uyeda, and Hester Peirce. The agenda will cover topics such as custody through broker-dealers and other entities, as well as custody by investment advisers and investment companies. Participants in the roundtable include Jason Allegrante from Fireblocks, Terrence Dempsey from Fidelity Digital Assets, Rachel Anderika from Anchorage Digital Bank, and Baylor Myers from BitGo, among others.

According to Odaily, the U.S. Securities and Exchange Commission (SEC) has released a memorandum detailing a meeting between representatives from Ondo Finance, Davis Polk & Wardwell LLP, and the SEC's crypto task force. The discussion focused on establishing a compliance pathway for the issuance and sale of tokenized U.S. securities. Key topics addressed during the meeting included the structural model of tokenized securities, registration and broker-dealer requirements, market structure regulations, financial crime compliance, and state corporate laws. Ondo Finance expressed interest in seeking a regulatory sandbox or other forms of regulatory exemptions to advance the issuance of its tokenized asset products. The meeting aimed to provide a clear regulatory framework for tokenized securities in the U.S. market.

According to BlockBeats, the number of initial unemployment claims in the United States for the week ending April 19 was reported at 222,000. This figure met the anticipated forecast of 222,000. The previous week's data was revised from 215,000 to 216,000.

According to BlockBeats, market reports indicate that 21Shares has registered a SUI ETF in Delaware.

According to PANews, SEC Commissioner Mark Uyeda recently appeared on CNBC's 'Money Movers' program to discuss the differences between the current SEC under Gary Gensler and previous administrations, as well as the timeline for a cryptocurrency regulatory framework. Uyeda stated that the cryptocurrency task force is actively working on developing this framework.

First Public Remarks on Digital Assets Since Taking OfficeAccording to official SEC sources, newly appointed U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins is scheduled to speak at an upcoming cryptocurrency roundtable on April 25, 2025.This will mark Atkins’ first public address focused specifically on digital assets since assuming the chairmanship earlier this month, and the crypto industry is closely watching for any indications of his regulatory vision for the space.Expectations High After Pro-Crypto Inaugural SpeechAtkins made headlines during his inaugural speech earlier this week, promising to transform the SEC’s digital asset regulatory framework into a more “rational, coherent, and principled” approach. He pledged to ensure that the United States becomes the “best and safest place in the world” for crypto innovation and operations.The upcoming roundtable is expected to build on that momentum, offering greater clarity around his stance on key regulatory topics, including:Spot Bitcoin and Ethereum ETFsDecentralized finance (DeFi) and DAO regulationStablecoin frameworksToken classification and registration pathways 

Remarks Come Amid Sharp Decline in DXY and Renewed Interest in Bitcoin and GoldU.S. Treasury Secretary Scott Bessent stated on Tuesday that the United States remains committed to a strong dollar policy, despite recent market volatility and the dollar index (DXY) dropping to its lowest level in over three years.“The U.S. continues to adhere to a strong dollar policy,” Bessent said in prepared remarks during his financial system address in Washington, D.C.The reaffirmation comes as the U.S. dollar has weakened nearly 9% year-to-date, falling to 98.8 — a level last seen in April 2022 — amid heightened concerns over trade tensions, Treasury buybacks, and potential shifts in monetary policy.Market Context: Dollar Weakness, Crypto StrengthThe timing of ’s statement is notable as Bitcoin (BTC) and gold have surged to multi-week highs, with investors increasingly viewing both assets as hedges against dollar depreciation and macroeconomic instability.BTC recently crossed $94,000, its highest since early MarchGold hit a new all-time high of $3,382 per ounceEquity markets also remain elevated, with the S&P 500 gaining 2.5% on the dayDespite these moves, analysts suggest Benson’s remarks are intended to calm markets and reinforce the U.S. government’s long-standing currency policy.

President Donald Trump said on Tuesday that he does not intend to dismiss Federal Reserve Chair Jerome Powell, following several days of heightened criticism aimed at the central bank’s decision to hold interest rates steady.“I have no intention of firing him,” Trump said during a press briefing in the Oval Office. “I would like to see him be a little more active in terms of his idea to lower interest rates.”The president’s statement marked a clear de-escalation from earlier rhetoric during the Easter holiday weekend, when Trump repeatedly criticized Powell for being “too slow” in adjusting monetary policy in the face of global economic uncertainty.Immediate Market ReactionU.S. equity index futures jumped nearly 2% during Tuesday evening trading as markets welcomed the renewed political stability around the Federal Reserve’s leadership. The rebound came after Monday’s broad sell-off that had impacted stocks, bonds, and the U.S. dollar on the back of Trump’s prior comments.The president’s softened stance helped to alleviate investor fears of central bank politicization or unexpected leadership changes during a period of high macroeconomic sensitivity.Market Sensitivity to Fed IndependenceTrump’s comments had sparked concerns over the Federal Reserve’s independence, a cornerstone of U.S. monetary policy. Although the U.S. president does not have unilateral authority to remove the Fed Chair without cause, markets had become jittery over the tone of recent White House remarks.While Trump has continued to pressure the Fed to lower borrowing costs more aggressively, Tuesday’s remarks signal a temporary truce that could allow policymakers to refocus on economic data rather than political expectations, according to Reuters.

According to PANews, the U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of an application from VanEck for a spot Avalanche ETF. This development marks a significant step in the ongoing expansion of cryptocurrency-based financial products in the United States. The application is part of VanEck's efforts to offer investors exposure to Avalanche, a blockchain platform known for its high throughput and low transaction fees. The SEC's decision on this application will be closely watched by industry stakeholders, as it could influence the future of cryptocurrency ETFs in the market.