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Caitlin Long slams US Fed over stablecoin policy favoring big banks

Caitlin Long, founder and CEO of Custodia Bank, has criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.

In an April 27 thread on X, Long explained that while the Fed recently rescinded four prior crypto guidelines, it left intact a Jan. 27, 2023, statement issued in coordination with the Biden administration.

The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.

“THE FED HAS MAINTAINED A REGULATORY PREFERENCE FOR PERMISSIONED STABLECOINS (ie, big-bank versions),” Long stated.

She warned that this move gives traditional financial institutions a “head start” in launching private stablecoins while the broader market waits for stablecoin legislation to pass through Congress.

Caitlin Long criticizing the Fed’s preference for permissioned stablecoins. Source: <a data-ct-non-breakable="null" href="https://x.com/CaitlinLong_/status/1916570720798224718" rel="nofollow

Beyond tariffs and chaos — blockchain emerges as the backbone of a parallel economy

Opinion by: Ross Shemeliak, co-founder and chief operating officer of Stobox

The Trump administration is pushing a much-revived policy trajectory, marked by tariffs and sanctions that aim to reshore production. Despite exemptions favorable to technology, this dramatic turnaround may seem like a case of the White House treating global trade as its playground. The president’s tariff agenda is fracturing supply chains overnight and disregarding long-standing economic rules.

This latent, chaotic agenda also sees the quiet emergence of a new infrastructure in which blockchain is taking on a fresh role. Insofar as it is not purely focused on decentralization, the technology is geopolitically resilient. With global businesses, especially small and medium enterprises, increasingly pushed toward blockchain, we are witnessing a global economic map redrawing into one centered on Real-World Assets tokenization and stablecoins.

Secondary markets for tokenized trade assets

There are few winners in a

Nexo back in the United States as Trump Jr. attends exclusive event

Cryptocurrency services platform Nexo announced that it is reentering the US market after facing previous regulatory challenges.

According to an April 28 announcement, Nexo’s reentry event featured Donald Trump Jr., who said that he thinks “crypto is the future of finance,” adding:

“We see the opportunity for the financial sector and want to ensure we bring that back to the US.”

Trump Jr. also emphasized the need for a regulatory environment that supports the cryptocurrency industry. He said that “the key to everything crypto is going to be the regulatory framework.”

Source: Nexo

Nexo is back to fight where it lost

Nexo left the US at the end of 2022, citing a lack of regulatory clarity as the reason behind the decision. At the beginning of 2023, the firm

Melania memecoin team sells $1.5M tokens as price pumps 21%

The team behind the Official Melania Meme (MELANIA) token sold more than $1.5 million of tokens over the past three days, suggesting a programmatic selling strategy that may add downside pressure to the token.

The team behind the Melania memecoin sold another $930,000 worth of tokens on April 28, two days after selling $630,000, according to blockchain data.

The selling patterns point to dollar-cost averaging (DCA), an investment strategy used to buy or sell a predetermined amount of an asset at fixed times, according to crypto intelligence platform Lookonchain. It flagged the activity in an April 28 post on X, writing:

“The #Melania team didn’t just add or remove liquidity to sell $MELANIA, they also employed a DCA strategy for direct sales!”Source: Lookonchain

A 'local top' and $88K retest? 5 things to know in Bitcoin this week

Bitcoin (BTC) is bracing for a major US macro data week as crypto market participants warn of serious volatility next.

Bitcoin retests $92,000 after a promising weekly close, but traders still see a deeper BTC price correction to come.

A bumper week of US macro data comes with the Federal Reserve under pressure on multiple fronts.

The Fed has its hands tied, analysis argues, predicting interest rates coming down, liquidity booming and BTC/USD reaching $180,000 within eighteen months.

Bitcoin short-term holders are back in the black, making current price levels especially pertinent for speculative investors.

Sentiment is in neutral territory, but crowd-based FOMO may keep price from rising much higher, research concludes.

Bitcoin traders wait for support retest

Bitcoin is circling multimonth highs as the week gets underway, having tested $92,000 as support after the weekly close.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

That close itself was bullish, data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*enpnlb*_ga*MTE3NDE3MjgzMC4xNzE1NjcwODE1*_ga_53R24TEEB1*MTc0NDcyNDI2NS40MS4xLjE3NDQ3MjQyNjkuNTYuMC45MTY3MzAwMzI." rel="null" target="null"

Coinbase presses to axe rule banning SEC staff from holding crypto

Coinbase has urged the US Office of Government Ethics to remove a rule banning Securities and Exchange Commission staff from holding crypto.

SEC staff need to use crypto to better understand how it works and the best way to regulate it, Coinbase chief legal officer Paul Grewal argued in open letters sent to OGE acting director Jamieson Greer and newly sworn-in SEC Chair Paul Atkins, which he shared to X on April 25.

“To regulate technology, you need to understand it. To understand technology, you need to use it,” Grewal said in the letter to Greer.

“Permitting commission staff to hold crypto is essential to them developing the knowledge necessary to propose and adopt workable regulatory frameworks for digital securities activity,” he added.

Source: Paul Grewal

Legal Advisory 22-04, issued on July 4, 2022, by

Trump-backed World Liberty Financial partners with Pakistan Crypto Council

The Donald Trump-backed World Liberty Financial has signed a Letter of Intent with the Pakistan Crypto Council to accelerate crypto adoption in the South Asian country and one of the industry’s fastest-growing markets.

Under the partnership, World Liberty will help the Council launch regulatory sandboxes to test blockchain-based products, expand stablecoin applications for remittances and trade, explore real-world asset tokenization, and assist with the growth of decentralized finance protocols, local news outlet Business Recorder reported on April 27.

World Liberty founders Zach Witkoff, Zak Folkman and Chase Herro signed the letter in a recent meeting with the Council’s CEO Bilal bin Saqib, with Pakistan’s central bank governor, finance minister and IT secretary among those in attendance.

Source: Pakistan Crypto Council

Trump and his family backed World Liberty at the crypto lending and borrowing platform’s launch last year and they receive a cut of its

China-based Huawei to test AI chip aiming to rival Nvidia: Report

Chinese tech giant Huawei has reportedly developed a powerful artificial intelligence chip that could rival high-end processors from US chip maker Nvidia.

The Shenzhen-based Huawei is poised to start testing a new AI chip called the Ascend 910D, and has approached local tech firms, which are slated to receive the first batch of sample chips by late May, The Wall Street Journal reported on April 27, citing people familiar with the matter.

The development is still at an early stage, and a series of tests will be needed to assess the chip’s performance and get it ready for customers.

Huawei is pinning hopes on its latest Ascend AI processor being more powerful than Nvidia’s H100 chip, which was used for AI training in 2022.

Huawei is also poised to ship more than 800,000 earlier model Ascend 910B and 910C chips to customers, including state-owned

Bitget takes legal action on alleged VOXEL futures price manipulation

Crypto exchange Bitget says it is sending letters from its lawyers to account holders it alleges were involved in manipulating the price of perpetual futures contracts tied to the VOXEL token.

Eight account holders that the exchange accuses of being involved in the April 20 incident and who allegedly pocketed $20 million between them will receive a letter from the exchange’s lawyers in “quick succession,” Xie Jiayin, Bitget’s head of Chinese operations, said in an April 27 X post.

“These eight accounts are the main instigators of the VOXEL incident and have improperly gained more than 20 million US dollars from it,” she said, according to a translation of the post.

“Except for these eight accounts, all other users who participated in VOXEL trading on April 20 and have withdrawn funds do not need to worry,” she added. “The accounts have been restored to normal and no responsibility

Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIG

Bitcoin is starting to act as a store of value during times of “US-risk-off” sentiment, marking a potential shift in its relationship with traditional assets, according to the New York Digital Investment Group.

Bitcoin (BTC) felt “noticeably different” over the trading week ended April 25, NYDIG’s global head of research Greg Cipolaro said in an April 25 market note.

“We’ve been observing subtle shifts in its behavior over the past few weeks,” he added. “The decoupling from traditional risk assets is still very early and fragile, but for those watching crypto markets 24/7, the shift is palpable.”

“Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is.”

Cipolaro noted that Bitcoin has gained more than 13% since the beginning of April, while US