Monthly Crypto Roundup by CoinsDo: May 2025
7 mins read
May delivered one of the most paradoxical stretches in recent crypto memory. Bitcoin punched through every prior ceiling, even as DeFi suffered another nine-figure exploit and regulators in Washington and Brussels raced to tighten the rulebook. Here is a guided tour of the month that was. Market Performance Bitcoin hits $112k and reminds the world it’s a macro asset. BTC printed a fresh all-time high of $112 000, breezing past the January record and extending a year-to-date gain of ~17 %. Analysts tie the move to two intertwined forces: (1) a five-month slide in the U.S. Dollar Index, which is struggling under tariff uncertainty and fiscal angst (2) hard evidence that a stablecoin framework is finally advancing in Congress. The weaker greenback pushed capital into alternative stores of value, while the prospect of clearer policy reduced perceived headline risk around holding spot BTC. A fast-follow rotation lifts majors and memes Ethereum caught the tailwind, reclaiming $2600 before settling near $2400, while Layer-2 tokens such as Arbitrum and Base rallied double digits on surging on-chain activity. Meanwhile, the Trump-era meme-coin phenomenon showed staying power: aggregate memecoin market cap rose significantly, with liquidity largely recycling out of small-cap NFTs. Volatility spikes around U.S. inflation prints illustrate that crypto now trades as a barometer of both monetary and political risk rather than an isolated tech bet. Security & Hacks Cetus Protocol: $223 million gone in an avoidable overflow Sui and Aptos’ flagship DEX became the month’s cautionary tale after attackers abused an integer-overflow bug in its AMM math.. Roughly $223 million in stablecoins and blue-chip tokens were siphoned in minutes. Forensics outfit Dedaub traced the exploit to a single wallet; community validators later froze $162 million, and a make-whole proposal (funded via protocol fees plus a 5 % “security debt” tax) is headed to governance. Coinbase data breach could cost up to $400 million America’s largest exchange disclosed that threat actors bribed overseas contractors and exfiltrated partial KYC data for ~69 000 users. No customer funds moved, but legal, forensics, and remediation costs could reach $180-400 million, the company said in an 8-K filing—and it has posted a $20 million bounty for information leading to arrests. The incident renews focus on the old-fashioned attack vector of human compromise, even at heavily regulated platforms. Cork Protocol hack adds to May’s casualty list. Cork, a smaller DeFi credit market on Ethereum, was drained for $12 million on 28 May via an unchecked price-oracle call. Smart-contract pausing contained further loss, but the exploit underlines how even mid-tier protocols remain soft targets. Regulation & Policy GENIUS Act clears its first Senate hurdle The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act advanced out of committee on 29 May. The revised draft bans yield-bearing stablecoins, tightens reserve disclosure, and gives non-bank issuers a federal charter option—addressing previous Democratic concerns over consumer protection. Market watchers see the bill as the most viable path to U.S. stablecoin clarity since 2022, a signal that the asset class is graduating from regulatory gray zone to mainstream payment rail. Europe’s MiCA stablecoin rules cast a longer shadow While Washington debates, the EU’s Markets in Crypto-Assets Regulation continues its phased rollout: rules for euro-denominated stablecoins took effect last June, and full CASP licensing begins this December. EU authorities are now drafting supervisory guidelines due by 30 June 2025, reinforcing a passportable yet stringent regime. For issuers, the message is unmistakable: global harmonisation may still be messy, but the direction of travel is toward audit-ready transparency. Institutional & Capital-Market Moves Circle files to go public at a $6.7 billion valuation USDC’s issuer made its long-anticipated NYSE debut filing on 27 May, targeting up to $624 million in proceeds. Existing backers Accel and General Catalyst will sell shares, while Cathie Wood’s ARK has expressed interest in snapping up $150 million of the float. If successful, Circle would deliver the largest crypto listing since Coinbase in 2021 and hand public-market investors a direct play on the dollar-stablecoin narrative Strategy’s treasury micro-strategy keeps working. MicroStrategy (now rebranded as Strategy) revealed another 4 000-BTC purchase, lifting corporate holdings to 580 250 BTC (≈2.7 % of supply) and adding about $5 billion in paper gains since January. Analysts credit the company’s aggressive bid, alongside ETF inflows, for tightening spot supply and amplifying upside swings. ETF flows and ETP launches broaden access CoinShares launched seven new physically-backed crypto ETPs on Nasdaq Stockholm via its XBT Provider platform on 21 May, adding staking rewards for PoS assets. 21Shares debuted a Cronos (CRO) ETP on Euronext Paris & Amsterdam on 6 May, giving TradFi portfolios one-ticket exposure to the Crypto.com ecosystem. With these launches, the universe of listed crypto ETPs now spans 90+ tickers and nearly $50 billion in assets. Regulated wrappers continue to knit traditional capital to on-chain value – a trend once catalysed by March’s BlackRock debut and now reinforced by specialised issuers. Final Thoughts May 2025 crystallised crypto’s dual identity: a maturing macro asset class and an experimental tech frontier still prone to self-inflicted wounds. Bitcoin’s breakout underscores how quickly capital rotates into digital stores of value when fiat confidence wavers, yet the Cetus and Cork exploits prove that one missed line of code can vaporise fortunes in seconds. If the GENIUS Act and MiCA succeed, they may provide the guardrails needed for mainstream adoption. Until then, investors ride a wave powered by policy optimism and tempered by security scepticism—a balance likely to define the second half of 2025.
Top 5 MPC Wallets in 2025
10 mins read
With multi-party computation (MPC) wallets becoming the standard for secure digital asset storage, businesses and institutions are searching for the best MPC wallet to enhance security while maintaining ease of use, scalability, and compliance. In this guide, we explore the top 5 MPC wallets in 2025, each offering cutting-edge security, wallet integrations, and institutional-grade features. 1. Fireblocks Fireblocks has established itself as the gold standard for institutional MPC wallets. The platform is trusted by banks, hedge funds, and asset managers because of its multi-layered security, automated transaction workflows, and compliance-first approach. What sets Fireblocks apart is its network of 1,800+ institutions, allowing instant, secure settlements without counterparty risk. Its MPC key management system eliminates single points of failure, significantly reducing the risk of private key theft or compromise. Beyond security, Fireblocks' enterprise APIs make it an ideal solution for fintech companies and exchanges that require seamless integration with trading desks, liquidity providers, and compliance teams. Key Features: ✔ Network-based security model – Secure transactions within a closed network of verified institutions. ✔ Granular access control – Set custom approval workflows for transactions. ✔ 24/7 monitoring & anomaly detection – AI-driven fraud detection tools. ✔ Regulatory compliance – SOC 2 Type II, ISO 27001, and GDPR-ready. Best For: Hedge funds, custodians, exchanges, and enterprises that require high-volume transactions with bulletproof security. 2. CoinWallet by CoinsDo CoinWallet by CoinsDo is a highly secure MPC-based wallet provider designed for businesses, enterprises, and crypto exchanges. What makes it unique is its multi-layered security infrastructure, which ensures that no single party ever has full access to private keys. Instead, distributed key shares are used to authorize transactions securely. CoinsDo also features flexible API access, allowing businesses to integrate the wallet into existing payment infrastructures for automated transactions. Key Features: ✔ MPC-based key splitting – Prevents single points of failure. ✔ Enterprise-grade security – Ideal for businesses handling high-value transactions. ✔ Comprehensive API suite – Supports easy integration with business platforms. ✔ Flexibility – Split your key up to 9 shards and freely define approval threshold Best For: Crypto exchanges, enterprises, and financial institutions looking for secure MPC wallet solutions with customizable APIs. 3. ZenGo ZenGo takes a radically different approach to key management, removing private keys and seed phrases entirely. Instead, it uses MPC-based threshold signatures, splitting cryptographic secrets between the user’s device and ZenGo’s infrastructure. This eliminates risks such as phishing attacks, SIM swaps, and seed phrase leaks. Even if a hacker gains access to a user’s phone, they cannot steal funds without ZenGo’s authentication. ZenGo is also DeFi-friendly, offering built-in staking, swaps, and NFT support within its app. This makes it ideal for everyday crypto users who want a highly secure yet intuitive experience. Key Features: ✔ Integrated DeFi & staking features – Earn yield while keeping assets secure. ✔ Instant account recovery – Uses biometric authentication instead of seed phrases. ✔ Supports Bitcoin, Ethereum, and 70+ cryptocurrencies. Best For: Retail investors, small businesses, and DeFi users who want a user-friendly yet highly secure MPC wallet. 4. Coinbase Wallet Coinbase Wallet brings MPC-powered security to a mainstream audience, combining self-custody with institutional-grade compliance. Unlike traditional custodial wallets, Coinbase Wallet uses MPC to distribute key shares, allowing users to maintain control while still having an added layer of security from Coinbase’s infrastructure. What makes Coinbase Wallet unique is its deep integration with the broader Coinbase ecosystem. Users can easily transfer assets between Coinbase Exchange and their MPC wallet without additional fees, making it an ideal solution for investors who want self-custody without losing exchange-level convenience. Key Features: ✔ MPC-based security – Self-custody without relying on a single private key. ✔ Seamless integration with Coinbase Exchange – Transfer funds instantly without fees. ✔ DeFi-ready – Access dApps, swaps, and staking directly from the wallet. ✔ Regulatory compliance – Aligned with Coinbase’s global security standards. Best For: Investors who want self-custody with the security and convenience of a regulated exchange. 5. Qredo Qredo is a decentralized MPC wallet provider that focuses on cross-chain liquidity, decentralized governance, and institutional custody. Unlike Fireblocks or Coinbase, which operate in centralized environments, Qredo uses a Layer-2 blockchain to enable instant transactions, cross-chain swaps, and decentralized settlement finality. This makes it highly attractive for DeFi protocols, decentralized exchanges (DEXs), and funds looking for fast, low-cost, and trustless transactions. Key Features: ✔ Decentralized custody model – No single entity controls private keys. ✔ Layer-2 instant settlement – Reduces gas fees and increases transaction speed. ✔ Institutional-grade security – MPC-based cryptographic approvals. ✔ Enterprise governance tools – Custom transaction policies for institutions. Best For: DeFi funds, institutional investors, and developers seeking decentralized MPC security. Honorable Mentions Copper ClearLoop technology reduces counterparty risk. MPC-based security with regulatory compliance. Trusted by major financial institutions. Curv (by PayPal) Acquired by PayPal, offering robust institutional security. Uses MPC cryptography for secure key management. Seamless API access for businesses. Account Abstraction Wallets: An Alternative to MPC Wallets As multi-party computation (MPC) wallets continue to gain traction, another innovative wallet technology is emerging in the cryptocurrency space—account abstraction wallets. While MPC wallets focus on eliminating single points of failure through distributed key management, account abstraction (AA) wallets take a different approach by enhancing user experience, automating transactions, and enabling smart contract-based wallets. What Are Account Abstraction Wallets? Account abstraction (AA) is a blockchain feature that allows smart contracts to function as fully customizable wallets, removing the need for externally owned accounts (EOAs) like traditional Ethereum wallets. With AA wallets, users don’t need to manage private keys or sign every transaction manually—instead, they can program automated approvals, multi-factor authentication, and flexible recovery mechanisms. Ethereum’s ERC-4337 standard has pioneered account abstraction, making AA wallets a promising alternative to MPC solutions. Key Benefits of Account Abstraction Wallets Improved User Experience Unlike traditional wallets that require manual transaction approvals, AA wallets can automate payments, schedule transactions, and enable multi-step operations in a single click. No Seed Phrases or Private Keys Users can rely on biometric authentication, social recovery, or passkey-based authentication instead of manually storing seed phrases. Gas Fee Sponsorship & Flexibility AA wallets allow third parties (such as dApps or wallet providers) to sponsor gas fees, eliminating the need for users to hold native tokens like ETH just to process transactions. Multi-Signature & Role-Based Access Businesses and DAOs can configure custom permissions for different users, allowing role-based approvals for transactions. Enhanced Security with Smart Contracts Since AA wallets are smart contract-based, they reduce reliance on private keys while allowing custom security policies, such as: Time-locked withdrawals Transaction velocity limits 2FA/MFA security layers Final Thoughts As the cryptocurrency landscape evolves, MPC wallets have emerged as a gold standard for secure digital asset management, offering enhanced security, flexibility, and seamless integrations for both retail and institutional users. For those exploring emerging wallet technologies, account abstraction wallets offer an alternative approach, focusing on automation, smart contract security, and gas fee optimization. Ultimately, the best MPC wallet for you depends on your specific needs—whether it’s institutional security, DeFi integrations, or a user-friendly experience. With MPC and account abstraction technologies pushing the boundaries of digital asset security, the future of cryptocurrency storage is safer, more flexible, and more user-centric than ever before.
What are Gasless Transactions? Are They Legitimate?
6 mins read
As blockchain technology continues to reshape how we exchange value and information, one of its most persistent barriers remains transaction fees—commonly known as “gas fees.” These fees, especially on networks like Ethereum, have historically made blockchain interactions costly and confusing for everyday users. Enter gasless transactions—a breakthrough innovation designed to eliminate this friction and drive mainstream adoption of decentralized applications (dApps). In this article, we’ll explore what gasless transactions are, how they work, and why they’re essential to the future of Web3. What Are Gasless Transactions? Gasless transactions refer to blockchain transactions where the user does not pay the gas fee required to execute or confirm the transaction on-chain. Instead, these fees are either sponsored by a third party (such as the dApp developer or a relayer) or abstracted away from the user entirely. In essence, users can interact with a blockchain without having to hold or spend the native token (e.g., ETH on Ethereum) to cover the transaction cost. This concept is particularly powerful for onboarding non-crypto-native users who may not be familiar with token economics or wallet mechanics. Why Do Gas Fees Exist in the First Place? Before we dive deeper, it's helpful to understand why gas fees exist: On blockchains like Ethereum, gas fees are incentives paid to validators (or miners) to process transactions and execute smart contracts. Gas fees help prevent spam and ensure network security and stability. Each operation on a smart contract consumes a certain amount of computational power, measured in "gas units." The total fee is calculated as: Gas Units x Gas Price = Total Gas Fee If you go over your gas limits, your transaction will fail. While necessary for network health, these fees can become prohibitively high—especially during network congestion. How Do Gasless Transactions Work? Gasless transactions are typically enabled using a concept called meta-transactions. Here’s how it works: User signs a transaction off-chain using their private key. This transaction doesn't include any gas payment. A relayer service or dApp backend takes the signed transaction and broadcasts it to the blockchain, paying the gas fee on the user’s behalf. The relayer can be: A business subsidizing the transaction cost to onboard users. A third-party infrastructure provider monetizing through other means. On-chain, smart contracts use tools like EIP-2771 (Trusted Forwarder pattern) to verify the true sender of the transaction and ensure authenticity. This architecture allows dApps to maintain trustless interactions while offering a Web2-like user experience. Benefits of Gasless Transactions 1. Lower User Friction Most new users don’t want to go through the hassle of purchasing ETH or MATIC just to use a dApp. Gasless interactions eliminate this hurdle, allowing immediate access without setup overhead. 2. Faster User Onboarding Removing the need for gas tokens means users can start using apps right after creating a wallet. This is especially valuable for NFT platforms, DeFi tools, and blockchain-based games. 3. Improved UX for Mainstream Adoption By abstracting away blockchain complexity, gasless models help dApps deliver the kind of seamless user experience people expect from traditional apps. 4. Enhanced Retention and Engagement Users are more likely to stick around and explore when they don’t worry about running out of gas tokens or facing unpredictable fees. 5. Flexible Monetization Models dApps can choose to sponsor fees strategically—for example, offering a certain number of free transactions per month or for specific actions (e.g., first NFT minting). Use Cases of Gasless Transactions 🎮 Blockchain Gaming Games built on blockchain can use gasless transactions to let users mint in-game items, battle, or trade assets without worrying about wallet balances. 🛍️ NFT Platforms Platforms can offer free NFT minting or token-gated content without requiring ETH, making the experience more inclusive. 🧠 Onboarding New Users Projects targeting emerging markets or non-crypto-native audiences benefit greatly from removing the “buy ETH first” step. 🏦 DeFi Access DeFi protocols can lower entry barriers for users by covering the gas fees associated with staking, swapping, or providing liquidity. Challenges and Trade-Offs Despite the benefits, gasless transactions also raise some considerations: Centralization Risks: Many gasless solutions rely on relayers or backend systems, which may become central points of failure or censorship. Abuse and Spam: Without careful design, free transactions can be exploited by bots or malicious actors. dApps need to implement rate limits, CAPTCHAs, or whitelisting. Sustainability: Continuously sponsoring gas costs can become expensive. Many dApps introduce limited free tiers or earn-based models to manage this. Final Thoughts Gasless transactions are more than just a UX improvement—they represent a strategic leap toward mass adoption. By removing a core friction point, dApps can reach broader audiences, offer better user experiences, and unlock more creative use cases. As the technology behind gasless transactions continues to mature, we’re likely to see it become a core pillar of the Web3 ecosystem—bringing the power of decentralization to everyone, not just those with a MetaMask wallet and ETH to spare.
Key Observations from Money20/20 Bangkok 2025
5 mins read
We just wrapped up Money20/20 Bangkok, and here’s the short version: the turnout wasn’t quite what many expected, but the conversations that did happen were focused, future-oriented, and quietly telling of where Southeast Asia’s fintech industry is heading. Sticker Shock in Southeast Asia: A Misread of the Market Let’s start with the obvious: a USD $3,000 ticket price in a region where GDP per capita is a fraction of that felt misaligned. For context, that’s equivalent to 3–4 months’ salary for junior professionals in many ASEAN countries. What we saw wasn’t just poor attendance—it was market mismatch. This could signal a critical turning point for how Western fintech brands enter Asia. You can’t treat Southeast Asia as a passive consumption market for premium conferences. If organizers want real traction, they’ll need to localize their engagement strategy, including pricing, content, and speaker lineups. Otherwise, we may see regional events like the Singapore FinTech Festival or homegrown alternatives gain greater relevance—not just because they’re cheaper, but because they feel more embedded in the local context. Fewer Feet, But Sharper Minds Yes, the crowd was smaller albeit the quality of participants made up for it. We saw a concentration of mid-to-senior decision-makers looking for B2B collaboration, not branding opportunities. This was greatly reminiscent of our experience at Paris Blockchain Week. What’s notable is who showed up: payments-first companies that have built resiliency into their DNA. These players are showing us a clear trend: the future of fintech in Asia is portfolio-driven. The dominant firms will be those that can offer multi-rail, multi-country services from a single stack. Think remittance + FX + virtual accounts + risk scoring. In other words: bundling is back. And infrastructure providers that can modularize capabilities will have the advantage. Geopolitical Headwinds? Shrugged Off, But Not Forgotten Interestingly, geopolitical risk barely came up. There was little talk of China de-risking, U.S. sanctions, or shifts in capital flow. But this isn’t because the risks don’t exist—Southeast Asia’s operators have just learned to build in uncertainty as a default. This may explain the rising appetite for infrastructure that supports jurisdictional agility e.g., multi-entity wallet solutions, payment gateways with regional fallbacks, and multi-cloud hosting. Going forward, expect more demand for solutions that allow fintechs to operate in multiple regulatory sandboxes simultaneously, and reroute operational flows as needed. The Rise of Deep Payments Infrastructure Most booths, talks, and pitches focused not on “the next big thing,” but on doing payments better—more efficiently, securely, and with greater transparency. What used to be a margin game (cheapest cross-border wins) is now a stack game: who can plug in orchestration, compliance, fraud, loyalty, and data all in one go? The real opportunity lies in interoperability as a service. Fintechs in the region aren’t lacking options—they’re drowning in fragmentation. Whoever can stitch together cards, QR, bank rails, and tokens into one elegant UX/API will own the rails of the future. Bonus points if you can embed data intelligence or localized loyalty on top. What Comes Next? Consolidation of Infrastructure Vendors The fragmented tooling landscape is unsustainable. Expect M&A or bundling as fintechs look for fewer, more capable partners to reduce vendor sprawl. Growth in Private-Label Fintech Brands outside of finance (telcos, e-commerce, logistics) are looking to embed payments natively. Companies offering white-label wallets, BNPL rails, or payout layers will find fertile ground here—especially if they support local languages and compliance needs. Shift in Conference Economics Organizers can’t keep importing U.S. price tags into Asian markets. If they do, niche, regional, and hybrid digital formats will eat their lunch. Expect a rebalancing in how fintech events are priced, positioned, and distributed across Asia. Rise of Defensive Fintech StrategyWith macro headwinds still looming (USD liquidity crunch, slower global trade, digital bank slowdowns), firms will double down on defensive plays: compliance automation, treasury ops, cross-border hedging, and financial resilience tooling. Closing Thoughts Money20/20 Bangkok may not have been the blockbuster many hoped for—but it gave us a glimpse of fintech’s next evolution in Asia: pragmatic, diversified, and infrastructure-led. It’s not about hype anymore. It’s about who can build the rails that keep running, no matter where the money flows. And at CoinsDo, that’s exactly the kind of future we’re building for.
Monthly Crypto Roundup by CoinsDo: Apr 2025
10 mins read
April 2025 proved that the crypto market’s transformation isn’t just a series of isolated events — it’s a coordinated shift toward making digital assets a foundational part of the global financial system. From high-level regulatory moves to renewed institutional optimism, the month offered brief reprieve for the crypto bloodbath caused by the recent trade war. Here’s everything you need to know. Market Performance Bitcoin: Steady Amid Shifting Winds After a turbulent start to the year — including a record Bybit hack and rising global tensions — Bitcoin (BTC) finally found firmer footing in April. While BTC spent most of the month consolidating between $82,000 and $86,000, it ended April up 3.1%, buoyed by renewed institutional buying and geopolitical shifts favoring decentralized assets. Analysts noted that the relative calm in BTC pricing, despite ongoing macroeconomic uncertainty, signals growing maturity in the market. Ethereum’s Quiet Recovery Ethereum (ETH), after facing a “midlife crisis” moment in March, showed signs of resilience. Though ETH still trails some of its newer rivals in terms of transaction speed and cost-efficiency, key network upgrades to address Layer 2 integration issues were successfully initiated in mid-April. ETH prices rose modestly by 2.4% over the month, signaling cautious optimism among developers and investors alike. Altcoin Divergence While major altcoins like Solana (SOL) and Avalanche (AVAX) bounced back alongside Ethereum, April also saw the rise of niche Layer 1 networks offering specialized solutions for AI integrations and IoT applications. These projects captured attention from both venture capitalists and developers looking beyond traditional DeFi and gaming use cases. Key Developments 1. Cynthia Lummis Turns Up the Heat on the Fed In April 2025, Senator Cynthia Lummis made headlines by openly challenging the U.S. Federal Reserve’s handling of digital assets. In a fiery statement, Lummis vowed to "continue to hold the Fed accountable until the digital asset industry gets more than a life jacket," criticizing the Fed’s prior role in the debanking of crypto firms under the previous administration. With the end of "Operation Chokepoint"-style practices — where banks were unofficially discouraged from serving crypto companies — Lummis is now demanding proactive support, not just passive tolerance. Why it matters: From Defense to Offense: It's no longer about crypto fighting to survive — it's about pushing for mainstream financial integration. Political Will: The Trump administration is making crypto a policy priority, with Lummis as one of its most vocal champions. Industry Impact: Greater access to banking and financial services could unlock a new wave of growth for crypto startups and institutions alike. Lummis' push reflects a broader strategic shift: crypto is now seen not just as a disruptive force, but as a national asset worth defending and nurturing. 2. Federal Reserve Withdraws Crypto-Related Guidance On April 24, 2025, the Federal Reserve announced the withdrawal of its previous guidance that required banks to seek approval before engaging in cryptocurrency-related activities. This move completes a rollback of crypto restrictions from all three U.S. prudential banking regulators—the FDIC and the OCC had already rescinded their own guidance earlier in April and March 2025, respectively. Why it matters: Regulatory Clarity: Banks no longer need prior approval to engage in crypto activities, reducing uncertainty and encouraging participation. Innovation Support: The Fed's decision aligns with President Trump's campaign promise to ease restrictions on banks participating in legal blockchain ventures. Market Confidence: The removal of these guardrails is expected to boost confidence among financial institutions considering crypto services. This policy shift marks a significant departure from the previous administration's approach, signaling a more supportive environment for crypto integration within the traditional banking system. 3. SEC Chair Paul Atkins Advocates for Clear Crypto Regulations On April 25, 2025, Paul Atkins, the newly appointed chairman of the U.S. Securities and Exchange Commission (SEC), emphasized the need for clearer regulations for the cryptocurrency sector. Speaking at the SEC's crypto roundtable, Atkins criticized previous regulatory ambiguity for stifling innovation and acknowledged growing tensions between digital asset firms and the agency. Why it matters: Shift in Approach: Atkins' stance represents a move away from the enforcement-first approach of the previous administration, aiming for a more industry-friendly regulatory environment. Regulatory Development: The SEC has started revising its stance by developing new crypto regulations and pulling back on some enforcement actions. Global Implications: Clearer U.S. regulations could set a precedent for other countries, influencing global crypto policy. Atkins' leadership is expected to foster a more collaborative relationship between the SEC and the crypto industry, promoting innovation while ensuring investor protection. 4. Justice Department Disbands Crypto Enforcement Team In a significant policy shift, the U.S. Department of Justice (DOJ) announced on April 8 the disbandment of its National Cryptocurrency Enforcement Team. This decision aligns with directives from the Trump administration to reduce regulatory enforcement on digital assets and redirect focus toward issues such as immigration, gang violence, and drug crimes. Why it matters: Regulatory Shift: The move marks a departure from the Biden administration’s aggressive stance on crypto-related crimes, particularly targeting platforms like exchanges and mixers used to conceal illicit transactions. Industry Relief: The disbandment has been welcomed by crypto industry advocates, who criticized the previous administration's approach as overreaching. Focus on Criminal Use: The DOJ will now prioritize prosecuting individuals or groups that use cryptocurrency for direct criminal activities, such as terrorism, human trafficking, or fraud, rather than targeting developers or platforms peripherally involved. This change reflects the Trump administration’s broader strategy to bolster the cryptocurrency industry by reducing regulatory burdens and fostering a more crypto-friendly environment. Points of Interest Stablecoin Legislation Gains Momentum — But State Regulators Push Back At the TIME100 Talks event on April 26, industry leaders expressed renewed optimism about U.S. stablecoin legislation finally gaining traction, with bipartisan support growing for bills like the STABLE Act and the GENIUS Act. However, behind the scenes, major tensions surfaced between federal ambitions and state regulators. Previously, the Conference of State Bank Supervisors (CSBS) submitted a formal letter criticizing the draft STABLE Act. While broadly supportive of national stablecoin oversight, the CSBS warned that the proposed legislation poses significant risks to financial stability and consumer protection if not properly amended. Key concerns highlighted by the CSBS included: Federal Overreach: The draft Act would concentrate regulatory power at the federal level, sidelining the states that currently oversee over $50 billion in stablecoin activity. Operational Risk: The Act would allow payment stablecoin issuers (PSIs) to engage in risky non-stablecoin activities without adequate capital and liquidity safeguards, raising fears of systemic instability. Weak Consumer Protections: There is no clear bankruptcy protection for stablecoin holders if an issuer collapses, potentially exposing users to unexpected losses. State Parity Issues: The Act stacks the deck against state-regulated issuers by allowing "host states" to impose additional requirements, undermining the U.S.’s traditional dual banking system. The CSBS urged Congress to preserve cooperative federalism by strengthening reserve requirements, clarifying bankruptcy protections, and maintaining a meaningful role for state oversight. Why it matters: Legislative Risks: While the industry welcomes the push for clear rules, rushed or imbalanced legislation could introduce new systemic vulnerabilities. Structural Tensions: The growing conflict between federal ambitions and state protections underscores the complexity of regulating stablecoins, which straddle both banking and technology sectors. Investor Caution: Until these gaps are addressed, institutional investors may hesitate to fully embrace stablecoin-backed products, slowing broader market growth. Stablecoins remain the linchpin for connecting traditional finance with blockchain systems — but April 2025 showed that ironing out the details won't be smooth or uncontested. Final Thoughts After years of fragmented efforts and regulatory uncertainty, the tides are shifting - digital assets are cementing their role as essential pillars of the future financial system. But challenges remain. Security risks, regulatory balancing acts, and macroeconomic tensions continue to loom large. As the crypto market enters the summer months, momentum is building — but the next moves, especially from Washington, Beijing, and Brussels, will determine just how fast this transformation accelerates.