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hucker🎩

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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.
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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.
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1️⃣ Coinbase’s Chaotic Week Coinbase yet again dominated crypto news headlines this week. After the U.S. stock market close on Monday, S&P Global announced that Coinbase (COIN) would replace Discover Financial Services (DFS) in its S&P 500 index, effective May 19. COIN’s inclusion in the capitalization-weighted index should trigger $9B of passive inflows, sending the stock soaring with 25% gains during Tuesday’s trading session. On Thursday, the company’s fortunes deteriorated, with its stock selling off as much as 8.4% amid a concerning leak of the personal info of a large swath of customers including ID cards, contact info, and transaction histories. While the company said the total leak amounted to less than 1% of total customers, that's still a hell of a leak. Amid all of that ruckus, news also emerged of a long-standing SEC inquiry into alleged misstated user metrics in its 2021 IPO filing. Despite the chaotic developments, Coinbase did end up recuperating the entirety of its Thursday
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4️⃣ Superstate Onchain Equities On Thursday, tokenized fund issuer Superstate released Opening Bell, a platform that enables companies to issue publicly registered equities directly onto blockchain networks like Solana and Ethereum. The program’s first issuer will be SOL Strategies, a Canadian-registered Solana investment vehicle that trades under the ticker HODL. Opening Bell provides public companies access to onchain capital markets. Meanwhile, private firms face lower listing standards and receive the chance to make shares available in crypto markets, with available paths to up-list on traditional exchanges. That same day, SEC Commissioner Hester Peirce posted that she is considering potential exemptions from registration that would allow firms to use distributed ledger technology to issue, trade, and settle securities.
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3️⃣ Big Tech’s Stablecoin Expansion Multiple high-profile technology companies announced their intentions to venture onchain with expansions into stablecoins this week. Internet payments processor Stripe announced Wednesday it now supports stablecoins in its checkout suite, with intentions to further support stablecoins by allowing users in 101 countries to hold, send, and receive funds via fiat and stablecoin rails via “Stablecoin Financial Accounts.” Bridge – the stablecoin API provider that Stripe acquired for $1.1B in February – introduced its own yield-bearing USDB stablecoin on Thursday, meanwhile, Latin American payments provider Ramp launched a stablecoin-backed card in partnership with Stripe. Not one to miss out on the Stripe-fueled stablecoin hype train, Mark Zuckerberg’s Meta is reportedly mulling re-entering the stablecoin sector by using digital currencies for creator payouts three years after it shuttered the Diem digital currency project.
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2️⃣ Coinbase Acquires Deribit Leading American crypto exchange Coinbase announced on Thursday that it will acquire Deribit – the undisputed global leader in crypto options – for $2.9B ($700M cash and 11M shares of COIN). The acquisition marks the largest deal that the crypto industry has ever seen and should enable Coinbase to expand on its derivatives offerings for international and advanced traders. Later that day, Coinbase released earnings results for the first quarter of 2025. Revenues came in relatively strong at $2.03B (only 2% below analyst expectations, but its headline earnings result of $0.24 per share represented an 88% miss. This shortfall was largely driven by a 51% year-over-year increase in operating expenses and sizable $596M loss on company crypto holdings in Q1 (these losses may be recuperated in Q2 with increasing crypto prices). Coinbase also unveiled early Friday that U.S. traders can now access 24/7 Bitcoin and Ether futures trading – a first for a CFTC-regulated exchange
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1️⃣ ETH Bounces Back to Life Crypto prices bounced this week as the market seemingly looked to price in easing trade war tensions, with no landmines perceived in the Federal Reserve’s interest rate decision or this week’s economic data releases. Among the biggest winners of the price action was beleaguered ETH, which rallied 22% on Thursday to break above $2k for the first time since late March and posted its largest daily gain since 2021. Correspondingly, the ETH/BTC ratio popped as much as 30% off its Thursday lows, representing Ether’s best period of outperformance since mid-2022 in the months ahead of the Merge. With ETH sentiment having spent much of 2025 finding newer lows on a weekly basis, signal of a priority shift from the Ethereum Foundation has given traders hope that something is happening. This week's market action is a very positive blip on a years-long ETH/BTC decline but traders hope that it is the start of something more transformative.
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After months of delays, bug fixes, and testnet reruns, the long-awaited Pectra upgrade is finally here. Originally slated for late 2024, Pectra brings a sweeping set of changes focused on improving Ethereum’s staking experience, upgrading account functionality, and refining the network’s core performance. It didn’t come easy. Developers worked through a series of critical bugs during the first two testnet upgrades, forcing the creation of a third testnet to fully resolve the issues. That final delay pushed the mainnet upgrade to today, far later than the initial target date. But now, it’s happening. And with 11 major EIPs packed in, Pectra marks Ethereum’s most significant code change since The Merge. Below, we’ve explained each included EIP in digestible terms and how you’ll feel their impact onchain. 👇
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