UK trade bodies ask government to make crypto a ‘strategic priority’ April 1, 2025, 11:31 pm
Several British trade associations have asked Prime Minister Keir Starmer’s office to appoint a special envoy dedicated to crypto and for a dedicated action plan for digital assets and blockchain technology.In a March 31 letter, the coalition of six UK digital economy trade bodies urged Starmer’s special adviser on business and investment, Varun Chandra, for a “greater strategic focus and alignment to deliver investment, growth and jobs” for the crypto industry. The group, which consisted of the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation and techUK, noted the US policy shift on crypto under President Donald Trump and his appointment of a crypto czar. Britain’s commitment to an economic trade deal focused on technological cooperation with the US “presents a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies,” the letter stated. The group recommended that the UK appoint a blockchain special envoy, similar to the US, to coordinate policy, foster innovation, and position the country competitively in global markets. The trade bodies also called for the development of a dedicated government action plan for crypto and blockchain technology, including a concierge service to attract high-potential firms. They added that the government should acknowledge and leverage the commonalities between blockchain, quantum computing and artificial intelligence technologies, including potential applications for government services. Another recommendation was to create a high-level industry-government-regulator engagement forum to ensure informed decision-making and cross-sector collaboration. The UK crypto and tech associations lobbying the government for a policy shift. Source: LinkedIn “With deep pools of talent, access to capital, world-class academic
North Korea tech workers found among staff at UK blockchain projects April 1, 2025, 10:36 pm
Fraudulent tech workers with ties to North Korea are expanding their infiltration operations to blockchain firms outside the US after increased scrutiny from authorities, with some having worked their way into UK crypto projects, Google says.Google Threat Intelligence Group (GTIG) adviser Jamie Collier said in an April 2 report that while the US is still a key target, increased awareness and right-to-work verification challenges have forced North Korean IT workers to find roles at non-US companies. “In response to heightened awareness of the threat within the United States, they’ve established a global ecosystem of fraudulent personas to enhance operational agility,” Collier said. “Coupled with the discovery of facilitators in the UK, this suggests the rapid formation of a global infrastructure and support network that empowers their continued operations,” he added. Google's Threat Intelligence Group says North Korea's tech workers expanded their reach amid a US crackdown. Source: Google The North Korea-linked workers are infiltrating projects spanning traditional web development and advanced blockchain applications, such as projects involving Solana and Anchor smart contract development, according to Collier. Another project building a blockchain job marketplace and an artificial intelligence web application leveraging blockchain technologies was also found to have North Korean workers. “These individuals pose as legitimate remote workers to infiltrate companies and generate revenue for the regime,” Collier said. “This places organizations that hire DPRK [Democratic People's Republic of Korea] IT workers at risk of espionage, data theft, and disruption.”North Korea looking to Europe for tech jobsAlong with the UK, Collier says the GTIG identified a notable focus on Europe, with one worker using at least 12 personas across Europe and others using resumes listing degrees from Belgrade University in Serbia and residences in Slovakia
Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit April 1, 2025, 10:25 pm
Kentucky’s finance watchdog has dismissed its lawsuit against Coinbase over the exchange’s staking rewards program, following its peers in Vermont and South Carolina.Kentucky’s Department of Financial Institutions filed the stipulation to dismiss jointly with Coinbase on April 1, ending the state’s legal action against the exchange first filed along with 10 other state regulators in June 2023. Coinbase chief legal officer Paul Grewal posted to X on April 1, calling for Congress “to end this litigation-driven, state-by-state approach with a federal market structure law.” Source: Paul Grewal Financial regulators from 10 states launched similar suits against Coinbase in June 2023, on the same day the Securities and Exchange Commission sued the exchange — a lawsuit the SEC dropped last month. Seven suits against Coinbase still activeAlabama, California, Illinois, Maryland, New Jersey, Washington and Wisconsin are the seven states that are still continuing with their lawsuits, which all allege Coinbase breached securities laws with its staking rewards program. Vermont was the first state to end its suit against Coinbase, with its Department of Financial Regulation filing an order to rescind the action on March 13, noting the SEC’s Feb. 27 decision to drop its action against the exchange and the likelihood of changes in the federal regulator’s guidance. The South Carolina Attorney General’s securities division followed Vermont days later, dismissing its lawsuit in a joint stipulation with Coinbase on March 27. Related: South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont Kentucky’s decision to drop its case against Coinbase follows just days after the state’s governor, Andy Beshear, signed a “Bitcoin Rights” bill into law on March 24 that establishes protections for crypto self-custody and exempts crypto mining from money transmitting and securities laws. The axed state-level lawsuits come amid a stark policy c
Bitcoin traders are overstating the impact of the US-led tariff war on BTC price April 1, 2025, 7:25 pm
Despite Bitcoin’s 2.2% gains on April 1, BTC (BTC) hasn’t traded above $89,000 since March 7. Even though the recent price weakness is often linked to the escalating US-led global trade war, several factors had already been weighing on investor sentiment long before President Donald Trump announced the tariffs.Some market participants claimed that Strategy’s $5.25 billion worth of Bitcoin purchases since February is the primary reason BTC has held above the $80,000 support. But, regardless of who has been buying, the reality is that Bitcoin was already showing limited upside before President Trump announced the 10% Chinese import tariffs on Jan. 21. Gold/USD (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph The S&P 500 index hit an all-time high on Feb. 19, exactly 30 days after the trade war began, while Bitcoin had repeatedly failed to hold above $100,000 for the previous three months. Although the trade war certainly affected investor risk appetite, strong evidence suggests Bitcoin's price weakness started well before President Trump took office on Jan. 20. Spot Bitcoin ETFs inflows, strategic Bitcoin reserve expectations and inflationary trendsAnother data point that weakens the relation with tariffs is the spot Bitcoin exchange-traded funds (ETFs), which saw $2.75 billion in net inflows during the three weeks following Jan. 21. By Feb. 18, the US had announced plans to impose tariffs on imports from Canada and Mexico, while the European Union and China had already retaliated. In essence, institutional demand for Bitcoin persisted even as the trade war escalated. Part of Bitcoin traders’ disappointment after Jan. 21 stems from excessive expectations surrounding President Trump’s campaign promise of a “strategic national Bitcoin stockpile,” mentioned at the Bitcoin Conference in July 2024. As investors grew impatient, their frustration peaked when the actual executive order was issued on March 6. A key factor behind Bitcoin’s struggle to bre
Here’s what happened in crypto today April 1, 2025, 6:02 pm
Today in crypto, stablecoin issuer Circle filed to go public in the US, Ethereum's revenue from blob storage sinks to its lowest level of 2025 and Binance halts select Tether (USDt) spot trading pairs in the European Economic Area.Circle files for Initial Public Offering planned for AprilUSDC (USDC) stablecoin issuer Circle Internet Group filed with the US Securities and Exchange Commission on April 1 to go public later this month on the New York Stock Exchange under the ticker “CRCL.” Its Form S-1 registration statement didn’t detail the number of shares it would offer or what its initial public offering target price would be, but it did shed some light on the firm’s financials. The filing shows Circle’s revenue last year was $1.67 billion in revenue for 2024, a 16% year-on-year bump, while its 2024 net income was $155.6 million — a 41.8% fall from 2023. Circle’s financials over the last three years ended Dec. 31. Source: SEC Over 99% of Circle’s revenue in 2024 came from its stablecoin reserves. The company issues the second-largest stablecoin by market cap behind only Tether (USDT) and generates part of its income by holding yield-bearing Treasury bills. Circle attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC. Ethereum's weekly blob fees hit 2025 lowsThe Ethereum network’s main source of income from layer-2 (L2) scaling chains — “blob fees” — has sunk to the lowest weekly levels so far this year, according to data from Etherscan. In the week ending March 30, Ethereum earned only 3.18 Ether (ETH) from blob fees, according to Etherscan, or approximately $6,000 US dollars as of April 1. This figure marks a 73% drop from the prior week and a more than 95% decline from the week ending March 16, when Ethereum’s income from blob fees exceeded 84 ETH, Etherscan said in an X pos
Backpack opens claims process for former FTX EU users April 1, 2025, 5:52 pm
Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe.According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account. Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for amounts above it. Source: Armani Ferrante Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, throughout Europe. The acquisition marked the end of a lengthy battle to buy the European arm of the bankrupt exchange. Backpack CEO Armani Ferrante said at the time of the acquisition that the company was committed to returning FTX EU funds as fast and as safely as possible. FTX creditor activist Sunil Kavuri told Cointelegraph in January 2025 that the sale of FTX EU to Backpack added “further confusion and nervousness among FTX EU customers and the repayment of their funds.” “Some FTX EU customers signed up to these distributors, and they are confused about who will be distributing their funds back to them — Backpack, Kraken or Bitgo,” Kavuri said at the time. Related: FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse Details on the first part of the claims processFor distribution amounts, the FAQ page on Backpack’s website states that all positions were closed using market prices at the time the exchange was shut down, and each was settled in euros. Furthermore, users with pending cryptocurrency withdrawals on Nov. 11, 2022, should have filed a claim in FTX’s US bankruptcy proceedings. Such users may be eligible to receive distributions from the FTX Recovery Trust, which Backpack is not involved with. Additionally, EU residents who signed up for FTX before
Crypto miner backs US senator's efforts to incentivize using flared gas April 1, 2025, 5:47 pm
Texas Senator Ted Cruz proposed a bill aimed at incentivizing crypto miners to use flared gas for energy generation in the state.In an April 1 notice, Cruz said he had introduced the Facilitate Lower Atmospheric Released Emissions, or FLARE, Act in the US Senate, aiming to make Texas “the number one place for Bitcoin mining.” Mining advocacy group Digital Power Network supported the bill, and Bitcoin (BTC) miner MARA Holdings endorsed the proposed legislation on X, claiming it would reduce emissions and “unlock stranded energy.” April 1 draft of FLARE Act. Source: Ted Cruz According to the text of the bill, the FLARE Act proposed amending the US Internal Revenue Code to incentivize market participants — including digital asset miners — to “capture gas that would otherwise be flared or vented and to use such gas in value-added products.” If signed into law, the legislation would take effect on properties put into service starting in 2026. Related: Bitcoin mining using coal energy down 43% since 2011 — Report A US senator serving since 2013, Cruz, a Republican, has sometimes proposed legislation that aligns with mainstream figures in his party, including US President Donald Trump. He introduced a bill in March to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) and disclosed personally holding up to $100,000 in Bitcoin as of August 2024. Crypto bills moving through US CongressIn addition to the energy incentives proposed in the bill, Cruz said the language “prohibits entities owned by China, Iran, North Korea, or Russia” that may be operating in Texas from recovering their costs in the same manner. Many US miners, including MARA, Riot Platforms and CleanSpark, operate in the state. It’s unclear whether Cruz’s bill will be a legislative priority in the Senate as Congress considers bills to regulate stablecoins and establish a market structure for digital assets in the US. Some lawmakers have al
Circle files for Initial Public Offering planned for April April 1, 2025, 5:38 pm
Crypto stablecoin issuer Circle Internet Group has filed with the US Securities and Exchange Commission to go public on the New York Stock Exchange.The USDC (USDC) issuer is planning to list its Class A common stock under the symbol “CRCL,” according to its April 1 Form S-1 registration statement with the SEC. Circle’s prospectus does not detail the number of shares to be offered or what its initial public offering target price will be. The filing also showed that Circle brought in $1.67 billion in revenue for 2024, a 16% year-on-year increase. Its net income last year was $155.6 million — a 41.8% fall from 2023, while 2022 saw a net loss of $761.7 million. Circle’s financials over the last three years ended Dec. 31. Source: SEC The filing also showed that Circle paid nearly $908 million in 2024 to its main distribution partner, Coinbase, to circulate USDC on its crypto exchange. The hefty cost means Coinbase is making more money off USDC than Circle, Agora CEO Nick van Eck noted. The high costs partly explain why Circle’s revenue increased while its EBITDA, earnings before interest, taxes, depreciation, and amortization, and net income fell in 2024, said VanEck head of digital asset research, Matthew Sigel. Over 99% of Circle’s revenue last year came from its stablecoin reserves, the filing showed. The company generates part of its income by holding yield-bearing Treasury bills. Circle also holds $6.2 million worth of Bitcoin (BTC), $5.6 million in Sui (SUI) and over $3.3 million in Ether (ETH), while also holding Sei (SEI), Aptos (APT) and Optimism (OP). The firm has previously attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC. Related: Circle, Intercontinental Exchange to explore stablecoin integration Crypto exchange Kraken and blockchain security firm BitGo are among the other industry players also reportedly seeki
Trump-affiliated crypto mining venture mulls IPO — Report April 1, 2025, 5:37 pm
American Bitcoin Corp., a Trump family-backed crypto mining operation, has plans to raise additional capital, including through an initial public offering (IPO), according to an April 1 report by Bloomberg. On March 31, Hut 8 — a publicly traded Bitcoin (BTC) miner — acquired a majority stake in American Bitcoin (formerly American Data Centers), whose founders include Donald Trump Jr. and Eric Trump. After the deal announcement, Hut 8 transferred its Bitcoin mining equipment into the newly created entity, which is not yet publicly traded. While American Bitcoin will focus on crypto mining, Hut 8 plans to target data center infrastructure for use cases such as high-performance computing. The deal “evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments,” Asher Genoot, CEO of Hut 8, said in a statement. “So you can see this in the long term as two sister publicly traded companies,” Genoot told Bloomberg. “One that is energy, infrastructure data centers and the other one that’s Bitcoin, AISCs and reserves and together they form a vertically integrated company that has some of the best economics out there.” According to Bloomberg, American Bitcoin is working with Bitmain, a Chinese Bitcoin mining hardware supplier. Bitmain has faced scrutiny after the US blacklisting of its artificial intelligence affiliate Sopghgo, Bloomberg reported. Bitcoin mining revenues per quarter. Source: Coin Metrics Related: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earnings Pivoting to new business linesBitcoin miners are increasingly pivoting toward alternative business lines, such as servicing artificial intelligence models, after the Bitcoin network’s April 2024 “halving” cut into mining revenues. Halvings occur every four years and cut in half the number of BTC mined per block. Miners are “diversifying into AI data-center hosting as a way to expand revenue and repurpose existin
Ethereum's weekly blob fees hit 2025 lows April 1, 2025, 4:30 pm
The Ethereum network’s main source of income from layer-2 (L2) scaling chains — “blob fees” — has sunk to the lowest weekly levels so far this year, according to data from Etherscan. In the week ending March 30, Ethereum earned only 3.18 Ether (ETH) from blob fees, according to Etherscan, or approximately $6,000 US dollars as of April 1. This figure marks a 73% drop from the prior week and a more than 95% decline from the week ending March 16, when Ethereum’s income from blob fees exceeded 84 ETH, Etherscan said in an X post. Source: Etherscan Related: Ethereum fees poised for rebound amid L2, blob uptick Post-Dencun growing painsIn March 2024, Ethereum’s Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs.” The upgrade cut costs for users but also reduced overall fee revenue for Ethereum — initially by as much as 95%, according to data from asset manager VanEck. “ETH Fees Were Weak Due to Lack of Blob Revenues as L2s Have Not Filled Available Capacity,” Matthew Sigel, VanEck’s head of digital asset research, said in a Nov. 1, 2024, post on the X platform. Since then, growth in blob fees has been unsteady. Ethereum’s weekly blob fee income peaked at nearly $1 million in November before declining sharply in recent weeks, according to data from Dune Analytics. Ethereum’s blob fee income has been uneven. Source: Dune Analytics Ethereum’s ongoing struggle to earn meaningful income from blob fees underscores concerns about the network’s scaling model, which relies heavily on L2s for transaction throughput. “Ethereum’s future will revolve around how effectively it serves as a data availability engine for L2s,” arndxt, author of the Threading on the Edge newsletter, said in a March 31 X post. According to an X post by Michael Nadeau, founder of The DeFi Report, L2 transaction volumes would need to increase more than 22,000-fold for blob fe