Coinbase has formally requested that U.S. regulators lift the prohibition preventing Securities and Exchange Commission (SEC) staff from buying, selling, or using cryptocurrencies that are not securities. In letters dated April 22, Coinbase Chief Legal Officer Paul Grewal wrote to…

Coinbase calls for policy change to let SEC workers hold crypto

It was quite the coincidence that the cryptocurrency market jolted back to 
life after Easter Sunday, with Bitcoin leading the way with more than a 
double-digit gain. While the price of BTC continues to hold above the critical 
$94,000 level, the premier cryptocurrency seems to be losing some momentum. 
Unsurprisingly, investors appear to be increasingly confident in the promise 
of this recent rally, as significant amounts of BTC continue to make their way 
off major centralized exchanges over the past few days. Here’s how much 
investors have moved in the past few days. Over 35,000 BTC Move Out Of 
Coinbase And Binance In a Quicktake post on the CryptoQuant platform, crypto 
analyst João Wedson revealed that Binance, the world’s largest cryptocurrency 
exchange by trading volume, has seen increased activity over the past few 
days. The exchange netflow data shows that huge amounts of Bitcoin have been 
withdrawn from the platform in recent days. Related Reading: Bitcoin Sees 4th 
Dip in Funding Rates This Year — What Does This Mean For BTC? According to 
CryptoQuant data, a total of 27,750 BTC (worth $2.63 billion at current price) 
was moved out of Binance on Friday, April 25. This latest round of withdrawals 
represents the third-largest net outflow in the centralized exchange’s 
history. The movement of significant crypto amounts from exchanges, which 
offer services like selling to non-custodial wallets, suggests a potential 
shift in investor sentiment and strategy. Large exchange outflows often signal 
increased confidence of holders in the long-term potential of an asset. Wedson 
noted that the recent outflows do not guarantee a price rally for Bitcoin, but 
they do signal strong institutional activity, which is often a precursor for 
major volatility. Citing China’s crypto ban in 2021, the crypto analyst 
highlighted how massive exchange outflows didn’t prevent the dump. At the same 
time, Wedson mentioned that the continuous Bitcoin outflows over several days, 
like during the FTX collapse, preceded a price bottom and the eventual market 
recovery. Ultimately, the online pundit hinted at paying close attention to 
the overall trend of the exchange netflow rather than a single-day activity. 
Similarly, more than 7,000 BTC (worth approximately $66.5 million) have made 
their way out of the Coinbase exchange. According to the CryptoQuant analyst 
Amr Taha, this negative exchange netflow could be an indicator of increased 
institutional activity, as Coinbase is known as the primary crypto vendor for 
US-based institutions. Taha said: These large outflows typically suggest 
accumulation by institutions or large investors, potentially signaling bullish 
sentiment. The analyst outlined that if the dwindling exchange reserves 
correlate with an increased spot demand or ETF inflows, a supply squeeze could 
be on the horizon, potentially pushing the price to the upside. Bitcoin Price 
At A Glance As of this writing, the price of BTC sits just beneath $95,200, 
reflecting an almost 2% increase in the past 24 hours. Related Reading: Is The 
XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming 
Featured image from iStock, chart from TradingView

Bitcoin Continues To Flow Out Of Major Exchanges — Supply Squeeze Soon?

SEC Commissioner and head of the crypto task force, Hester Peirce, says US 
financial firms are navigating crypto in a way that&#8217;s similar to playing the 
children&#8217;s game &#8220;the floor is lava,&#8221; but in the dark.
&#8220;It is time that we find a way to end this game. We need to turn on the lights 
and build some walkways over the lava pit,&#8221; Peirce said at the SEC &#8220;Know Your 
Custodian&#8221; roundtable event on April 25.
## The lava is crypto, says Peirce
Peirce explained that SEC registrants are forced to approach crypto-related 
activities like &#8220;the floor is lava,&#8221; where the aim is to jump from one piece 
of furniture to the next without touching the ground, except here, touching 
crypto directly is the lava. &#8220;A D.C. version of this game is our regulatory 
approach to crypto assets, and crypto asset custody in particular,&#8221; she said.
Peirce said that, much like in the game, firms wanting to engage with crypto 
must avoid directly holding it due to unclear regulatory rules. &#8220;To engage in 
crypto-related activities, SEC-registrants have had to hop from one poorly 
illuminated regulatory space to the next, all while ensuring that they never 
touch any crypto asset,&#8221; Peirce said.
_Source:__US Securities and Exchange Commission_
Peirce said that investment advisers are often unsure which crypto assets 
qualify as securities, what entities count as qualified custodians, and 
whether &#8220;exercising staking or voting rights&#8221; could trigger custody 
violations.
&gt; &#8220;The twist in the regulatory version is that it is largely played in the 
&gt; dark: burning legal lava and no lamps to illuminate the way.&#8221;
Peirce also said that a broker or ATS that cannot custody or manage crypto 
assets will struggle to facilitate trading, making it unlikely for a &#8220;robust 
market&#8221; to develop.
Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event 
that as more SEC registrants work with crypto assets, it&#8217;s essential that they 
have access to custodial options that meet legal and regulatory requirements.
Uyeda said the agency should consider letting advisers use &#8220;state-chartered 
limited-purpose trust companies&#8221; with the authority to hold crypto assets as 
qualified custodians.
_**Related:**__**Blockchain needs regulation, scalability to close AI hiring 
gap**_
Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that he 
expected &#8220;huge benefits&#8221; from blockchain technology through efficiency, risk 
mitigation, transparency, and cutting costs.
He reiterated that among his goals at the SEC would be to facilitate &#8220;clear 
regulatory rules of the road&#8221; for digital assets, hinting that the agency 
under former chair Gary Gensler had contributed to market and regulatory 
uncertainty.
&#8220;I look forward to engaging with market participants and working with 
colleagues in President Trump&#8217;s administration and Congress to establish a 
rational fit-for-purpose framework for crypto assets,&#8221; said Atkins.
_**Magazine:**__**Bitcoin $100K hopes on ice, SBF &#8216;s mysterious prison move: 
Hodler&#8217;s Digest, April 19 &#8211; 25**_

US crypto rules like 'floor is lava' game without lights — Hester Peirce

Strategy’s powerhouse bitcoin strategy has unleashed a jaw-dropping $5.1 
billion gain so far this year, electrifying investors and cementing its 
dominance as the ultimate bitcoin treasury titan. Strategy’s Bold Bitcoin Bet 
Pays off in Massive Treasury Gains and Soaring Investor Interest Software 
intelligence firm Microstrategy (Nasdaq: MSTR), now operating under the name 
Strategy, published new […]

Strategy’s Treasury Hauls $5.1B in Bitcoin Gains, Michael Saylor Reveals

The XRP price is once again making headlines as technical indicators show a 
solid breakout after months of consolidation. With its recent break in tight 
price action, a crypto analyst believes that XRP could be preparing to surge 
above $8, marking a new ATH for the top altcoin. XRP Price Aims For $8 Target 
In Coming Months After months of constrained price action, the XRP price has 
finally broken out of a descending consolidation pattern—a bullish signal that 
the market has been eagerly awaiting. Following this breakout, XRP is now 
eyeing a potential rally toward the $8.08 mark. Related Reading: Ethereum 
‘Heating Up’ – Address Activity Jumps Nearly 10% In 2 Days Delving deeper into 
the technical chart analysis published by TradingView crypto analyst Master 
Ananda, XRP is now comfortably trading above crucial Moving Averages (MA), 
including the EMA9, EMA10, EMA20, EMA25, EMA50, and most importantly, the 
200-day Simple Moving Average (SMA). The Exponential Moving Averages indicate 
a short to medium-term bullishness for XRP. At the same time, the 200-day SMA 
is the most critical and long-term bullish signal. Key Fibonacci Extension 
levels confirm the breakout from the descending consolidation pattern. In 
alignment with its projected rise to $8.08, XRP is expected to surge past 
three critical price targets: the 1.618 Fib at $4.5, the 2.618 Fib around 
$6.29 and finally, the 3.618 Fib, which corresponds with the $8.08 price 
level. Notably, a surge to $8.08 would represent more than double XRP&#8217;s 
current all-time high of $3.84, marking a 1,380% increase from its current 
market value. The analyst’s chart highlights a clear breakout trajectory, 
emphasizing a steady upward pace with the reversal point already confirmed. 
For its short-term price targets, Master Ananda has shared four key Fibonacci 
Extension levels: the 0.382 Fib at $2.29, the 0.5 Fib at $2.5, the 0.618 Fib 
at $2.71, and finally, the 0.786 Fib at $3.01. Notably, the analyst has also 
highlighted the $3.4 level as a “high” resistance level for XRP. Breaking 
above this price would be another huge bullish confirmation that XRP can move 
toward the $8.08 projected target. Analyst: Exercise Patience Ahead Of Surge 
Despite his bullish stance on XRP’s future price outlook, Master Ananda has 
advised investors and traders to remain patient and exercise caution. While 
XRP is showing clear signs of growth, it’s important to note that this 
projected surge will not happen overnight. The TradingView analyst has stated 
that XRP’s journey toward the price range between $6-$8 would span several 
months, not just weeks, as the market gradually stabilizes and bullish 
momentum continues to build. Related Reading: Ethereum To Hit $5k Before Its 
10th Birthday, Justin Sun Says Although market volatility could still test 
XRP’s price action, the breakout from the SMA200 confirms that the 
cryptocurrency has entered a multi-month bullish phase. As a result, Master 
Ananda has asserted that XRP’s bullish growth in the long term is certain, 
with traders expected to take profits once its price reaches a peak. Featured 
image from Unsplash, chart from TradingView

XRP Price Ready To Reach $8 As Consolidation Breaks – Here’s The Timeline

The Federal Reserve’s anti-bitcoin agenda is still raging despite a 
superficial policy retreat, sparking fierce backlash and igniting a new fight 
for crypto freedom. US Senator Warns Fed’s Anti-Bitcoin Agenda Still Alive 
After Crypto Policy Retreat U.S. Senator Cynthia Lummis (R-WY) openly 
criticized the Federal Reserve’s recent actions concerning cryptocurrency 
regulations in a series of […]