On April 30, 2025, Malaysia launched the Malaysia Blockchain Infrastructure (MBI), a step in its digital transformation journey aimed at unifying fragmented digital ecosystems and making blockchain-based services accessible to all. Developed by MIMOS Berhad and MY E.G. Services Berhad, and powered by the Zetrix public layer-1 blockchain, MBI is designed to facilitate seamless cross-border […]

Malaysia Launches Blockchain Infrastructure to Enhance Digital Services and Accessibility

Bloomberg Intelligence has boosted its estimated odds of US regulators 
approving a Solana exchange-traded fund (ETF) in 2025 to 90%, according to an 
April 30 post on the X platform.
The company also set more favorable chances of approval for other altcoin 
ETFs, including proposed funds holding XRP (XRP) and Dogecoin (DOGE), 
Bloomberg analyst Eric Balchunas said in an X post.
The estimates reflect an improved outlook from Bloomberg analysts. In a 
February analysis, Bloomberg pegged the odds of a Solana (SOL) ETF approval at 
only 70%. They ascribed a 65% and 75% chance of approval to funds holding XRP 
and DOGE, respectively.
As of April 30, six asset managers &#8212; including Grayscale, VanEck and 21Shares 
&#8212; are awaiting clearance from the US Securities and Exchange Commission (SEC) 
to list ETFs holding the Solana blockchain network&#8217;s native cryptocurrency.
The same number of issuers are waiting on approval for XRP ETFs, and three are 
seeking approval for DOGE funds, according to Bloomberg data. The SEC has 
until October to review and potentially approve the proposed funds.
_Revised altcoin ETF approval odds. Source:__Bloomberg Intelligence_
 _**Related:**__**SEC acknowledges slew of crypto ETF filings as reviews, 
approvals accelerate**_
## **Altcoin ETF mania**
Asset managers are seeking the SEC&#8217;s permission to list dozens of altcoin 
ETFs, with up to 70 crypto ETFs awaiting the agency&#8217;s review as of April.
The deluge of filings reflects US President Donald Trump&#8217;s efforts to soften 
the SEC&#8217;s regulatory posture toward cryptocurrencies since taking office in 
January.
In March, the Chicago Mercantile Exchange (CME), the US&#8217;s largest derivatives 
exchange, listed futures contracts tied to Solana.
According to Chris Chung, founder of Solana-based swap platform Titan, the 
listing on the regulated futures exchange signals that approvals for Solana 
ETFs could be next.
&#8220;[T]he timeline could extend into 2026 due to the SEC&#8217;s precedent of taking 
[…] 240-260 days to review filings,&#8221; Bloomberg analyst James Seyffart also 
said in a previous forecast.
In April, US securities exchange Nasdaq asked regulators for permission to 
list a 21Shares ETF holding Dogecoin, adding to the roster of DOGE funds 
awaiting a US public listing.
_**Magazine: **__**TV hit Peaky Blinders to launch crypto game, FIFA Rivals 
on Polkadot: Web3 Gamer**_

Bloomberg Intelligence boosts Solana ETF approval odds to 90%

US-based cryptocurrency exchange Coinbase has filed an amicus brief in the 
country&#8217;s Supreme Court in support of a taxpayer fighting the Internal Revenue 
Service (IRS) gaining access to his data from a digital asset platform.
In an April 30 filing in the Supreme Court of the United States (SCOTUS), 
lawyers for Coinbase argued that a First Circuit Court of Appeals decision set 
a &#8220;dangerous precedent&#8221; for crypto users, potentially allowing the government 
to &#8220;trace users&#8217; every crypto transaction in the past and monitor every crypto 
transaction in the future.&#8221; The appeal to the Supreme Court stemmed from 
petitioner James Harper, a Coinbase user, who took legal action against the 
IRS after the crypto exchange was forced to turn over transaction data to the 
government using a sweeping &#8220;John Doe&#8221; summons in 2017.
&#8220;This case directly affects Coinbase&#8217;s interest in protecting the privacy 
rights of its users and in the correct application of this Court&#8217;s doctrine on 
constitutional guarantees against warrantless government demands for third- 
party service providers to surrender users&#8217; personal information,&#8221; the brief 
reads.
&#8220;If the First Circuit&#8217;s ruling is allowed to stand, the Fourth Amendment will 
give no protection to millions of law-abiding Americans who routinely share 
intimate personal information with the third parties that ubiquitously store, 
transmit, or provide services based on that data,&#8221; it added.
_April 30 Coinbase amicus brief. Source:__US Supreme Court_
An amicus brief is a filing in support of a plaintiff by an entity that is not 
directly involved. The case before the court has the potential to set 
significant precedents for digital privacy rights for crypto users and how the 
IRS will be allowed to gather data on taxpayers. Both the US District Court 
for the District of New Hampshire and the First Circuit have ruled against 
Harper&#8217;s petition, leaving the Supreme Court as his last option for an appeal.
_**Related:**__**IRS crypto tax reporting rules threat to industry &#8212; Coinbase 
legal chief**_
&#8220;We believe in tax compliance, but this goes far beyond a narrow and tailored 
request and far beyond crypto,&#8221; said Coinbase chief legal officer Paul Grewal, 
in an April 30 X post. &#8220;This applies to banks, phone companies, ISPs, email, 
you name it [&#8230;] you should have the same right to privacy for your inbox or 
account as you have for a letter in your mailbox. &#8221;
It&#8217;s unclear whether the court will take up the case. SCOTUS typically 
releases its opinions to the public in June. Since first being filed in 2020, 
many industry advocates have filed similar amicus briefs in support of Harper, 
including social media company X and the DeFi Education Fund.
_**Magazine:**__**XRP win leaves Ripple and industry with no crypto legal 
precedent set**_

Coinbase files brief with US Supreme Court in support of taxpayers' privacy

New reports indicate that the Ethereum (ETH) CrossX indicator is flashing 
strong buy signals, suggesting a potential breakout toward $4,000. As the 
market transitions from selling to buying, on-chain data shows that 
institutional investors are heavily accumulating ETH tokens, indicating a 
shift in sentiment. Institutions Load Up On ETH As Buy Signal Flashes On-chain 
analytics platform, Lookonchain, has identified a notable increase in Ethereum 
accumulation, largely driven by institutional whales. Over the course of three 
hours, a wallet address reportedly associated with the trading firm Cumberland 
DRW withdrew a staggering 27,632 ETH, worth approximately $50.24 million. This 
transfer was made from major exchanges, including Coinbase, Copper and 
Binance. Related Reading: Ethereum Price Reaches Last H1 Support, Next Major 
Resistance Comes Into View The wallet’s activity involved multiple high-value 
transfers, such as a 7,600 ETH withdrawal worth $13.83 million from Coinbase, 
a 5,992 ETH withdrawal worth $10.92 million from Copper and Binance, and an 
additional 5,960 ETH transfer valued at $10.88 million from Copper. Notably, 
the receiving wallet, 0ex287AA111…, was consistently used across all 
transactions, suggesting coordinated accumulation rather than a typical 
trading activity. Historically, large-scale withdrawals from Ethereum 
exchanges have preceded price surges, as they significantly reduce sell-side 
liquidity and indicate a longer-term holding pattern by investors. Amid this 
growing institutional accumulation, the Ethereum CrossX Indicator, as noted by 
Ezy Bitcoin on X, has recently flashed a strong buy signal. This reinforces 
the notion that institutional interest is rising, signaling an increase in 
demand and potentially setting the stage for further upward price movement. 
Ethereum CrossX Indicator Suggests $4,000 Surge Ahead Shedding more light on 
Ezy Bitcoin’s report, the CrossX indicator, which officially triggered a buy 
signal for Ethereum, is signaling a potential surge above $4,000 for the 
altcoin’s price. The market expert highlights that this is the first signal 
seen in nearly six months and, historically, has often preceded significant 
price action and explosive moves. Related Reading: Ethereum Price Threatened 
With Sharp Drop To $1,400, Here’s Why The CrossX Indicator, a tool used to 
detect high-probability trend reversals based on volume, price action, and 
divergence patterns, has shown remarkable accuracy in past cycles. As seen in 
the analyst’s weekly chart, previous buy signals were followed by rallies that 
took ETH to new local highs. Now, with Ethereum’s price rebounding off recent 
lows and a fresh Bullish Divergence in place, the same rally pattern may be 
unfolding again. If history repeats, ETH could be gearing up for a run beyond 
$3,000, with the possibility of testing the $4,200 range by year’s end. 
According to CoinMarketCap&#8217;s data, Ethereum is currently trading at $1,803, 
reflecting a yearly decline of 43.10%. A potential rise to $4,200 would 
represent a staggering 132.95% increase, bringing Ethereum (ETH) closer to its 
present all-time high of over $4,800. Featured image from Adobe Stock, chart 
from Tradingview.com

Ethereum CrossX Indicators Flashes Buy As Insitution Accumulates, Analyst Says Brace For $4,000

The organization is a collection of more than thirty crypto firms that lobby 
public institutions for better regulation of the industry. Industry Leaders 
Call on SEC to Define Rules for Crypto Staking The Crypto Council for 
Innovation (CCI), an advocacy group for more favorable crypto regulation, 
submitted a letter to the U.S. Securities and Exchange […]

Crypto Council Letter Urges SEC to Provide Clarity on Staking

US Dollar-pegged stablecoins are on track to reach an aggregate market 
capitalization of approximately $2 trillion by 2028, according to the United 
States Department of the Treasury&#8217;s Q1 2025 report.
Stablecoins&#8217; cumulative market cap currently stands at roughly $230 billion, 
but &#8220;[e]volving market dynamics [have] the potential to accelerate 
stablecoins&#8217; trajectory to reach ~$2tn in market cap by 2028,&#8221; the Treasury 
said in the April 30 report.
A stablecoin is a cryptocurrency whose value is pegged to a traditional asset 
like the US dollar. According to the report, such tokens are already 
&#8220;ubiquitously utilized as &#8216;cash on-chain,&#8217; effectively serving as a new 
payment mechanism.&#8221;
Additionally, the emergence of &#8220;tokenized [money market funds] has recently 
created an alternative option to stablecoins, primarily given their yield- 
bearing feature,&#8221; the report reads.
_Treasury on stablecoins &#8216; impact. Source: __US Treasury_
 _**Related:**__**Stablecoins boosting demand for US T-bills: Treasury Dept**_
## Embracing tokenization
The report is the latest example of how the US government is embracing 
blockchain technology, especially after US President Donald Trump commenced 
his second term of office on Jan. 20.
The Treasury previously endorsed cryptocurrency in December, noting that the 
technology promises to create a &#8220;new financial market infrastructure,&#8221; 
potentially increasing global demand for US Treasury bills. US Dollar-pegged 
stablecoins such as Tether (USDT) and USDC (USDC) invest fiat backing into 
yield-bearing instruments such as US Treasurys.
&#8220;[B]ecause most stablecoin collateral reportedly consists of either Treasury 
bills or Treasury-backed repurchase agreement transactions, the growth in 
stablecoins has likely resulted in a modest increase in demand for short-dated 
Treasury securities,&#8221; the Treasury said in December.
_The current state of stablecoins. Source:__US Treasury_
In its April report, the Treasury said that pending stablecoin legislation 
would &#8220;require stablecoin issuers to hold [short-dated] T-bills,&#8221; thus 
solidifying the link between stablecoin adoption and US Treasury bill demand.
The report also noted that the proliferation of stablecoins could put pressure 
on retail banks to pay higher interest rates to depositors.
As of April 25, Tether&#8217;s USDT is the dominant stablecoin, commanding 
approximately 66% of market share, according to a report by researcher Nansen.
The token has a market capitalization of roughly $150 billion, according to 
CoinGecko. Circle&#8217;s USDC ranks second, with a market capitalization of 
approximately $60 billion as of April 30.
_**Magazine: **__**TV hit Peaky Blinders to launch crypto game, FIFA Rivals 
on Polkadot: Web3 Gamer**_