Kazakhstan is exploring the creation of crypto banks as part of its effort to build a robust digital asset ecosystem. The proposed institutions would offer services like digital asset exchange, storage, and transaction support in a regulated framework, according to…

Kazakhstan eyes crypto banks to boost digital asset ecosystem: report

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**_

Stablecoins on track for $2T market cap by 2028 — US Treasury

**Key takeaways:**
 * Ether price printed a rare monthly Dragonfly doji candlestick, which is often seen before major ETH bull market cycles.
 * ETH is retesting its long-term parabolic support zone that preceded its historic 2017 rally.
 * The MVRV Z-Score has entered the accumulation zone, signaling undervaluation.
Ethereum&#8217;s native token, Ether (ETH), is flashing a combination of technical 
and onchain signals once seen in the early stages of its 2017 bull run, a 
cycle that produced over 25,000% gains.
## Dragonfly doji hints ETH bulls are regaining control
Ether is flashing a rare Dragonfly Doji candlestick on its monthly chart, the 
same structure that preceded its historic 25,000% rally during the 2017 bull 
cycle.
This pattern is confirmed when the price prints a long lower wick, little to 
no upper wick, and closes at or near its opening level.
On Ether&#8217;s monthly chart, the candlestick reflects a sharp intra-month 
rejection of lower prices, suggesting that bulls are beginning to regain 
control after an extended downtrend.
_ETH/USD monthly price chart. Source: TradingView_
In December 2016, Ethereum formed a similar monthly Dragonfly doji before 
erupting from under $6 to over $1,400 in over a year. The same pattern has 
been seen, with smaller upside, in 2021 and 2023, where ETH gained over 80% 
and 145%, respectively.
If bulls confirm the signal with a strong May open, especially above April&#8217;s 
high of around $1,950, Ethereum could be primed for another multimonth rally, 
beginning with an initial run toward $2,100.
## Ethereum tests long-term parabolic support, just like in 2017
Chartist Merlijn the Trader points to Ethereum retesting its long-term 
parabolic support, (the green zone in the chart below) that has consistently 
acted as a launchpad for new uptrends.
_ETH/USD weekly price chart. Source: TradingView/Merlijn The Trader_
&#8220;In every cycle, this zone triggers a reversal &#8212; and this time is no 
different,&#8221; he wrote in his X post on April 30, adding:
&gt; &#8220;Now begins what could be Ethereum&#8217;s most explosive rally yet.&#8221;
In early 2017, ETH also bounced from this exact same parabolic trendline 
during its initial breakout phase. The trendline supported ETH throughout that 
year, fueling the vertical move to $1,400 from around $6.
_**Related:**__**Ethereum &#8216;s &#8216;capitulation&#8217; suggests ETH price is undervalued: 
Fidelity report**_
The current retest in 2025 mirrors that breakout setup, suggesting a cyclical 
pattern may be repeating.
## Onchain data points to ICO-era-style ETH accumulation sentiment
Ethereum&#8217;s MVRV Z-Score, a key onchain metric used to identify market tops and 
bottoms, has re-entered the historical accumulation zone (the green band in 
the chart below), strengthening the argument that ETH may have found its cycle 
bottom.
_Ethereum MVRV-Z Score chart. Source: Glassnode_
In past cycles, Ethereum&#8217;s MVRV Z-Score dipped into this green zone in late 
2018, March 2020, and mid-2022. All of these dips coincided with market 
bottoms and preceded multimonth to multi-year rallies.
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.