According to Bloomberg, Representative Hill, the chair of the subcommittee on digital assets, has indicated that the House leadership is considering the best way to pass a package that includes the SAFE Banking Act. In an interview, Hill stated his support for the Act, which he has backed for nine years. The Act would enable cannabis dealers in states where it is legal to access the banking system. Hill believes that this would make it easier to identify illegal activities and 'bad actors' if these companies were part of the banking system. Hill also mentioned that lawmakers are nearing a bipartisan agreement on legislation to regulate stablecoins. He expressed optimism about the progress made over the past year and stated that the country would benefit from the passage of both bills. The Arkansas Republican did not provide further details on the potential agreement or the timeline for its implementation.

On Apr 26, 2024, 22:26 PM (UTC). According to Binance Market Data, BNB has dropped below 600 USDT and is now trading at 598.5 USDT, with a 2.40% decrease in 24 hours.

According to Cointelegraph: Yuga Labs Undergoes Another Restructure with Layoffs and New Executive Hire In a shifting marketplace, Yuga Labs, the developer behind renowned Bored Ape Yacht Club, is yet again restructuring the company, leading to layoffs and the integration of new leadership. CEO of Yuga Labs, Greg Solano, described it as a "tough day" in a message sent out to the company's employees, which he then shared publicly on X. Layoffs were communicated during an all-hands meeting, an outcome of Yuga losing its focus, as per Solano. Source: Garga.eth (Greg Solano) Solano (SOL) reportedly stated his realizations during his two-month leadership, indicating that the creative spirit that initially drove the company had been overshadowed by complex corporate processes. According to Solano, the company seemed to be planning more than delivering, despite working hard. With the challenges at hand, Solano plans to redirect the company. Some reorganization actions, such as the spinout of HV-MTL and Legends of the Mara on April 17, were already underway. Game developer Faraway acquired these properties and also onboarded Yuga's chief gaming officer, Spencer Tucker. Solano's priority, as disclosed in his April 26 message, is the development of Yuga's Otherside metaverse project. Before Solano's announcements, Won Kim declared his appointment as Yuga's head of brand partnerships on X. Kim previously co-founded the nonfungible token (NFT) fund and consulting agency Bored Room Ventures, which he left for Yuga. Yuga Labs encountered mixed reactions from the crypto community on X regarding the new layoffs and changes. Despite its pioneering role in the NFT collectible space, Yuga Labs has struggled to adapt to the evolving market conditions. In October, it had undergone a prior restructuring leading to several layoffs. Yuga Labs declined to comment further on the situation when contacted by Cointelegraph.

On Apr 26, 2024, 21:44 PM (UTC). According to Binance Market Data, Bitcoin (BTC) has crossed the 64,000 USDT benchmark and is now trading at 64,008.21875 USDT, with a 1.35% decrease in 24 hours.

According to Cointelegraph: John Deaton Supports Coinbase in SEC Appeal by Filing Amicus Brief John Deaton, a known crypto lawyer who is presently running a Senate campaign to unseat Elizabeth Warren, has filed an amicus brief advocating for Coinbase. This step comes as the cryptocurrency exchange appeals certain matters in its legal battle against the United States Securities and Exchange Commission (SEC). Source: Courtlistener In an April 26 document filed in the U.S. District Court for the Southern District of New York, Deaton submitted the amicus brief supporting a motion for interlocutory appeal, representing 4,701 Coinbase customers. Interestingly, Deaton provided this legal aid pro bono, representing Coinbase users' interests distinct from the exchange itself. The brief insists that the SEC’s enforcement actions are evidence that "the regulator does not speak on behalf of digital asset users and investors and intends to offer no regulatory guidance beyond citing the Howey case." Deaton pointed to the SEC's lawsuits against crypto firms, such as Debt Box, alleging that the commission's approach was more adversarial towards the crypto industry than truth and justice-aligned. Though Deaton's actions appear tied to his ongoing Senate run based on his April 26 X post, he proposed himself as a legal representative for Coinbase users as early as June 2023—prior to announcing his campaign—after the SEC filed its lawsuit. Paul Grewal, Chief Legal Officer at Coinbase, informed that the interlocutory appeal seeks the court's discernment on whether a post-sale contractual obligation is essential for something to be defined as an "investment contract"—a foundation for deciding if something is a security under SEC regulations. This pivotal legal issue is key among those being contended in the SEC's lawsuit against Coinbase. Less than six months from the election day, it remains to be seen if Deaton's legal maneuvers might impact his Senate campaign, which is distinguished by his markedly different views on digital assets compared to incumbent Senator Warren.

According to Cointelegraph: EU's DeFi Regulations Could Welcome Big Banks but Test Crypto Natives New regulatory rules forthcoming for decentralized finance (DeFi) protocols in Europe could create significant hurdles for crypto-native projects while stimulating traditional financial institutions to enter the DeFi space, as per Marina Markezic, Executive Director of the European Crypto Initiative. Markezic discussed the European Commission's forthcoming DeFi report, set to be released on Dec. 30, 2024, during a recent interview with Cointelegraph. The report will scrutinize DeFi's regulatory feasibility under the Markets in Crypto-Assets (MiCA) framework. Markezic expressed her expectations from a DeFi regulatory framework stating that it could facilitate traditional players' entry into the crypto space since several banks are already considering issuing stablecoins. However, she cautioned that obtaining licenses and achieving compliance might become harder for crypto-native projects. The EU's report seeks to explore the regulation of decentralized systems, particularly those without a defined issuer or service provider. A crucial outcome may include initial definitions of what regulators perceive as decentralization. Markezic suggested that DeFi should be looked upon as a spectrum rather than a binary scenario. This 'DeFi spectrum' would consist of a range of different use cases, from fully decentralized systems to those that exhibit various levels of control and management. Legal experts push for clear standards instead of strict rules. Sascha Drobnjak, former head of legal and compliance at Elusiv protocol, emphasized that governments, policymakers, and the industry need to agree on what really defines DeFi. Revenue from the DeFi sector is predicted to reach approximately $6.69 billion in Europe by 2024, according to Statista, with a compound annual growth rate of 9.67% between 2024 and 2028, reaching $9.68 billion in revenue by 2028.

According to Cointelegraph: Custodia Bank Drives Appeal to Higher Court Following March Setback In its quest for a Federal Reserve master account, Custodia Bank is combating a previous court's ruling by taking its case to the United States Tenth Circuit Court of Appeals. As per an April 26 court document, the bank wants the federal-level appeals court to reconsider a resolution by Judge Scott Skavdahl of the District Court for the District of Wyoming, handed down in March. Judge Skavdahl's decision refused Custodia's application for a Federal Reserve master account in the U.S. Master accounts at the Federal Reserve are accounts managed directly by a financial institution with the Federal Reserve Bank. These accounts grant banks access to services like Fedwire and the Automated Clearing House (ACH) network, which enable electronic payments. In 2022 alone, Fedwire processed around 196 million transactions, totaling more than $1 quadrillion.

According to Cointelegraph: Bitcoin (BTC) Price Holds Steady Against Regulatory Turbulence and Spot BTC ETF Outflows Despite dealing with a series of negative factors, including substantial outflows from spot Bitcoin exchange-traded funds (ETFs) and amplified regulatory scrutiny, Bitcoin (BTC) was able to maintain a value above $63,000 on April 26. U.S.-based spot Bitcoin (BTC) ETFs reported a considerable net outflow of $218 million on April 25, following $120 million outflow the previous day, according to Farside Investors. Franklin Templeton was the only provider recording inflows on April 25, implying that this withdrawal trend was not entirely induced by high fees at Grayscale's GBTC. Source: Geiger Capital In addition, US Senators Elizabeth Warren and Bill Cassidy sent a letter to the Department of Justice and Department of Homeland Security on April 25, requesting information on measures adopted to combat pseudonymous cryptocurrency payments for illicit child abuse material. Bitcoin (BTC) enthusiasts, however, are showing optimism despite deteriorating global economic conditions. The U.S. Personal Consumption Expenditures (PCE) rose by 2.8% year-on-year in March. Given that the U.S. GDP growth for Q1 was below expectations at 1.6%, this level of inflation, surpassing the Federal Reserve’s target, is concerning. With these metrics, market expectations that the Fed will sustain higher interest rates for an extended duration are growing. Amid this challenging economic landscape, Bitcoin participants remain cautious about the unsustainable path of the U.S. government's fiscal policy. Worsening macroeconomic conditions extend beyond the U.S. to other leading economies where similar issues could inadvertently strengthen Bitcoin's appeal. Ultimately, while Bitcoin's price has suffered from U.S. spot ETF outflows, regulatory stress, and global economic downturns, analysts suggest that weakened worldwide economic conditions may lead to additional central bank stimulus measures, which could enhance Bitcoin's prospects.

According to CryptoPotato, Bitcoin whales are reportedly cashing in on their profits from the recent Bitcoin rally. On-chain analysts have noticed a significant increase in inflows to centralized cryptocurrency exchanges, with a substantial portion of these inflows coming from Bitcoin whales. This information was revealed in a CryptoQuant Quicktake by anonymous crypto analyst Phi Deltalytics. On April 25, another analyst, Woominkyu, noted that the unrealized profits of long-term Bitcoin whales had increased significantly, particularly with Bitcoin's value exceeding $60,000. Despite the increase in profits, Woominkyu observed that these whales had not yet cashed out. He pointed out a spot on his chart indicating a significant rise in unrealized profits, suggesting that this group of Bitcoin investors was maintaining their positions. However, he also warned that any move to realize these profits could impact the market. Approximately 24 hours after Woominkyu's post, Phi Deltalytics reported a notable increase in Bitcoin exchange inflow, with the majority seemingly coming from whales. He suggested that this increase could indicate significant profit-taking by whales during the ongoing 2024 Bitcoin bull run. While he acknowledged that such metrics can sometimes produce false signals, he advised caution when interpreting market dynamics. In addition to Bitcoin whales, long-term holders of the digital asset have also been cashing out. Woominkyu noted that the Spent Output Profit Ratio (SOPR) of long-term holders had surpassed that of short-term holders over a seven-day moving average, indicating that the former group is realizing more profits. He also explained that the SOPR of long-term holders has generally decreased over time, but there are instances when it experiences an uptick, often preceding spikes in Bitcoin's price. These upticks suggest that long-term investors are capitalizing on price surges to realize profits. Investors are advised to be cautious of potential price corrections and increased volatility, as the SOPR is currently high. Meanwhile, Bitcoin is consolidating between $60,000 and $70,000. If it rallies to $70,000 and gets rejected, the cryptocurrency could experience a significant slump. At the time of writing, Bitcoin was trading at $64,100, with negligible gains or losses in the past 24 hours.

According to BlockBeats, Phoenix Wallet, a Bitcoin wallet, has announced that it will be removed from US app stores on May 3, 2024. Users in the United States are advised to empty their wallets. Jack Dorsey, the founder of Twitter, has expressed his opinion on this matter, stating that he feels this move is completely unnecessary. Phoenix Wallet's decision to withdraw from the US market has raised questions and concerns among its users. The company has yet to provide a detailed explanation for this move, leaving many to speculate on the reasons behind it. Jack Dorsey's comment on the matter indicates a level of disagreement with Phoenix Wallet's decision, although he did not elaborate on his stance. As the date of removal approaches, US-based users of Phoenix Wallet are urged to take necessary actions to secure their assets. The company's announcement has not specified whether there will be any provisions for users to transfer their assets to another platform or if they will need to liquidate their holdings. This situation underscores the importance of users staying informed about the status of their digital wallets and taking appropriate measures to protect their investments.

According to PANews, the US Department of Homeland Security (DHS) has announced the formation of an Artificial Intelligence Security and Assurance Committee. The committee will provide advice to the DHS on the safe and responsible development and deployment of AI technology within the US's critical infrastructure. The committee comprises 22 representatives from software and hardware companies, critical infrastructure operators, public officials, civil rights communities, and academia. They are tasked with developing recommendations to help stakeholders in critical infrastructure, such as transportation service providers, pipeline and power grid operators, and internet service providers, use AI technology more responsibly. The establishment of the committee is one of the key actions in response to the rapid development of AI technology. It aims to ensure the safe and responsible use of AI technology through cross-departmental cooperation, while protecting the country's critical infrastructure from potential threats. The initial members of the committee include Sam Altman, CEO of OpenAI; Dario Amodei, CEO and co-founder of Anthropic; Ed Bastian, CEO of Delta Airlines; Dr. Rumman Chowdhury, CEO of Humane Intelligence; Alexandra Reeve Gives, President and CEO of the Center for Democracy and Technology; Bruce Harrell, Mayor of Seattle, Washington and Chair of the US Conference of Mayors Technology and Innovation Committee; Damon Hewitt, Chair and Executive Director of the Lawyers' Committee for Civil Rights Under Law; Vicki Hollub, President and CEO of Occidental Petroleum; Jensen Huang, President and CEO of NVIDIA; Arvind Krishna, Chairman and CEO of IBM; Dr. Fei-Fei Li, Co-Director of the Stanford University Human-Centered AI Institute; Wes Moore, Governor of Maryland; Satya Nadella, Chairman and CEO of Microsoft; Shantanu Narayen, Chairman and CEO of Adobe; Sundar Pichai, CEO of Alphabet; Dr. Arati Prabhakar, Presidential Science Advisor and Director of the White House Office of Science and Technology Policy; Chuck Robbins, Chairman and CEO of Cisco and Chair of the Business Roundtable; Adam Selipsky, CEO of Amazon Web Services; Dr. Lisa Su, Chairman and CEO of AMD; Dr. Nicol Turner Lee, Senior Fellow and Director of the Center for Technology Innovation at the Brookings Institution; Kathy Warden, Chairman, CEO and President of Northrop Grumman; and Maya Wiley, Chair and CEO of the Leadership Conference on Civil and Human Rights.

According to Foresight News, Ondo, under the RWA agreement, has announced that its yield stablecoin, USDY, has surpassed a total value locked (TVL) of $200 million. This significant milestone indicates the growing acceptance and usage of the USDY stablecoin in the digital currency market. The RWA agreement and Ondo's efforts have played a crucial role in achieving this feat. Further details about the future plans and strategies of Ondo regarding the USDY stablecoin were not disclosed in the announcement.

According to BlockBeats, Citibank predicts that the Federal Reserve will cut interest rates in July 2024. The bank forecasts a total reduction of 100 basis points throughout the year. This move is expected to have significant implications for the economy, potentially stimulating growth and investment. However, it could also lead to inflationary pressures if not managed carefully. The Federal Reserve's decisions on interest rates are closely watched by investors and economists worldwide, as they can significantly impact global financial markets. The anticipated rate cut in July 2024 is therefore of great interest to many in the financial sector. Further details on the Federal Reserve's plans will be eagerly awaited.

According to CryptoPotato, Polkadot's price has been experiencing a prolonged corrective consolidation around the crucial $6.5 support level. The price has slightly retraced towards the 100-day moving average, indicating a continuation of this consolidation phase. A comprehensive analysis of the daily chart reveals a swift rebound near the pivotal $6.5 support level, with a minor bullish retracement suggesting a lack of significant market activity and momentum. This indicates a cooling down in the futures market. The price remains within a crucial range, bordered by the significant resistance zone of the 100-day moving average at $8.1, aligned with the 0.382 Fibonacci retracement level ($8), and the significant support region of $6.5. These levels serve as crucial reference points for Polkadot in the short term, and a breakout from this critical range could result in a substantial market movement. Upon closer examination of the 4-hour timeframe, there is evidence of bullish corrective retracements towards the critical resistance region of the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels. This has led to the formation of an ascending wedge, a recognized bearish continuation pattern. However, the Polkadot price has recently faced rejection from the 0.5 Fib level and experienced a decline, breaking below the lower boundary of the pattern. This suggests the potential for a continued downtrend, with the price aiming for the crucial support region of $6. The intensity of long and short positions in the perpetual market, along with the potential for significant liquidations, significantly impacts market volatility. Open Interest, a crucial metric measuring the number of open perpetual futures contracts across cryptocurrency exchanges, provides valuable insights into market sentiment. With Polkadot’s recent downtrend, it’s notable that the Open Interest metric has mirrored this trajectory, experiencing a notable decline. This synchronization suggests a reduction in activity within the futures market. Consequently, as the price is currently testing a critical support region, the market seems primed for the resurgence of long positions, potentially signaling a fresh and decisive market movement.

According to Foresight News, the cross-chain DeFi protocol, Entangle, has launched its mainnet. The protocol is currently initiating infrastructure on the mainnet to integrate innovative products with protocol-independent solutions. This is being done with the aim of establishing a fluid, yield-optimized, cross-chain network. The launch of the mainnet is a significant step in the development of the protocol, as it allows for the integration of various solutions that are independent of the protocol. This will enable the creation of a network that is fluid and optimized for yield across all chains. The launch of the mainnet is a significant milestone for Entangle, marking a new phase in its development.

According to Foresight News, Dymension, a modular settlement layer of the Cosmos ecosystem, has announced the integration of eIBC (Hosted IBC) into its mainnet on the X platform. This move is designed to support the bridging of RollApps liquidity. eIBC is a novel protocol based on IBC that enables near-instantaneous Rollup withdrawals. This development marks a significant step forward in enhancing the functionality and efficiency of the platform.

According to PANews, the Hong Kong Financial Management Bureau has launched the FiNETech series. This initiative brings together approximately 100 banks, securities companies, insurance companies, and technology enterprises. The aim is to jointly explore advanced cooperation arrangements in wealth technology, insurance technology, green technology, artificial intelligence, and distributed ledger technology. Over the next six to twelve months, the Bureau plans to expand its cooperation in the field of financial technology through the FiNETech series of events. This will include continued collaboration with various co-organizing institutions, industry associations, and market experts. The focus will be on the development of artificial intelligence (including generative artificial intelligence), distributed ledger technology, and green technology. The Bureau also aims to make substantial progress in the adoption of financial technology by banks and other financial institutions. This is part of the broader goal of the FiNETech series to foster innovation and collaboration in the financial technology sector.

On Apr 26, 2024, 13:13 PM (UTC). According to Binance Market Data, Bitcoin (BTC) has dropped below 64,000 USDT and is now trading at 63,957.988281 USDT, with a narrowed 1.32% increase in 24 hours.

According to BlockBeats, the US core Personal Consumption Expenditures (PCE) price index annual rate for March was reported at 2.8%. This figure exceeded the anticipated rate of 2.7%, matching the previous value of 2.8%. The PCE index is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The core PCE index excludes volatile food and energy prices to provide a clearer picture of underlying inflation trends. The data is closely watched by the Federal Reserve as it sets its inflation target based on the core PCE price index. The higher than expected rate indicates a potential increase in inflation, which could influence the Federal Reserve's future monetary policy decisions.

According to U.Today, Forbes recently referred to several high-profile cryptocurrencies, including XRP and ADA, as 'crypto zombies' in a research article. This term is used to describe layer-1 blockchains that have a significant market valuation but limited utility beyond speculative trading. Ripple Labs, the company behind XRP, was highlighted as a prime example of a 'crypto zombie'. Despite the active daily trading volume of XRP, Forbes suggests that its use does not extend beyond market speculation. Ethereum Classic (ETC) was also included in the list due to its high market value and relatively low network fees. ETC was created in 2016 as a result of a hard fork from the DAO incident and is considered a continuation of the original Ethereum blockchain. Forbes also expressed skepticism about Algorand, previously hailed as an 'Ethereum killer' for its high transaction capacity. The publication cited low income from blockchain transaction fees as evidence of its lack of utility. The inclusion of Cardano in the list was seen as a surprise. Forbes' article suggests that the project trades on the popularity of its founder, Charles Hoskinson, and raises questions about his educational claims. However, Cardano supporters argue that its ecosystem is active and thriving, providing value and utility beyond mere speculation. They cite the network’s inflows and ongoing development activities as proof of its vitality and relevance. While Forbes' statements may seem harsh to those who identify with the aforementioned communities, it's important to note that the views and opinions of the researcher may not always align with reality and are only part of a personal perspective. Some of the mentioned projects indeed have issues with utility, while others represent vibrant ecosystems with strong cases.