House Republicans demand SEC’s Gensler clarify crypto airdrops stance

Thailand is beefing up measures to combat online crimes involving digital assets by passing new amendments to several national laws.Thailand’s cabinet on April 8 passed a resolution approving amendments to emergency decrees on digital asset businesses and on measures for cybercrime prevention, the Thai Securities and Exchange Commission (SEC) announced.As part of the new laws, Thai regulators aim to strengthen measures for combating digital asset mule accounts in banks, restrict foreign cryptocurrency peer-to-peer (P2P) platforms and introduce strict financial penalties of as much as $8,700 and imprisonment of up to three years.The new laws are expected to be enforced in the near future, and will take effect after being published in the Royal Thai Government Gazette, the announcement stated.Key measures to combat mule accounts and money launderingThe new regulations include stringent measures for crypto asset service providers (CASPs), requiring them to collect and report information on transactions linked to online scams and suspend them.The amendments also empower Thai authorities to block foreign CASPs from providing services to local users, further tightening controls against money laundering activities.Related: Zhao pledges BNB for Thailand, Myanmar disaster reliefThe new laws also have significant implications for non-crypto businesses in Thailand, imposing additional joint responsibilities on commercial banks, telecom providers and social media service providers. The SEC stated:“Requiring commercial banks, telephone and telecommunications network providers, social media service providers and digital asset business operators to take joint responsibilities for damages caused by cybercrimes if they fail to comply with the standards or measures for preventing cybercrimes as specified by regulatory authorities.”Restrictions for foreign crypto P2P services The new laws explicitly aim to “deter and prevent” foreign crypto P2P service providers, which are “qualified as digital asset exchanges under the Digital Asset Business Law,” according to the SEC.Additionally, the laws intended to restrict other types of foreign CASPs from providing services to investors in Thailand, the announcement said.Source: ChartNerdThailand’s latest regulatory developments apparently aim to restrict crypto P2P transactions to only local P2P providers in an effort to avoid additional risks potentially stemming from foreign CASPs.Cointelegraph approached the Thai SEC and crypto exchange Binance for comments regarding the restrictions but did not receive a response by the time of publication.Meanwhile, local regulators have expressed interest in growing cryptocurrency adoption by approving crypto payment trials in certain cities like Phuket and considering approvals of crypto exchange-traded funds.Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

The evolving relationship between Bitcoin and traditional financial markets is under renewed pressure as global investors flee risk assets amid intensifying US trade tensions.US-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their fourth consecutive day of outflows on April 8, with more than $326 million in net redemptions across products, according to data from Farside Investors.BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest sell-off of over $252 million, its biggest daily outflow since Feb. 26.Bitcoin ETF flows, US dollars, millions. Source: Farside InvestorsThe selling pressure follows US President Donald Trump’s April 2 announcement of sweeping reciprocal import tariffs, which triggered a historic $5 trillion wipeout in the S&P 500 over two days.Related: Bitcoin may rival gold as inflation hedge over next decade — Adam BackThe delayed crypto market turbulence after the tariff-related sell-off in traditional markets highlights Bitcoin’s “evolving relationship with traditional markets,” according to Lennix Lai, global chief commercial officer at OKX exchange.Lai told Cointelegraph:“While falling 26% since January’s inauguration, Bitcoin’s relative resilience in the first two days following the tariff announcement — dropping 6% compared to Nasdaq’s 11% decline — suggests a nuanced dynamic emerging between crypto and conventional assets.”Bitcoin initially remained firmly above the $82,000 support level but plummeted below $75,000 on Sunday, April 6.BTC/USD, 1-year chart. Source: Cointelegraph Markets ProSome industry leaders attributed Sunday’s sell-off to Bitcoin’s 24/7 liquidity mechanics, which made BTC the only large liquid asset available for de-risking over the weekend.Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur HayesBitcoin remains tied to global liquidity conditionsWhile there is an “encouraging sign” of a weakening correlation between Bitcoin and equities, Bitcoin’s price trajectory remains tied to global liquidity conditions, Lai said, adding:“Though I see early signs of divergence, I believe Bitcoin remains fundamentally tied to global liquidity conditions, warranting caution amid potential market stresses — whilst gold remains as a hedge against geopolitical instability.”“What’s most significant here isn’t just price action but Bitcoin’s growing conceptual influence — people increasingly view it as a valid strategic reserve asset for diversification in chaotic traditional markets,” Lai added.Other analysts also see the growing money supply as Bitcoin’s main catalyst.“Bitcoin trades solely based on the market expectation for the future supply of fiat,” according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

Lawmakers in Argentina’s Chamber of Deputies backed an investigation into President Javier Milei’s alleged involvement in the Libra (LIBRA) cryptocurrency scandal.According to an April 8 report by local news outlet Buenos Aires Times, deputies in the lower house voted 128 to 93 in favor, with seven abstentions. The same proposal previously failed to move forward in the Senate.The news follows Milei promoting the LIBRA memecoin on social media. With the Argentine president leveraging his credibility as a government official and his 3.8 million followers, the token quickly reached $5, briefly touching a market cap of $4 billion.Milei has since faced accusations of wrongdoing, with critics claiming that LIBRA was a rug-pull scam and that he lured investors in. Lawyer Jonatan Baldiviezo, alongside Marcos Zelaya, engineer María Eva Koutsovitis and economist Claudio Lozano, a former head of Argentina’s central bank, filed a lawsuit against Milei, accusing him of fraud.Related: KIP Protocol reveals involvement in Javier Milei-endorsed Libra rug pullA presidential-scale disasterAccording to Baldiviezo, Milei’s promotion was instrumental in an “illicit association” with the promoters of the cryptocurrency. The non-governmental organization Observatorio del Derecho a la Ciudad shared the concerns and filed a case that accused the president of promoting a scheme that reportedly resulted in over 40,000 investors losing more than $4 billion. February onchain data showed that the hardest hit investors of the LIBRA memecoin pump and dump scheme lost a combined $251 million. Blockchain data shows that of the 15,430 wallets that sold at a profit or loss of more than $1,000, over 86% of those sold at a loss, resulting in a total of $251 million lost.Despite numerous sources showing his social media posts, in mid-February, Milei denied claims that he promoted LIBRA. He said at the time:“I did not promote that. What I did, I spread the word.”Related: Javier Milei risks impeachment after endorsing $107M Libra rug pullA reported family businessOne of the creators behind the controversial Libra crypto token reportedly sent a text message bragging about being able to pay Argentine President Javier Milei’s sister in exchange for the president sharing the memecoin’s details on social media. According to February reports, Hayden Davis — a person connected to the project — sent a message to a crypto investment firm executive saying that he could pay Karina Milei for “control” over the Argentine president:“We can also have Milei tweet and meet in person and do promo. I send $$ to his sister and he does whatever I say and does what I want.”Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge