Fairdesk crypto exchange to shut down over regulatory concerns

North Carolina’s House of Representatives has passed a bill allowing the state’s treasurer to invest public funds in approved cryptocurrencies, which will now head to the Senate.The House passed the Digital Assets Investment Act, or House Bill 92, on its third reading on April 30 by a vote of 71 to 44.Republican House Speaker Destin Hall introduced the bill in February, which would allow the treasurer to allocate 5% of the state’s investments into designated digital assets.The investments can only be made after obtaining an independent third-party assessment confirming that the crypto holdings are maintained with a secure custody solution and risk oversight and regulatory compliance standards are met. New amendments allow the treasurer to examine the feasibility of allowing members of retirement and deferred compensation plans to elect to invest in digital assets held as exchange-traded products (ETPs).The House also passed a related bill, the State Investment Modernization Act, or HB 506, with little discussion on April 30, in a 110 to 3 vote.The bill aims to create the North Carolina Investment Authority (NCIA) to take over investment management from the treasurer.If passed into law, authority to invest in digital assets would transfer from the treasurer to NICA, and it would require approval from its board of directors based on third-party assessments to make crypto investments.Local news outlet NC Newsline reported that Treasurer Brad Briner supports both bills.Crypto legislation race. Source: Bitcoin LawsArizona leads the crypto bill raceNorth Carolina is second to Arizona in the state-level race to approve legislation allowing local governments to invest in cryptocurrencies. Related: New Hampshire Bitcoin reserve bill heads to full Senate voteOn April 28, Arizona’s House approved two bills, SB 1025 and SB 1373, proposing different methods for the state to establish a crypto reserve.Arizona is the only state whose House and Senate have passed crypto-related bills, which are both awaiting Governor Katie Hobbs’ decision.Magazine: ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

Nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) have asked the Securities and Exchange Commission for clear regulatory guidance on crypto staking and staking services.The CCI’s Proof of Stake Alliance (POSA) group argued in an April 30 letter to the agency’s Crypto Task Force lead, SEC Commissioner Hester Peirce, that staking is fundamentally a technical process, not an investment activity. “Staking isn’t niche — it’s the backbone of the decentralized internet,” the letter said. The letter responded to the SEC’s call for public input on whether staking and liquid staking, where crypto users lock up their tokens to earn more, should be regulated under federal securities laws.The coalition called for the SEC to support responsible inclusion of staking features in exchange-traded products (ETPs), and “avoid overly prescriptive rules that could freeze market structures and stifle innovation in the staking space.”The group argued that staking fails to meet the securities-defining Howey test definition of an “investment contract” as stakers retain ownership of their assets.Source: Crypto Council for InnovationThey added that blockchain protocols, not a staking provider’s efforts, determine rewards, and providers don’t deliver profits through managerial decisions like a company does. The letter requested that the SEC Issue principles-based guidance similar to recent SEC staff statements on proof-of-work mining.“In the past 4 months, we’ve seen more movement and constructive dialogue with the SEC than in the past 4 years,” the group said. “Now, the industry is stepping up with concrete principles to include in guidance — a reflection of this new collaborative approach.”Related: Ethereum ETF staking will have little impact without multimonth rally: AnalystThe group argued that the existing securities disclosure regime is ill-suited for staking services, which are fundamentally technical rather than financial in nature. Big names in support of staking clarity The Proof of Stake Alliance includes several high-profile crypto organizations and companies, including the venture capital firm Andreessen Horowitz (a16z), blockchain software firm Consensys, and the crypto exchange Kraken, which restored staking services in the US earlier this year.The SEC has yet to approve a crypto staking exchange-traded fund (ETF) and delayed the decision on allowing staking for Grayscale’s spot Ether ETF on April 14.In April, Bloomberg ETF analyst James Seyffart predicted that an Ether ETF that includes staking could come as soon as May.Magazine: ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

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 — including Grayscale, VanEck and 21Shares — are awaiting clearance from the US Securities and Exchange Commission (SEC) to list ETFs holding the Solana blockchain network’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 IntelligenceRelated: SEC acknowledges slew of crypto ETF filings as reviews, approvals accelerateAltcoin ETF maniaAsset managers are seeking the SEC’s permission to list dozens of altcoin ETFs, with up to 70 crypto ETFs awaiting the agency’s review as of April. The deluge of filings reflects US President Donald Trump’s efforts to soften the SEC’s regulatory posture toward cryptocurrencies since taking office in January. In March, the Chicago Mercantile Exchange (CME), the US’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.“[T]he timeline could extend into 2026 due to the SEC’s precedent of taking 240–260 days to review filings,” 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