First major success in US Congress for two crypto bills: Law Decoded

Though the identities of many of the top holders of US President Donald Trump’s memecoin were still unknown, blockchain data showed significant outflows over the past seven days — during which time he announced a dinner and White House tour for certain tokenholders. According to data from blockchain analytics firm Nansen as of April 25, the TRUMP memecoin had seen more than $869 million in outflows in the last seven days compared to roughly $96 million in inflows among the top 500 changes. Some of the changes followed Trump announcing that the top 220 TRUMP holders could apply to meet him at a golf club dinner in Washington, DC, with fewer opportunities for a White House tour.“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” said Nansen. “There still appears to be some interest — either A) to secure the dinner ticket, or B) to capitalize on price volatility. As a result, a few new wallets have entered the top 250 holders, while some previous holders seem to have taken the opportunity to exit their positions.”Top TRUMP memecoin holders as of April 25. Source: TRUMP tokenLaunched in January before Trump took office, his memecoin, and that of his wife, Melania, have seen criticism from US lawmakers and leaders in the crypto industry for potential conflicts of interest. At the time of publication, the identity of many of the top tokenholders and those who might apply to attend the dinner were unknown.Who is investing in Trump’s memecoin?As of April 25, the top tokenholder had 1,176,803 TRUMP memecoins worth roughly $16 million at the time of publication. The wallet holder, under the username “Sun,” had led to speculation that Tron founder Justin Sun — a Trump supporter and investor in the Trump family-backed crypto firm World Liberty Financial — could be among the dinner attendees. Cointelegraph reached out to Sun’s team for comment but had not received a response at the time of publication.Related: Trump memecoin team denies $300K dinner requirement rumorsOther tokenholders included usernames like “elon” and “doge,” though it was unclear if Tesla CEO Elon Musk, also a Dogecoin (DOGE) advocate, was involved in the project. The team behind the TRUMP token controls 80% of the total supply, resulting in many critics suggesting the Trump or someone in his family could still rug-pull investors.Before the 2024 election, Trump arranged a similar dinner at his Mar-a-Lago property in Florida with supporters who purchased non-fungible tokens depicting his mugshot during his arrest for allegedly attempting to subvert the results of the 2020 election. It’s unclear whether any of the same people who attended the May 2024 event are among the top TRUMP memecoin holders.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. “I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SECSome critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.Related: Atkins SEC era sparks massive industry optimism, crypto execs speak outThe direction of the SEC under new leadership“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter. The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said. It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC. Nasdaq’s April 25 letter to the SEC. Source: NasdaqRelated: Certain stablecoins aren’t securities, SEC says in new guidanceRegulatory U-turnThe SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January. Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities. This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies. In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law. In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.Stablecoin market overview. Source: RWA.xyzIntegrating crypto into TradFiIn its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets. In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race