TRUMP, DOGE, BONK ETF approvals likely, but Cathie Wood won’t invest: Finance Redefined  

Opinion by: Daniel Ahmed, co-founder of Fasset and founding member of the Own FoundationCrypto was born from a vision to decentralize power, democratize finance and build systems where equity prevails over exploitation. Somewhere along the way, however, the movement lost its moral compass. As speculation surged, purpose dwindled.We must return crypto to its decentralized roots, a technological revolution built on long-term value, inclusivity and ethics rather than cyclical, speculative gains. The industry should take inspiration from emerging regions and how ethical financial investing can help to repair some of the ways our industry has often fallen short. The rise of layer 2When Vitalik wrote a blog post on layer 2s as a cultural extension of Ethereum, he brought up a critical point not only in business and technology but humanity — what we build in this life should be more significant than ourselves. Citing blockchains, he described how layer 2s, which he framed as subcultures of Ethereum, don’t merely differ in their technical benefits but how their positioning and intricacies trickle down into the culture of their communities. In a space where new layer 2s are emerging rapidly, Vitalik’s insights are accurate and inspiring. When we build in a vacuum of echo chambers and monocultures, we miss out on the actual value of community in Web3. What really brings communities together? Too often in crypto, that answer has been making people rich. What it should be is shared ideals that solve real issues. If done with purpose and conviction, this can still make people money. While the rapid rise of layer 2 and layer 3 solutions promises scalability and efficiency, they are too often motivated by speculative gains rather than lasting value creation. If there’s any doubt, the numbers speak for themselves. Layer-2 fatigue aside, the sheer scope of this data raises the question: Is our industry innovating just because it can, or is it creating a real-world utility that improves the lives of fellow humans? There’s nothing wrong with building something to make money, but if that’s the only reason we’re building something, that’s a problem.Recent: Islamic finance and Web3 take stage at Istanbul Blockchain WeekWe need to shift the narrative and look at how Web3 is solving actual, fundamental issues in emerging markets — particularly in regions like the Middle East, Southeast Asia and Africa — as a north star for how to ethically build the future of our space. What does innovation indeed mean?If crypto projects think innovation in Web3 is only about VC-led fundraising rounds, comparing transactions per second, or building the next great decentralized application to trade cat coins, they have probably never existed in a place where even the simplest of financial transactions is cumbersome. In emerging markets, where people grapple with inflation, high remittance fees and limited access to financial services, we’ve witnessed how meaningful effects can transform the daily lives of millions. These are not abstract issues. They affect business owners, families, students, creators and more. From stablecoins to secure and user-friendly payment applications, Web3 offers a unique opportunity to address these problems by creating decentralized financial systems that bypass the inefficiencies and inequities of traditional banking. For Web3 to truly make a difference in these regions, it must be designed with a focus on ethics, accessibility and long-term utility. We must lead by example. In these markets, if innovation doesn’t create a meaningful disruption that improves people’s lives and addresses real-world problems, it’s nothing more than a buzzword. The most powerful solutions in technology are those that solve the world’s greatest problems.Ethical finance — Web3’s future?If you want inspiration, pay attention to those doing something different. If you want to inspire others, lead by example. Ethical finance, particularly Islamic finance, offers valuable lessons for Web3. Dating back to the 1960s and 70s in the Middle East and North Africa (and even further to around 620 AD), this sector is built on risk-sharing, ethical investment and a focus on tangible assets. Islamic finance has endured for centuries because it rejects speculation in favor of real, meaningful value. For example, we’ve seen the rise of ethical finance institutions like Al Rajhi Bank, one of the most prominent Islamic banks globally, known for its investments in tangible assets and community-oriented financial products. This model, which strives to build based on morals, substance and necessity versus mere financial opportunity, can guide Web3 as it moves beyond hype-driven growth.Build by example As we look toward the next few years with the wind and a bull market beneath our wings, the time has come for Web3 to take a hard look in the mirror and redefine what success and innovation genuinely look like. The answer to this won’t be the same for everyone — that would be pretty boring if it were. We must find a common ground of shared values that extends beyond technical achievements, market capitalization, total value locked or X followers but strives to innovate something more significant than any layer 2 or token. When gearing up to launch something new, our industry must ask itself something that lives at the heart of Islamic finance: How will this product improve people’s lives? Is it true to the ethos of creating decentralized systems that are transparent, fair and built for the benefit of all?If we can’t answer that, perhaps we should step back and ask why. Then, get back to work.Opinion by: Daniel Ahmed, co-founder of Fasset and founding member of the Own Foundation. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

An official of the Swiss National Bank dismissed calls for the institution to add Bitcoin to its reserves as a hedge against the ongoing macroeconomic turmoil.According to an April 25 Reuters report, Swiss National Bank Chairman Martin Schlegel said that “cryptocurrency cannot currently fulfil the requirements for our currency reserves” during a shareholder meeting in Bern earlier today. The comments come amid mounting pressure from the local crypto industry to add Bitcoin (BTC) to the central bank’s reserves.Campaigner Luzius Meisser, a board member of cryptocurrency broker Bitcoin Suisse, told Reuters that “holding bitcoin makes more sense as the world shifts towards a multipolar order.” He claimed that the need is even more dire now that “the dollar and the euro are weakening.”This is not the first time Schlegel has pushed back against the idea. Reports from early March quoted Schlegel saying that he doesn’t want to make Bitcoin a reserve asset in Switzerland, citing a lack of stability, liquidity concerns and security risks.Related: Swiss canton of Bern votes to study Bitcoin mining feasibilitySwitzerland’s campaign for a Bitcoin reserveOn the last day of 2024, the Swiss Federal Chancellery initiated a proposal to constitutionally mandate the Swiss National Bank to hold Bitcoin on its balance sheet. The proposal needs to gather 100,000 signatures to trigger a referendum in Switzerland.Signature collection document. Source: InitiativeBTC.chThe initiative requests to change the third paragraph of Article 99 of the constitution. The relevant text currently states:“The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold.”If successful, the campaign would result in adding “and in Bitcoin.” to the end of the paragraph. The initiative saw the participation of the Swiss Bitcoin nonprofit think tank 2B4CH, which was responsible for preparing and submitting the documents. 2B4CH had some ties to industry heavyweights, with Giw Zanganeh, vice president of energy and mining at leading stablecoin issuer Tether, helping launch the campaign.Related: Crypto bank Sygnum hits unicorn status with new $58M raiseThe campaign is still ongoingMeisser claims that holding Bitcoin would free the central bank from the political influence of its foreign currency holdings, most of which are in US dollars and euros. According to him, “politicians eventually give in to the temptation of printing money to fund their plans, but bitcoin is a currency that cannot be inflated through deficit spending.” 2B4CH founder and chairman Yves Bennaïm told Reuters:“We are not saying — go all in with bitcoin, but if you have nearly 1 trillion francs in reserves, like the SNB does, then it makes sense to have 1–2% of that in an asset that is increasing in value, becoming more secure, and that everyone wants to own.”Switzerland is a hub for blockchain enterprises, with its “Crypto Valley” in the town of Zug being the location where Ethereum was founded. The nation continues to generate crypto initiatives, with global grocery giant Spar rolling out Bitcoin-based payments in a Swiss city earlier this month.The crypto Valley surpassed the $593 billion valuation mark, showcasing the growth trajectory of the region’s blockchain industry in 2024. Last year, the area saw the emergence of 17 crypto startup unicorns.Magazine: Crypto Valley and the Crypto Oasis: Ralf Glabischnig

The crypto industry is bracing for a significant shift in regulatory tone following Paul Atkins’ swearing-in as chair of the US Securities and Exchange Commission on April 21. A former SEC commissioner with deep roots in deregulatory philosophy, Atkins replaces Gary Gensler, whose combative stance toward crypto defined much of the agency’s recent legacy.In the latest episode of Byte-Sized Insight with Cointelegraph, key industry figures weigh in on the implications of this leadership change and what it might unlock for innovation, investment and clarity for digital assets.Crypto’s “golden age” continuesChris Perkins, president of CoinFund, spoke with host Savannah Fortis and described his excitement regarding the new SEC chair, predicting a reduction in regulatory uncertainty under the new administration. “We were under this regulatory reign of terror, you know, under the Biden administration,” said Perkins. “Investors in assets, they’re very comfortable taking market risk… but they’re not comfortable taking reputational risk, and along with that is regulatory risk.”He pointed out how it was not only investors and companies who were nervous under the last administration, but also developers in the crypto space who had been targeted for their work.Perkins highlighted how a shift in the regulatory climate could catalyze growth.“Now, again, you’re taking that personal liability off… So in a way, you have this perfect storm of new institutional capital coming in and new developers coming in. And I think the this is going to be a golden age for venture and value creation.”Related: Paul Atkins’ loosely linked RSR token rises 13% after Coinbase listingKatherine Dowling, general counsel and chief commercial officer at Bitwise Asset Management, agreed that change is already visible. “The mood has already changed,” she said. “We’ve seen a flurry of activity around certain legal cases… being dismissed, dropped… not because all regulation is going away… but because more work needs to be done to define what these digital assets are.”Dowling emphasized that the shift is about clarity, not deregulation. “It’s a signal shift towards let’s take a step back and define what these are, what they look like, and how they should be regulated.”What to expect from the Atkins eraJames Gernetzke, chief financial officer of Bitcoin and crypto wallet Exodus, added that “the promise of being able to engage with a regulator on a reasonable basis… is going to be very helpful.” Gernetzke said he expects a return to “more normal time frames” for IPOs and access to capital markets. “I think the IPO rush… you will see probably towards the end… maybe months 10, 11, 12… it’s coming for sure.”Perkins captured the broader sentiment, calling the incoming market structure bill a potential unlock. “This market structure bill is going to have a really big impact… because then I know what my asset is, and I have a process for capital formation. I have a process for disclosures… It’s going to be awesome.”Listen to the full episode of Byte-Sized Insight for the complete interview on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! Magazine: SEC’s U-turn on crypto leaves key questions unanswered