US Bitcoin reserve idea sparks Davos debate on crypto’s future  

South Korea’s Democratic Party leader Lee Jae-myung has reportedly become the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected.Lee announced his crypto promises on May 6 as part of a broader initiative to provide more investment opportunities for Korea’s youth, one of the main target demographics for the fast-approaching June 3 election.“I will create a safe investment environment so that young people can [build] assets and plan for the future,” The Korea Economic Daily (KED) quoted Lee as saying in Korean.He also promised the legalization of spot crypto ETFs, lower transaction fees, and more consumer protection measures.Lee’s Democratic Party of Korea is the favorite to win the presidential election with 42% support, according to a survey conducted by Korea’s National Barometer Survey between April 24 and 30. Korea’s acting president, Han Duck-soo, came in second at 13%.This is the first time Lee has mentioned crypto as part of his presidential campaign, KED noted. The Democratic Party made similar promises in its 2024 general election campaign, including passing spot crypto ETF legalization. However, progress stalled, KED said.South Korea’s People Power Party makes similar promisesSouth Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins.Source: CointelegraphThe one-exchange-one-bank rule in South Korea is a regulation that limits each crypto exchange to working with only one local bank. It is intended to prevent money laundering and strengthen transparency by ensuring that the identities of crypto investors can be verified when trading crypto.South Korean industry officials estimate that 16 million or 31% of the country’s 51.7 million people have access to a crypto account.Related: North Korean spy slips up, reveals ties in fake job interviewKim Moon-soo is running as the People Power Party’s candidate — a party previously led by Yoon Suk Yeol, who was impeached after he declared martial law in December.The controversial measure triggered a considerable fall in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. However, most coins recovered when the martial law was lifted around six hours later.Korea’s Constitutional Court upheld the impeachment of Yoon in a unanimous 8–0 decision decision on April 4, effectively removing him from office.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.   The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement. If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description. Today I’m introducing a bill – the MEME Act – to ban a President or Member of Congress from issuing a meme coin. The Trump Coin is the biggest corruption scandal in the history of the White House. @RepLiccardo and I are determined to put an end to this corruption – for good. pic.twitter.com/nQL9ZfIYYV— Chris Murphy 🟧 (@ChrisMurphyCT) May 6, 2025Violators could face civil penalties of up to $250,000 and be required to fork over any profits to the US Treasury. Criminal penalties could also apply, including fines and up to five years behind bars. US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives. However, Trump’s party, the Republicans, controls both chambers, and the legislation will need Republican support. Meanwhile, Democratic Senator Richard Blumenthal, a ranking member of the Permanent Subcommittee on Investigations (PSI), said in a May 6 statement that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Financial (WLFI), and other associated business ventures. As part of the inquiry, the PSI sent letters to the company behind the Trump coin, Fight Fight Fight, and WLFI, asking for records and communications between the companies and the Trump organization. With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House. That’s why, as Ranking Member of the Permanent Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8— Richard Blumenthal (@SenBlumenthal) May 6, 2025At the same time, Blumenthal says the subcommittee is asking for answers about what steps the firms have taken to address possible conflicts of interest.Main points of interest flagged by the PSI include fees the president is making on the TRUMP token and the nearly 50% spike in value from $9.40 to $13.65 after the TRUMP coin website announced on April 23 that the top 220 holders of the token would be invited to a gala dinner at the White House. Soon after launch on Jan. 18, the Trump coin hit its all-time high of $73.43, according to CoinGecko. However, it has since lost 85% of its value and is trading for $11.13. More than half of TRUMP holders in profitRoughly two million wallets have bought TRUMP, with an extra 54,000 adding the token to their stash after the dinner announcement, according to data shared with Cointelegraph from blockchain analysis firm Chainalysis. Around 764,000 of these, most with small holdings, lost money on the coin, while the 58 investors in the token have made profits of over $10 million each, totaling an estimated $1.1 billion. At the same time, Chainalysis says the memecoin creator has made $320 million so far, with an extra $1.3 million coming in since the White House dinner announcement. Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’Meanwhile, a trucking logistics firm announced plans on April 30 to build a TRUMP coin treasury through a $20 million convertible note issuance. Javier Selgas, CEO of Freight Technologies, said the tokens are an “excellent way to diversify our crypto treasury and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”The firm also acquired $5.2 million of the Fetch.ai network’s utility token FET on April 1. Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Digital asset manager Bitwise has filed to list a spot Near exchange-traded fund with the US Securities and Exchange Commission, adding to a growing list of altcoins currently vying to win regulatory approval.The Bitwise Near (NEAR) ETF will track the price movements of the NEAR token, minus expenses, through a traditional brokerage, Bitwise’s May 6 registration statement shows.Bitwise named Coinbase Custody as the proposed custodian of the Bitwise NEAR ETF. The management fee, ticker and stock exchange it seeks to list on weren’t named yet. Source: CointelegraphBitwise must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund. The crypto native asset manager indicated it would make such a filing when it registered a trust linked to the NEAR ETF in Delaware on April 28.NEAR joins a pile of spot crypto ETFs on the SEC’s deskThe SEC now has at least a dozen spot crypto ETFs to review in 2025, including applications for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP (XRP), Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche (AVAX), Aptos (APT) and Sui (SUI).Bitwise already has applications out for a spot DOGE, SOL, and XRP ETFs, and also has an approved spot Bitcoin (BTC) and Ether (ETH) ETF, which are listed on the NYSE Arca and have attracted a combined $2.35 billion in net inflows since launching last year.NEAR — the token powering the layer-1 Near blockchain — is the 44th largest cryptocurrency by market cap at $2.73 billion, CoinGecko data shows.The Near blockchain was once touted as an Ethereum killer and is considered by its proponents as a solution to the “blockchain trilemma” — the challenge of achieving all three critical aspects of blockchain performance: security, scalability and decentralization.Related: Ethereum’s era of crypto dominance is over — LONGITUDE panelThrough Nightshade sharding, Near can process up to 100,000 transactions per second and is secured by 265 active validators, Nearblocks.io data shows.Source: Justin BonsThe Near ecosystem shifted from decentralized finance to AI infrastructure in 2024, unveiling plans to build the world’s largest open-source large language model.Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live