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Corporations and businesses are the largest net buyers of Bitcoin so far this year, outpacing exchange-traded funds and retail investors, according to new research. Firms such as Michael Saylor’s Strategy have bought more Bitcoin (BTC) this year than any other category of investor, with overall corporate holdings growth totalling 157,000 BTC, worth around $16 billion at current prices, according to Bitcoin investment firm River. Strategy makes up 77% of the group's growth, the firm reported on X on May 12, before adding that it's not just big companies.“We’re seeing businesses across all industries sign up to River. They’re aligned with Bitcoin and how it can change their future,” the firm noted.  The next largest category after corporations was ETFs, which have grown their net Bitcoin by 49,000 BTC, or $5 billion worth, reported River. Following that were governments with around 19,000 BTC in growth, and retail traders or individuals had seen a decline of 247,000 in Bitcoin holdings this year, it reported. Change in BTC ownership in 2025. Source: RiverOverall, there has been a 154% growth in business ownership since 2024, the firm stated, breaking things down by business category for its own clients.It revealed that finance and investment firms are the largest buyers of the asset, with 35.7% of the total, followed by tech firms on 16.8%, professional and consulting companies accounted for 16.5%, and the remainder were real estate, non-profits, consumer and industrial, healthcare, and energy, agriculture, and transportation firms. Related: Coinbase considered Saylor-like Bitcoin strategy before opting out: BloombergThere have been several large corporate purchases recently, with Strategy scooping up a whopping 13,390 Bitcoin for $1.34 billion and Metaplanet adding a further 1,241 BTC to its treasury, which surpassed that of El Salvador on May 12. Newcomers to the Bitcoin market in 2025 include video streaming platform Rumble, which made its first purchase in March, Hong Kong construction firm Ming Shing, and Hong Kong investment firm HK Asia Holdings Limited. At least twelve public companies bought Bitcoin for the first time in Q1 2025, reported Bitwise in April. The firm added that the amount of Bitcoin held on the books of publicly traded companies rose by 16% for the period, with more than 95,000 Bitcoin added to corporate portfolios for the period. Is Bitcoin becoming deflationary?These big corporate purchases of the asset will put pressure on the supply and demand since supply is finite, and miners can only produce 450 coins per day, say analysts.CryptoQuant CEO and market analyst Ki Young Ju said Strategy is accumulating Bitcoin at a faster rate than total miner output, giving the asset a -2.3% annual deflation rate. Meanwhile, author Adam Livingston recently said that Strategy is synthetically halving Bitcoin by outpacing miner supply through high demand.Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest

The X account of the Ethereum layer 2 network ZKsync and its developer Matter Labs were compromised early on May 13, with hackers falsely claiming the network was being probed by US authorities, among other scam messages. A ZKsync-related X account posted on May 13, confirming the accounts for ZKsync and Matter Labs were compromised, warning users not to interact after the accounts shared links to a fake airdrop in an apparent phishing scam.Other X users had warned the ZKsync X account was compromised. Source: pseudoThe hacked ZKsync and Matter Labs then both posted a fake statement claiming ZKsync was under investigation by the US Securities and Exchange Commission and that the Treasury Department could impose sanctions on the platform.Matter Labs communications head Lynnette Nolan confirmed to Cointelegraph that the now-deleted X post “is not legit” and both accounts are now “fully back in the control of the team.”“Shoutout to the zksync hackers. Instead of dropping a token and stealing a few bucks they decided to scare the living shit out of onchain degens,” crypto startup g8keep co-founder Harrison Leggio, who goes by “Pop Punk,” posted to X.Source: Harrison LeggioThe fake statement was seemingly aimed at crashing the price of the platform’s self-titled token, ZKsync (ZK), which has fallen around 2% in the last hour amid the X account breach, according to CoinGecko.The SEC has investigated crypto companies in the past, and many of these firms have chosen to publicly disclose when they’ve been investigated by the regulator.The SEC has stopped many of its probes under the Trump administration, with Crypto.com, Immutable, OpenSea and RobinHood Crypto, among others, confirming the agency had ended investigations.ZK is down 6.4% over the last day to trade at around 7 cents, cooling from a nearly 38.5% rally it’s enjoyed over the past week.Related: US prosecutors want 2 years for SEC X account hackerMatter Labs’ Nolan said the firm was looking into how the X accounts were breached, and believed it was via “compromised delegated accounts,” which allow users limited access to an X account, allowing them to post on its behalf. Two hacks in as many monthsIt’s the second compromise of ZKsync-controlled platforms since April. On April 15, an attacker breached the admin account of ZKsync’s airdrop distribution contract and used a function to mint 111 million unclaimed ZK tokens, worth approximately $5 million at the time.The hack happened amid the platform handing out 17.5% of ZK’s supply to ecosystem participants.The attacker later returned 90% of the stolen tokens, agreeing to keep 10% as a bounty.Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

Crypto bank Anchorage Digital has expanded its stablecoin offerings with the acquisition of Mountain Protocol, a stablecoin issuer that says it will begin winding down its main stablecoin, Mountain USD (USDM).The acquisition, which is subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, tech stack and licensing framework into Anchorage’s existing offerings, Anchorage said in a May 12 statement.While terms of the deal weren’t disclosed, it reflects an accelerating number of acquisitions between crypto and TradFi firms in recent months.Explaining the acquisition, Anchorage CEO Nathan McCauley said stablecoins are becoming the backbone of the crypto economy, while anticipating that “every business” will eventually use stablecoins as part of their operations.Source: Anchorage DigitalMountain Protocol CEO Martin Carrica said its stablecoin experience and Anchorage’s crypto infrastructure positions the merging companies to meet the growing global demand for stablecoin services.Anchorage is the only federally chartered digital asset bank in the US, while Mountain Protocol’s stablecoin services are regulated by the Bermuda Monetary Authority.It comes around nine months after Anchorage introduced a stablecoin rewards program for institutions holding the PayPal USD (PYUSD) stablecoin.Mountain Protocol’s USDM to wind downAs part of the acquisition, Mountain Protocol said it would begin an “orderly wind-down process” for USDM, which operates as a yield-bearing stablecoin.Mountain Protocol said it ceased minting the stablecoin on May 12 but noted that USDM rewards will remain active for another 30 days. After that, the reward rate will be set to 0% APY.The stablecoin issuer’s customers can redeem their USDM through the firm’s platform, while other USDM holders are encouraged to swap the stablecoin for other tokens on exchanges.Related: ‘Dark stablecoins’ could emerge as regulations tightenMountain Protocol’s Ethereum-based USDM is not to be confused with Mehen Finance’s USDM stablecoin, which runs on the Cardano network. Mountain Protocol’s USDM saw considerable success shortly after launching in late 2023, rising to a $155 million market cap by March 2024, according to RWA.xyz. However, its market cap has since fallen below $50 million.RWA.xyz estimates there are around 10,820 USDM holders.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Key Takeaways: Dogecoin's 38% surge reflects strong market demand, with spot-buyer volumes taking charge since March. A bullish MACD crossover has traders predicting a 180% rally, with targets at $0.65 and $1.Dogecoin's (DOGE) price rallied in lockstep with Ethereum over the past 7 days, gaining 38% in May, which is its strongest monthly performance this year. According to CoinGecko, DOGE recorded $4.7 billion in trading volume over the past 24 hours, ranking fifth among the top cryptocurrencies (excluding stablecoins). The memecoin’s market strength has been coupled with strong onchain insights. Data from CryptoQuant noted that DOGE’s spot taker 90-day cumulative volume delta (CVD), which measures the net difference between buying and selling volume over 90 days, has been "taker buyer dominant.” It indicates more aggressive buying than selling, a pattern last seen in November 2024, leading to DOGE’s breakout rally of 385% to $0.48 in Q4, 2024. DOGE spot taker CVD. Source: CryptoQuantSimilarly, the long-term holder net unrealized profit/loss (NUPL), which tracks unrealized profits or losses for DOGE holders with a lifespan of at least 155 days, recently crossed 0.5 for the first time since March 1, 2025, turning to optimistic or “belief” sentiment. A NUPL above 0.5 means most holders are in profit, signaling confidence and a reduced likelihood of selling. This optimism reinforces price stability, as holders could refrain from selling and hold out for higher gains. The above metrics suggest strong market demand, with investors actively accumulating Dogecoin, which likely contributed to its recent gains. DOGE long-term holder NUPL. Source: GlassnodeRelated: Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rallyIs DOGE set for another parabolic rally? With a favorable market structure, anonymous technical analyst Trader Tardigrade revealed a bullish outlook involving the DOGE/BTC trading pair. The chart reflected a previous rally where DOGE surged 30,000% from $0.0024 to $0.739, suggesting a similar setup. DOGE/BTC analysis by Trader Tardigrade. Source: X.comHistorically, Dogecoin and Bitcoin share a strong correlation—around 0.67 over the past three months, per Macroaxis data—meaning BTC’s movements often dictate DOGE’s trajectory. The analyst predicts BTC’s surge could be followed by a sideways phase, triggering a massive DOGE rally for weeks. In a separate analysis, Trader Tardigrade also noted that the immediate target for Dogecoin remains $1, after the memecoin exhibited a weekly MACD bullish crossover for the third time since 2024. As illustrated in the chart, each bullish crossover has been followed by a breakout, with prices jumping 180% between January 2024 and March 2024, and a whopping 385% between September 2024 and December 2024.  Dogecoin weekly analysis. Source: Cointelegraph/TradingViewCrypto trader Javon Marks outlined a similar target for Dogecoin, forecasting an immediate target of $0.65, which will be its highest price since May 2021. Marks said, “$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows! $0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play.”Related: Bitcoin all-time high cues come as US-China deal sends DXY to 1-month highThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Update May 13, 12:33 am UTC: This article has been updated to include more information from Curve Finance. Decentralized finance (DeFi) protocol Curve Finance has warned that a hacker has again hijacked its domain name system (DNS), sending users to a malicious website.  In the second attack on its infrastructure in a week, the “curve.fi DNS might be hijacked. Don’t interact!” the team said in a May 12 warning to X.In a follow-up post to a user asking whether it was a hack or a hijack, the Curve Team said the website “Points to the wrong IP” when users try to visit. A DNS works like a directory that translates domain names into IP addresses. Source: Curve FinanceThe team also said in another update that the “Password is secure,” its two-factor authentication was set up a “long time ago,” and a question has been sent to the “registrar now.””While all smart contracts are safe, the domain name points to a malicious site which can drain your wallet! We are investigating and working on recovering the access. No sign of a compromise on our side,” Curve said. Source: Curve FinanceCurve Finance was hit with a similar front end attack in August 2022. In a post-mortem,  the consensus was that the attackers managed to clone the Curve Finance website and reroute the DNS server to the fake page.Users who attempted to use the platform had their funds drained into a pool operated by the attackers.Cointelegraph has contacted Curve Finance for comment. Curve Finance potential front-end attackOnchain security firm Blockaid also detected unusual activity from the Curve website recently, warning users to stay away and avoid interacting for now.It could be a case of a “potential frontend attack,” according to the security firm, which is when hackers target the part of the website users interact with, such as the buttons, forms, or text on the site, to steal sensitive data.Source: Blockaid“If you’re connected, please refrain from signing transactions and avoid interactions with the DApp until the issue is resolved. We’re working closely with affected partners. More updates soon,” Blockaid said.Related: Crypto hackers hit DeFi for $92M in April as attacks double from MarchSecond attack in a weekThis is the second time Curve Finance has been targeted in the last week. On May 5, a hacker took over its official X handle. “To clarify: the incident was limited strictly to the X account. No other Curve accounts were affected. No security issues were found on our side, no user funds were impacted, and there were no victims of phishing links that the hacker posted,” the team said in a follow-up May 6 post. Source: Curve FinanceAccess to the Curve Finance X account was restored quickly, and the cause is still under investigation.A slew of other high-profile X accounts have also been taken over by bad actors this year. On May 2, the Tron DAO account was hijacked; meanwhile, on April 15, a member of the UK’s Parliament, Lucy Powell, had her account taken over to promote a scam crypto token called the House of Commons Coin (HOC).Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Aave, a decentralized finance (DeFi) protocol, has reached a new record of funds onchain, according to data from DefiLlama.In an X post, Aave said it topped $40.3 billion in total value locked (TVL) on May 12. Onchain data reveals that Aave v3, the latest version of the protocol, has approximately $40 billion in TVL. Aave is a DeFi lending protocol that lets users borrow cryptocurrency by depositing other types of cryptocurrency as collateral. Meanwhile, lenders earn yield from borrowers. “With these milestones, Aave is proving its dominance in the Lending Space,” DeFi analyst Jonaso said in a May 12 X post. TVL represents the total value of cryptocurrency deposited into a protocol’s smart contracts. Aave v3’s TVL over time. Source: DeFiLlamaRelated: AAVE soars 13% as buyback proposal passes among tokenholdersBreaking all-time highsIn December, Aave achieved an all-time high TVL largely because the price of Ether (ETH) rose roughly 60% from the prior month. Ether and its staking derivatives make up nearly half of Aave’s TVL, according to data from DefiLlama. This time around, Aave’s all-time high TVL is also driven by inflows of deposits by users. In Ether-denominated terms, Aave’s TVL rose from around 6 million ETH at the start of 2025 to nearly 10 million ETH on May 12. Measuring TVL in ETH accounts for the impact of fluctuating cryptocurrency prices. Aave says its net deposits broke $40 billion this week. Source: AaveBefore US President Donald Trump prevailed in the November election, Ether traded at less than $2,500. It peaked at almost $4,000 the following month, according to data from Google Finance. In the past month, Ether has also clocked substantial gains, rising from around $1,500 per Ether 30 days ago to roughly $2,500 as of May 12, according to data from Google Finance. The price of Aave’s native AAVE (AAVE) token has risen approximately 25% in the past seven days, reflecting a buoyant crypto market and ongoing TVL inflows, according to data from CoinMarketCap.Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

The list of the top holders of US President Donald Trump’s memecoin has been finalized ahead of background checks to apply for a dinner and “VIP tour” with the president on May 22.In a May 12 X post, the TRUMP memecoin project said it would stop considering additional purchases for a dinner with the president, adding that the top tokenholders had been notified to apply for background checks if they wanted to attend. According to data provided on the project’s leaderboard, the top 220 wallets held more than 13.7 million tokens as of May 12, worth roughly $174 million at the time of publication.Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin projectIt’s unclear who, if any, of the wallet holders will choose to apply for and attend the dinner with Trump, or the “exclusive reception” expected to be in the White House for the top 25 holders, on May 22. A May 7 Bloomberg report suggested that the majority of tokenholders were based outside of the United States, leading to potential security concerns and conflicts of interest.Many US lawmakers and figures in the crypto industry criticized the president for launching the memecoin just days before taking office on Jan. 20. In the wake of his dinner announcement on April 23, the calls for congressional oversight and allegations of corruption have intensified, with one senator calling for Trump’s impeachment and other representatives refusing to consider crypto-related legislation until their concerns were addressed.Related: FT report suggests advance knowledge of Melania Trump memecoin launchCompanies also apparently seeking influence over Trump’s policies have invested in the memecoin. In April, Freight Technologies said it would invest $20 million in the token, suggesting that it could affect the president’s trade war between the US and Mexico, where the firm conducts some of its business. As of May 12, the company had not announced whether it qualified to send a representative to the dinner.Not Trump’s first appeal to crypto usersDuring his 2024 campaign, Trump hosted a dinner with supporters who purchased his “mugshot” non-fungible tokens, which featured a picture of the then-presidential candidate at his surrender to authorities on charges he attempted to overturn the 2020 election. Many of the “mugshot” attendees publicly shared their identities on social media ahead of and during the event, but at the time of publication, no one appeared to be claiming they would apply for the memecoin dinner. Wallets with the usernames “Sun” and “elon” have led to speculation that Tron founder Justin Sun and Tesla CEO Elon Musk — both Trump supporters who have financial interests tied to Trump’s presidency — could be among the attendees. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Today in crypto: Coinbase is set to join the S&P 500 index, the first crypto company to make it in. Newly appointed SEC Chair Paul Atkins shared his priorities for digital asset regulation and global crypto funds continued to see strong inflows, pushing total assets to $169 billion.Coinbase to become the first crypto firm to join the S&P 500Crypto exchange Coinbase Global (COIN) is set to join the Standard and Poor’s 500 (S&P 500) on May 19, becoming the first and currently only crypto firm to make it into the index.The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), S&P Global said on May 12.The S&P 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.Source: Brian ArmstrongCoinbase’s inclusion in the S&P 500 should increase demand for its stock because index funds and exchange-traded funds that track the S&P 500 must buy COIN shares to mirror the index.COIN shares immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data shows. The company also finished the March 12 trading day up 4%, bringing its market cap to $52.8 billion.SEC Chair: Blockchain 'holds promise' of new kinds of market activityBlockchain technology could enable “a broad swath of novel use cases for securities” and foster “new kinds of market activities that many of the Commission’s legacy rules and regulations do not contemplate today,” Securities and Exchange Commission (SEC) Chairman Paul Atkins said.During his keynote address at the Commission’s May 12 roundtable on tokenization and digital assets, Atkins welcomed “a new day at the SEC,” adding that “policymaking will no longer result from ad hoc enforcement actions. Instead, the Commission will utilize its existing rulemaking, interpretive, and exemptive authorities to set fit-for-purpose standards for market participants.”Source: U.S. Securities and Exchange CommissionA key priority will be to “develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.”In particular, Atkins said the SEC would focus on establishing “clear and sensible guidelines” for crypto assets that could be considered securities. Another area of focus would be to allow brokers to offer a broader range of investment products on their platforms, which in some cases may mix securities and non-securities.Atkins’ approach moves away from former SEC Chair Gary Gensler’s, whose tenure was criticized by some industry participants for its “regulation by enforcement” method of oversight.US crypto funds smash old record amid four-week inflow streakCryptocurrency investment products continued receiving healthy inflows last week, attracting $882 million as global crypto funds approached all-time high asset levels.Global crypto exchange-traded products (ETPs) recorded $6.3 billion of inflows in the past four weeks, accounting for 93% of total inflows year-to-date (YTD), according to data from European crypto investment firm CoinShares.Total YTD inflows now stand at $6.7 billion, closing in on the record $7.3 billion posted in early February, according to CoinShares’ head of research James Butterfill.Weekly crypto ETP inflows since late 2024. Source: CoinSharesAmid strong investor demand, crypto exchange-traded funds (ETFs) in the United States reached a record $62.9 billion in cumulative net inflows since launch in January 2024, surpassing the previous high of $61.6 billion set in February, Butterfill noted in a May 12 fund flows update.

Crypto exchange Coinbase Global (COIN) is set to join the Standard and Poor’s 500 (S&P 500) on May 19, becoming the first and currently only crypto firm to make it into the index. The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), S&P Global said on May 12.S&P Global’s confirmation of Coinbase Global being inserted into the S&P 500. S&P GlobalThe S&P 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.Coinbase’s inclusion in the S&P 500 should increase demand for its stock because index funds and exchange-traded funds that track the S&P 500 must buy COIN shares to mirror the index.The S&P 500 tracked an aggregate market cap of $49.8 trillion as of March 31. It is a market-cap-weighted index, giving more weight to larger firms such as Microsoft, Apple, and Nvidia. The bottom 400 companies, where Coinbase will likely be, are typically weighted between 0.01% and 0.2% of the overall index.COIN shares immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data shows. The company also finished the March 12 trading day up 4%, bringing its market cap to $52.8 billion.Coinbase chief financial officer Alesia Haas said the inclusion marked a “major milestone” for Coinbase and the broader crypto industry.”Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading.”Related: $45 million stolen from Coinbase users in the last week — ZachXBTThe crypto exchange joins Tesla (TSLA) and Block Inc. (SQ) as large corporate Bitcoin holders currently in the index fund. Bitcoin-stacking firm Strategy (MSTR) was also seen as an S&P 500 candidate last year. However, firms seeking entry must have been profitable in the last calendar year and the most recent quarter to qualify.Strategy posted a net loss of $4.2 billion for the first quarter of 2025 on May 1, suggesting it won’t be included any time soon.Inclusion into the S&P 500 also requires companies to be trading on a large US stock exchange, such as the New York Stock Exchange or Nasdaq, generating at least half of their revenues in the US, and having a market cap above $18 billion. Strategy satisfies these other requirements.Source: Michael SaylorMagazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Key Takeaways:Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000.A lower-than-expected US Consumer Price Index (CPI) print could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below $100,000. Bitcoin (BTC) price reached an intraday high of $105,800 on May 12 but posted a 3% dip to $101,400 during the New York trading session. On the lower-time frame (LTF) chart, BTC oscillated between an ascending channel pattern before exhibiting a bearish breakout below the bottom range of the pattern. Bitcoin 1-hour chart. Source: Cointelegraph/TradingViewWith respect to BTC’s stalling bullish momentum, data analytics platform Alphractal noted that BTC re-testing nearing $106,000 resistance levels increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin currently approaches the “Alpha Price” zone, where long-term holders or whales could take profits, according to Joao Wedson, CEO of Alphractal. Bitcoin Alpha Price Levels. Source: X.comFrom a liquidation standpoint, the risk of a "long" squeeze is also elevated, with over $3.4 billion in leveraged long positions at risk of liquidation if prices drop to $100,000. This range could act as a magnet for price, leading to a retest near the psychological level. Bitcoin exchange liquidation map. Source: CoinGlassRelated: Bitcoin all-time high cues come as US-China deal sends DXY to 1-month highCPI data looms as Bitcoin traders de-riskThe current BTC correction might reflect traders de-risking ahead of the US Consumer Price Index (CPI) release on May 13. Previously, March’s CPI, released April 10, was 2.4%, down from February’s 2.8%, despite a forecast of 2.5%. April’s CPI is forecast to remain at 2.4%, due to steady energy prices amid balanced oil production and moderating wage growth, easing pressure on price increases.US Consumer Price Index data. Source: Investing.comA lower-than-expected CPI (potentially third in a row) could be bullish for Bitcoin, potentially signaling Federal Reserve rate cuts in 2025, boosting risk assets like equities and cryptocurrencies. Conversely, a higher-than-expected CPI could be bearish, raising inflation fears and strengthening the dollar, pressuring BTC.If bearish pressure persists on BTC charts even after the CPI print, an immediate key area of interest remains between $100,500 and $99,700, a fair value gap (FVG) on the four-hour chart. Another FVG remains between $98,680 and $97,363, which would represent an 8% correction from the recent highs. Bitcoin 4-hour chart. Source: Cointelegraph/TradingViewRelated: Bitcoin, altcoins poised to rally on US-China tariff agreementThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The US government has asked a federal judge to impose a two-year sentence for Eric Council Jr., the individual who helped post a fake message announcing the approval of Bitcoin exchange-traded funds through the Securities and Exchange Commission’s (SEC’s) X account.In a May 12 filing in the US District Court for the District of Columbia, prosecutors recommended Judge Amy Berman Jackson sentence Council to two years in prison for his role in posting a message to the social media platform X suggesting that the SEC had approved spot Bitcoin (BTC) exchange-traded funds (ETFs) for the first time in January 2024. The fake announcement, which shook markets in the roughly 24 hours before the regulator actually approved spot Bitcoin ETFs, led to the arrest of Council.“This case deserves a guidelines range prison sentence,” said US prosecutors. “Defendant profited through a sophisticated fraud scheme involving fraudulently produced identification documents, a series of misrepresentations at telecommunication stores, and the transmission of password reset codes for victim online accounts to co-conspirators located in the United States and abroad. This conduct deserves a significant penalty.”US government’s May 12 sentencing recommendation for Eric Council. Source: PACERAs of May 12, Council’s legal team had not filed a response to the sentencing recommendation. He is scheduled to appear before Judge Jackson on May 16.Related: Ledger secures Discord after hacker bot tried to steal seed phrasesCouncil pleaded guilty to being part of a group that took control of the SEC’s X account through a SIM swap attack. With control of the regulator’s social media account, the hackers posted a fake message announcing the approval of spot Bitcoin ETFs. The SEC quickly removed the message and announced official approval of the crypto investment vehicles the following day.Many in the crypto industry had been anticipating whether the SEC would approve or disapprove of listing spot BTC investment vehicles on US exchanges when the fake X post appeared. The price of Bitcoin surged by more than $1,000 before then-SEC Chair Gary Gensler refuted the false post’s claims.DOJ leadership change-up under TrumpThe Council case and others will be decided under US Attorney picks who have not received confirmation in the Senate. President Donald Trump appointed interim leadership for the Eastern District of New York, the Southern District of New York, and the District of Columbia after facing pushback from Democrats.It’s unclear how the president’s influence could affect the Justice Department pursuing criminal cases involving digital assets, given his ties to the industry and his own crypto holdings. In New York’s Southern District, a judge ordered former Celsius CEO Alex Mashinsky to 12 years in prison after a December 2024 guilty plea. Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Blockchain technology could enable “a broad swath of novel use cases for securities” and foster “new kinds of market activities that many of the Commission’s legacy rules and regulations do not contemplate today,” Securities and Exchange Commission (SEC) Chairman Paul Atkins said.During his keynote address at the Commission’s May 12 roundtable on tokenization and digital assets, Atkins welcomed “a new day at the SEC,” adding that “policymaking will no longer result from ad hoc enforcement actions. Instead, the Commission will utilize its existing rulemaking, interpretive, and exemptive authorities to set fit-for-purpose standards for market participants.”Source: U.S. Securities and Exchange CommissionA key priority will be to “develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.”In particular, Atkins said the SEC would focus on establishing “clear and sensible guidelines” for crypto assets that could be considered securities. Another area of focus would be to allow brokers to offer a broader range of investment products on their platforms, which in some cases may mix securities and non-securities.Atkins’ approach moves away from former SEC Chair Gary Gensler’s, whose tenure was criticized by some industry participants for its “regulation by enforcement” method of oversight.Securities evolutionAtkins likened the tokenization of securities to the evolution of audio formats — from vinyl to cassettes to digital software — highlighting how each shift enhanced compatibility and interoperability across a wide range of devices and applications. This progression eventually gave rise to streaming content business models, which he said “greatly benefited consumers and the American economy.”SEC's Crypto Task Force Roundtable on May 12. Source: SECSecurities tokenization is an ongoing topic at the intersection of traditional finance and crypto. Some asset management firms, like BlackRock and Franklin Templeton, have already jumped into tokenization through their respective BUIDL and BENJI tokenized US treasury funds. Robinhood is considering building a blockchain to allow European retail investors to trade tokenized US securities.Tokenized securities may attract interest from firms and brokerages due to features such as faster settlement times, reduced reliance on traditional financial infrastructure, and improved accessibility. Tokenization may also help provide liquidity to asset classes that have historically been illiquid.According to RWA.xyz, $22.6 billion of real-world assets are onchain, a 7.6% rise in the past 30 days. That doesn’t include stablecoins, which are often backed by real-world assets like treasury bills. Stablecoins have a $243 billion market capitalization as of May 12, according to data from DefiLlama. Tether’s USDt (USDT) alone has a market cap of $150.6 billion.Magazine: SEC’s U-turn on crypto leaves key questions unanswered