SafeMoon boss cites DOJ’s nixed crypto unit in latest bid to toss suit
Braden John Karony, the CEO of crypto firm SafeMoon, has cited the US Department of Justice’s directive to no longer pursue some crypto charges in an effort to get the case against him and his firm dismissed. In an April 9 letter to New York federal court judge Eric Komitee, Karony’s attorney, Nicholas Smith, said the court should consider an April 7 memo from US Deputy Attorney General Todd Blanche that disbanded the DOJ’s crypto unit.“The Department of Justice is not a digital assets regulator,” Blanche said in the memo, which added the DOJ “will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets.”Blanche also directed prosecutors not to charge violations of securities and commodities laws when the case would require the DOJ to determine if a digital asset is a security or commodity when charges such as wire fraud are available.An excerpt of the letter Karony sent to Judge Komitee. Source: PACERIn the footnote of the letter, Karony’s counsel wrote an exemption to the DOJ’s new directive would be if the parties have an interest in defending that a crypto asset is a security, but added that “Karony does not have such an interest.”The Justice Department and the Securities and Exchange Commission filed simultaneous charges of securities violations, wire fraud, and money laundering against Karony and other SafeMoon executives in November 2023.The government alleged Karony, SafeMoon creator Kyle Nagy and chief technology officer Thomas Smith withdrew assets worth $200 million from the project and misappropriated investor funds. Another attempt to nix the caseThe letter is Karony’s latest attempt to get the case thrown out. In February, he asked that his trial, scheduled to begin on March 31, be delayed as he argued President Donald Trump’s proposed crypto policies could potentially affect the case.Related: OKX pleads guilty, pays $505M to settle DOJ chargesLater in February, Smith changed his plea to guilty and said he took part in the alleged $200 million crypto fraud scheme. Nagy is at large and is believed to be in Russia.SafeMoon filed for bankruptcy in December 2023, a month after it was hit with twin cases from the SEC and DOJ. It was also hacked in March 2023, with the hacker agreeing to return 80% of the funds.Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame
Magic Eden acquires crypto trading app Slingshot to move beyond NFTs
Solana non-fungible token (NFT) marketplace Magic Eden has acquired crypto trading app Slingshot as part of a strategy to expand beyond NFTs as other marketplaces fold amid a prolonged market downturn.The move expands Magic Eden’s support to more than 8 million tokens across almost every major blockchain, the firm said in an April 9 X post.“No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,” Magic Eden said.Source: Jack LuSlingshot has amassed nearly 1 million users to date, allowing users to access any token on 10 of the largest blockchains with a universal USDC (USDC) balance.Slingshot is one of several crypto platforms aiming to deliver full-chain abstraction — eliminating the need for users to choose the right wallet, ensure they have enough gas fees, find a trusted bridge and move funds — only then to buy the token they’re after.Magic Eden CEO Jack Lu hopes the integration will help shift more of the 500 million users still relying on centralized exchanges toward more crypto-native, onchain platforms.NFT marketplaces shutter as market lullsLu said that Magic Eden and Slingshot and Magic Eden will continue to operate independently but noted there will be “increasing connectivity” between the platforms over time.Lu also noted that Magic Eden made $75 million from its NFT marketplace in 2024 and hopes the Slingshot acquisition will help drive those numbers up even higher.Related: Bitcoin NFTs, layer-2 and restaking hype ‘completely gone’Magic Eden’s expansion comes as several NFT marketplaces have shuttered in recent months.DraftKings, GameStop and the crypto exchange Bybit all closed their NFT marketplaces, with Bybit citing falling NFT trading volumes in its April 8 announcement.X2Y2 also recently announced that its NFT marketplace would shut down on April 30 as the firm looks to pivot into artificial intelligence.NFT marketplaces have seen $1.6 billion worth of NFT sales across 14 million transactions so far in 2025, CryptoSlam data shows.However, monthly sales volume has fallen every single month in 2025, and the $1.6 billion is nowhere near on track to match the $8.9 billion total from 2024, let alone the record $23.7 billion seen in 2022.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
3 reasons why Ethereum price keeps falling
Ether’s (ETH) most recent sell-off saw it lose the crucial $1,500 support level, and a number of technical indicators suggest that ETH may witness a deeper correction before embarking on a sustained recovery.Data shows Ether’s price dropped below its realized price — an onchain metric that recalculates the market value of a cryptocurrency based on the price at which each coin last moved on the blockchain.According to CryptoQuant contributor, theKriptolik, ETH price trading below this metric, which is historically a bearish sign. When the realized price is above the spot price, it usually acts as resistance and places “most holders suddenly in a loss position,” the analyst said.The analyst added:“Drops below the realized price often mark the capitulation phase, where investors lose confidence and begin selling en masse.”Ethereum realized price for accumulation addresses. Source: CryptoQuantIn June 2022, Ether’s realized price fell below the spot price, preceding a 51% drop in ETH price following the Terra Luna market crash. A similar scenario was witnessed in November 2022, when the metric fell below the price before Ether dropped 35% following the FTX collapse. Now that a similar scenario is playing out, the current setup loosely echoes those prior bearish continuation phases, with ETH price at risk of a deeper correction. Spot Ethereum ETF flows remain weakSpot Ethereum ETFs continue to weaken, with more than $3.3 million in net outflows on April 8. In fact, these investment products have recorded $94.1 million in outflows over the last two weeks against $13 million in inflows.The lack of investor interest is concerning, especially since institutional demand was considered a key part of Ether’s appeal and played a role in the gains accrued in May 2024 as investors bet on an ETF approval from the US Securities and Exchange Commission.Spot Ether ETF flows table. Source: Farside InvestorsThis is also reflected across all other Ether products, with the report from CoinShares pointing out that flows into Ethereum investment funds align with the bearishness seen across the market, with $37.4 million outflows recorded during the week ending April 4.ETH open interest is low, and funding rates are negativeAnother factor weighing Ether’s price down is the lack of enthusiasm in its derivatives market, evidenced by low open interest and negative funding rates. Open interest (OI)—the total number of outstanding futures and options contracts—remains low, indicating reduced trader participation and speculative activity. Currently, at $16.7 billion, the metric is 48% below its peak of $32.3 billion witnessed on Jan. 24.Declining OI signals waning investor confidence or interest, which can exacerbate the price decline as buying pressure dries up.ETH open interest across all exchanges. Source: CoinGlassCompounding this issue are negative funding rates in Ether’s perpetual futures markets, which are hovering below 0%, indicating that bearish sentiment dominates the market.Related: Ethereum whale sells ETH after 900 days, missing $27M possible peak profitWhen rates turn negative, it means shorts (bets against the price) are paying longs to keep their positions open, suggesting a dominance of bearish sentiment. ETH funding rates across all exchanges. Source: GlassnodeCompeting layer-1 blockchains outpace Ethereum network activityEthereum’s high gas fees offer an opportunity for competing layer-1 blockchains focusing on high scalability to eat into its market share in the space. While a fraction of the activity has moved to Ethereum layer-2 solutions, some users and developers opt for other top layer-1 alternatives such as the BNB Chain, Solana, Avalanche and Tron.As a result, Ethereum’s network activity growth has fallen behind that of its rivals. Top blockchains ranked by 24-hour DApps volume, USD. Source: DappRadarEthereum’s unique active wallets (UAW) — addresses engaging with decentralized applications (DApps) on the platform — declined by over 33% over the last 30 days compared to just a 16% decrease on Solana and a 16% increase on Tron.Similarly, the total number of transactions deployed on the Ethereum network dropped by 40.5% during the same period, while transactions on the BNB Chain, Solana and Avalanche decreased by 16%, 30% and 23%, respectively. Transactions on Tron and Fantom increased by 23% and 16%.There’s no indication that the factors weighing on Ether’s price — such as declining network activity and low demand for its spot ETF products — will reverse anytime soon. While this doesn’t guarantee that Ether’s price will remain in an extended downtrend, the technical setup suggests that ETH’s price may bottom at $1,000.This 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.
Bitcoin inflows to Binance see ‘strong acceleration’ ahead of March CPI print
Bitcoin inflows into crypto exchange Binance have surged over the past two weeks amid uncertainty over US President Donald Trump’s tariffs and the upcoming US Consumer Price Index (CPI) results, says an analyst.However, another analyst argued that while it could signal an impending sell-off, it might also indicate a bullish trend.Investors are “actively moving funds to Binance”CryptoQuant contributor Maarten Regterschot said in an April 9 post that Binance’s Bitcoin (BTC) reserve increased by 22,106 BTC, worth $1.82 billion, over the last 12 days to a total of 590,874 BTC.“This shows a strong acceleration in BTC inflows to Binance. It’s likely that investors are actively moving funds to Binance due to the macro uncertainty and before the upcoming CPI announcement,” Regterschot said. CoinMarketCap shows Bitcoin is trading at $82,474 at the time of publication, up 8.8% in the past day after receiving a boost from Trump’s 90-day tariff pause on all countries but China.Binance’s Bitcoin Reserve has 590,874 Bitcoin. Source: CryptoQuantThe US Bureau of Labor Statistics is scheduled to deliver the CPI results for March on April 10.During uncertain times, traders often move their crypto onto exchanges to sell, leading to more volatility as confidence starts to decline.However, Swyftx lead analyst Pav Hundal told Cointelegraph that this isn’t always a bearish signal. “Large inflows could be a sign of selling, but it is a very fluid market. It is plausible that Binance is shifting assets into its hot wallets to meet heavy demand.”“The next few days are critical in understanding the appetite of the market for crypto after Trump’s climbdown on tariffs,” he said.Earlier on April 9, Trump issued a 90-day pause on his administration’s “reciprocal tariffs,” lowering the tariff rate to 10% on all countries besides China, which he ramped up to 125%, citing the country’s counter-tariffs against the US.“Tensions between the US and China remain a structural overhang,” Hundal said. Related: Bitcoin price at risk of new 5-month low near $71K if tariff war and stock market tumult continuesMeanwhile, crypto analyst Matthew Hyland said that the March CPI results “will show inflation is crashing down probably close to 2.5%.”“Another interesting day coming,” he added. Crypto analyst Dyme said, “Lower than expected CPI print will send us higher.”However, FactSet’s consensus estimates show economists expect consumer prices to have risen by 0.1% month-over-month in March. On March 12, the CPI came in lower than expected at 3.1%, beating expectations of 3.2%, with a corresponding 0.1% drop in headline inflation figures.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging researchThis 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.
Ukraine floats 23% tax on some crypto income, exemptions for stablecoins
Ukraine’s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins. Crypto transactions would be taxed at 18% with a 5% military levy on top as part of the proposed framework, released on April 8 by Ukraine’s National Securities and Stock Market Commission. NSSMC Chairman Ruslan Magomedov said in an April 8 statement that “the issue of crypto taxes is not a hypothesis, but a reality that is fast approaching.” He added that the agency created the framework to help lawmakers make an “informed resolution” by considering each suggestion’s advantages and disadvantages because “these aspects can have a critical impact on the market and tax liability.”Under the NSSMC’s proposed crypto framework, a tax will be applied when crypto is cashed out for fiat currency or exchanged for goods or services. Crypto-to-crypto transactions wouldn’t be taxed, bringing Ukraine in line with other European countries, including Austria and France, as well as crypto-friendly jurisdictions like Singapore, the NSSMC said. The regulator says it “makes sense” to exclude stablecoins backed by foreign currencies or only apply a 5% or 9% tax because Ukraine’s tax code already excludes income from transactions in “foreign exchange values.” A translated excerpt of the NSSMC’s report said stablecoins backed by foreign currencies could be exempt from taxation. Source: NSSMCMining, staking, hard forks and airdrops Other crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation. The NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining. Under the framework, staking could be considered as “business captive income” or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed. Related: Ukraine officials get training on crypto and virtual assets investigationThe regulator suggests a tax-free threshold could help “relieve the burden on small investors” and is common in other jurisdictions. Exemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets. Last December, Daniil Getmantsev, head of the tax committee of Ukraine’s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year. Ukrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022. Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
US Senate confirms Paul Atkins to lead SEC under Trump
The US Senate has confirmed US President Donald Trump pick Paul Atkins as chair of the Securities and Exchange Commission in a 51-45 vote, with lawmakers largely voting along party lines.His appointment comes several months after Trump named Atkins to lead the commission late last year.Atkins previously served as an SEC commissioner between 2002 and 2008.He will take over from Mark Uyeda, who has served as the SEC’s acting chair since Jan. 20.”We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” Uyeda and Commissioners Hester Peirce and Caroline Crenshaw wrote in an April 9 statement.This is a developing story, and further information will be added as it becomes available.
21Shares files for spot Dogecoin ETF in the US
Digital asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund, following similar filings from rivals Bitwise and Grayscale.The 21Shares Dogecoin ETF would seek to track the price of the memecoin Dogecoin (DOGE), according to the firm’s April 9 Form S-1 registration statement. The Dogecoin Foundation’s corporate arm, House of Doge, plans to assist 21Shares with marketing the fund.21Shares said Coinbase Custody would be the proposed custodian of its Dogecoin ETF but did not specify a fee, ticker or what stock exchange it would list on.Source: James Seyffart21Shares must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund. DOGE currently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by value. It was created in 2013 as a joke and is a fork of Lucky Coin, which itself is a fork of Bitcoin.21Shares’ proposed Dogecoin ETF is the company’s latest effort to expand its spot crypto ETF offerings, which currently includes only a spot Bitcoin (BTC) and Ether (ETH) fund.The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and last year, it filed to create a spot XRP (XRP) ETF.Related: Dogecoin millionaires are buying dips as DOGE price eyes 30% rallyThe recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, Bloomberg ETF analyst James Seyffart said in February.“Issuers will try to launch many many different things and see what sticks,” Seyffart said.Seyffart and fellow Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this year, while the betting platform Polymarket currently gives approval odds of 64%.21Shares and House of Doge partner for DOGE funds in Switzerland21Shares also said on April 9 that it partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.The 21Shares Dogecoin product will trade under the ticker “DOGE” with a 2.5% fee.21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
SEC approves options on spot Ether ETFs
The United States Securities and Exchange Commission (SEC) has approved options trading for multiple spot Ether exchange-traded funds (ETFs), a move that may broaden the investment appeal of Ether among institutional traders. The SEC issued the approval on April 9 after reviewing a proposed rule change submitted by BlackRock for its iShares Ethereum Trust (ETHA) on July 22, 2024. Similar approvals were granted to Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini Trust (ETH), as well as Fidelity Ethereum Fund (FETH).“[T]he Exchange proposes to amend its rules to permit the listing and trading of options on the Trust,” the SEC said in its response to the Nasdaq, adding:The Exchange states that options on the Trust will provide investors with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their needs in connection with ether products and positions.The SEC’s approval of options trading on the iShares Ethereum Trust. Source: SECOptions on ETFs are a portfolio tool that gives investors the ability to hedge against a decline in assets. The strategy’s inclusion is seen as an important step in broadening Ether’s (ETH) investment appeal after regulators approved the spot Ethereum ETFs last July. So far, net inflows into the spot Ether funds have been fairly muted, with most of the institutional interest flooding into Bitcoin (BTC) funds. BlackRock’s ETHA currently has $1.8 billion in net assets, down 56% since the start of the year, according to VettaFi.Related: Ethereum price falls to 2-year low, but pro traders still have hopeShifting regulatory tidesSince the election of US President Donald Trump, the SEC has signaled its readiness to scale back its enforcement initiatives against the crypto industry. Although this was expected, legal experts with the Harvard Law School Forum on Corporate Governance were surprised by “how quickly the shifting priorities would come to fruition” since Trump took office.As Cointelegraph recently reported, the securities regulator has closed its investigations into various crypto companies, including exchanges Gemini and Coinbase, decentralized exchange developer Uniswap Labs, and NFT marketplace OpenSea. On the legislative side, regulators are moving quickly to pass pro-stablecoin legislation. The House Financial Services Committee recently advanced the STABLE Act, which is meant to enshrine the use of stablecoins in the United States, and the Senate Banking Committee pushed through the GENIUS Act, which aims to regulate stablecoin issuers. Lawmakers have also tipped plans to advance a comprehensive crypto market structure bill, which is expected to be finalized this year. Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing