“The problem is that … the fate of the entire money system depends on the company running the mint, just like a bank” Satoshi Nakamoto had said in the Bitcoin whitepaper they authored in 2008.

The disruptors now want to become the very thing they set out to replace.

Earlier this week, both Circle and Ripple filed applications for US banking charters. Circle wants to establish "First National Digital Currency Bank" while Ripple is chasing both federal oversight and a Fed master account, which the Fed maintains for eligible institutions such as banks and allows them to conduct transactions and access the Federal Reserve's payment systems and services.

Circle manages over $62 billion worth of USDC tokens, while Ripple's RLUSD stablecoin is still growing with ~$480 million in market cap.

In today's News Rollups edition, we examine:

• Why crypto players are seeking banking licences

• What Circle's stock crash tells us about market reality

• How the GENIUS Act is forcing everyone's hand

• Whether this betrays crypto's original mission

Got questions about a hot crypto topic that you want help understanding? Ask your question by replying to this email and our crypto experts may answer it along with your name in our weekly News Rollups.

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Q1: Why are Circle and Ripple applying for banking licences?

Legitimacy.

It’s straightforward. After years of operating in regulatory grey zones, crypto companies have understood that a banking licence is basically a golden ticket to institutional acceptance.

Should we remind you what a Wall Street debut did to Circle’s stock?

Read: Circle’s Wild Ride

"Circle has long sought the highest standards of trust, transparency, governance, compliance," chief executive CEO Jeremy Allaire said.

Circle wants to establish "First National Digital Currency Bank" to manage USDC's $61 billion in reserves directly. Right now, BlackRock manages those reserves and BNY holds them. That's a lot of middlemen taking their cut.

Brad Garlinghouse wants to set a "benchmark for trust in the stablecoin market" by bringing Ripple under proper federal oversight. "If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market."

They want every possible regulatory stamp of approval to convince institutional investors they're legitimate.

Think about it this way: if you're a pension fund manager considering crypto, would you rather deal with a crypto player with patchy regulatory background or a federally regulated bank?

It also coincides with regulatory tailwinds.

With the GENIUS Act (stablecoin legislation) moving through Congress and a crypto-friendly administration under US President Donald Trump in power, there wasn’t a more conducive landscape before now.

Circle and Ripple are likely racing to get their applications in before the queue gets too long.

Q: Isn't this ironic? Didn't crypto start out wanting to replace banks?

Early crypto was about "be your own bank" and cutting out financial middlemen, true. Bitcoin's genesis block literally referenced bank bailouts. Circle and Ripple positioned themselves as alternatives to the slow, expensive banking system.

Then why go back to the traditional system of banking? Perhaps pragmatism took over purism. The rebel phase (shouting from outside the bank's walls) is giving way to a collaborative phase (working from inside the vault). It's a bit like you lose some edge but gain a much bigger audience.

The upside? Operating within the rules could bring crypto tech to far more people. And if that means dilution of some of that original revolutionary spirit and purist philosophy, the trade-off is a no-brainer from the perspective of running a business.

Q: How exactly does becoming a bank help?

Numbers show why they want this so badly.

Direct control means direct profits: Circle's proposed trust bank would let them manage USDC's $61 billion in reserves directly instead of paying BlackRock and BNY Mellon to do it. Stablecoin issuers earn interest on those reserves – Circle pulled in an estimated $1.7 billion last year from that alone.

Why share that revenue when you can keep it all?

Fed access is the holy grail: Ripple's master account application is a bid for direct access to the Federal Reserve system. If approved, they could hold USD reserves backing RLUSD with the central bank and settle USD transactions without routing them via other intermediaries that are currently holding Ripple’s USD reserves.

Beyond just cost savings, that would bring a credibility boost that money can't buy. Try explaining to institutional clients that your stablecoin is backed by reserves "directly with the Fed."

Regulatory clarity: A banking charter means playing by the same rules as JPMorgan. Regular audits, capital requirements, and compliance obligations. Sounds like a hassle, but it's actually liberating, no more guessing what regulators want.

The default trust from customers that comes with all this procedural paperwork makes the hassle worth it.

Q: How have investors responded to the news?

Despite the banking charter news, investors didn’t find Circle’s sky-high valuation justified. After a bumper IPO saw CRCL rocket from $31 to nearly $299, the stock saw massive correction at the bourses. It crashed over 40% during the past eight trading sessions, closing Thursday at $189.

Q: Have there been other precedents?

Circle and Ripple aren't the first in chasing a banking licence. Anchorage Digital was the first crypto company to get a national banking charter back in 2021.

Kraken took a different route with Wyoming's Special Purpose Depository Institution charter, a state-level banking licence designed specifically for crypto firms. The walls between crypto and traditional finance are crumbling fast.

That's it for this week's News Rollups.

See you next Friday.

Until then … stay curious,
Prathik

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us 🙌

📩 Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions of the author. Content is for informational purposes only, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Pump.fun is pumping up the creator economy with its most recent roll-out.

Check out our Wednesday edition to know more.

The International Monetary Fund (IMF) spent decades teaching nations to manage reserves prudently. Now those same nations are betting their treasuries on magic internet money – and the IMF is having a meltdown.

Last week, Pakistan's crypto minister met with US President Donald Trump's digital asset team at the White House to discuss their freshly announced Bitcoin reserve. They join El Salvador, which continues buying despite IMF warnings. Bhutan, a tiny Buddhist nation in the Himalayas, has also amassed over $1.2 billion worth. The US holds more than $21 billion worth of seized BTC.

This isn't a fringe movement anymore.

From zero sovereign Bitcoin holdings in 2020 to tens of billions of dollars worth today.

The movement has led to palpable tension as traditional finance guardians like the IMF scramble to maintain control while countries explore monetary independence through decentralised assets.

As countries race to stack sats, we're witnessing an interesting irony. Nations are using a trustless, borderless currency to escape the very institutions that were supposed to ensure global financial stability. All this while the IMF keeps having its reservations.

For the first time since 1944, countries have found a reserve asset that exists entirely outside the traditional monetary system. No central bank controls it. No international body governs it.

Got questions about a hot crypto topic? Reply to this email to send us your question for a chance to be featured with your name in next week's edition.

Q1: Why are nation states rushing to stack Bitcoin?

Three words: survival, sovereignty and energy.

For inflation-ravaged economies, Bitcoin comes across as a saviour.

It isn’t pegged to the dollar, tied to local economies, or subject to foreign sanctions. It’s a neutral, borderless asset — immune to currency collapse and geopolitical freeze.

Argentina until December last year saw triple-digit inflation. Pakistan's rupee lost ~50% in four years.

When the macro-economic variables are this unstable, Bitcoin's 30-day volatility — which has come down from 5% to 1.39% against US dollar — seems modest and stable.

The sovereignty play runs deeper. El Salvador’s move to make Bitcoin legal tender was about holding an asset that no foreign power could freeze.

Pakistan's 2,000 MW Bitcoin mining allocation transforms surplus electricity into hard money. Bhutan turned excess hydropower into a $1 billion treasury.

Read: Thunder Dragon's $1B Bitcoin Stack 🇧🇹

In digital age, this helps convert trapped energy into portable wealth.

Q2: Why is the IMF trying to stop the Bitcoin treasury trend?

The IMF's opposition is existential. Bitcoin undermines their core power: conditional lending, financial surveillance, and monetary control.

When El Salvador signed a $1.4 billion IMF loan in March, the deal required the “fiscal sector” to stop accumulating Bitcoin. The response? Pure bureaucratic genius. While the "fiscal sector" stopped buying, El Salvador's Bitcoin Office – conveniently outside that definition – kept stacking BTC.

The IMF’s meek response - "efforts will continue" to halt purchases.

Pakistan pulled the same move. While negotiating IMF loans, they simultaneously announced a Bitcoin reserve with Trump's crypto team. The timing wasn't subtle.

The pattern is global. Central African Republic scaled back Bitcoin laws under pressure but kept voluntary adoption.

Why can't the IMF enforce its will? Because desperation cuts both ways.

Countries like Argentina, Sri Lanka, and Pakistan have repeatedly turned to the IMF during debt crises — and the Fund steps in with bailouts, restructuring plans, and conditional loans.

But these lifelines come with strings attached: austerity measures, currency controls, and strict capital guidelines.

So when a country like El Salvador or Pakistan signals a pivot to Bitcoin — an asset that weakens IMF oversight — it threatens the playbook. Too many defections, and the IMF risks losing leverage, legitimacy, and its role as the gatekeeper of financial stability.

Q3: What happens when Bitcoin bets fail in fragile economies?

The math behind the Bitcoin bet could terrify any central banker.

Pakistan carries $131 billion in external debt while proposing to bet on an asset whose daily volatility is still high although on a downtrend in the past decade.

Credit rating agencies aren't amused. When El Salvador adopted Bitcoin, Fitch promptly downgraded its bonds, citing crypto exposure. For countries already dancing on the edge of default, these downgrades mean higher borrowing costs – a vicious cycle.

The volatility isn't theoretical.

When Bitcoin crashed from $69,000 to $15,000 in 2022, El Salvador's holdings lost 70% of their value. For a country with 85% debt-to-GDP ratio, such swings can push finances from precarious to catastrophic.

Then there's the custody nightmare.

One compromised private key, one insider threat, one hardware failure – and millions in national assets vanish forever. No Federal Reserve to call, no reversal mechanism, no insurance.

This vulnerability isn't just theoretical.

Between 2017 and 2025, North Korean hackers, notably the Lazarus Group, have stolen more than $5 billion in cryptocurrency through ~60 cyberattacks, according to a United Nations report. This includes $1.4-billion Bybit exploit - the largest crypto heist ever - that the group pulled off in February this year.

These illicit gains have been reportedly used to fund the country's nuclear weapons development, circumventing international sanctions.

Pakistan's energy gambit adds another layer of risk. Allocating 2,000 MW to Bitcoin mining in a country facing chronic power shortages seems optimistic at best.

The IMF has already demanded "urgent clarification" on how mining squares with Pakistan's energy crisis.

What happens when citizens face blackouts while Bitcoin miners hum along? It exposes the state’s misplaced priorities.

The question that looms is: where should national resources be directed? Investments in education and healthcare have demonstrable, long-term benefits. For instance, a World Bank document shows that each additional year of schooling can increase earnings by about 10%.

Pakistan spent 1.87% of GDP on education in 2023, second-lowest in the preceding decade. Redirecting funds towards these areas could offer more substantial and equitable benefits for the population.

Critics aren't pulling punches

"For a developing economy like Pakistan, where reserves can spell the difference between solvency and crisis, embracing such volatility isn't bold policy; it's reckless," Yousuf Nazar wrote in an opinion piece.

The counterargument from Bitcoin bulls – that long-term appreciation outweighs short-term volatility – requires a luxury these countries don't have: time. When your IMF loan comes due and Bitcoin is down 50%, philosophy won't pay the bills.

That's it for this week's News Rollups.

See ya, next Thursday.

Until then … stay curious,
Prathik

Don't forget to whitelist thetokendispatch+news-rollups@substack.com to ensure you’ve got me each week in your primary inbox.

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Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

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Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

It was just another week at work for the Trump and Co. First slammed the reports claiming Trump Media was raising funds to buy Bitcoin, only to go back on its statement by … err .. actually announcing the fund raise to stack the sats.

In today's News Rollups edition, we answer:

• How Trump Media went from insulting journos to confirming a Bitcoin fund

• Why Sui validators are voting to forcibly override hacker wallets

• How Coinbase shareholders are suing over "artificially inflated" stock prices

• What happens once all 100% BTC is mined

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with a shoutout to your name in our weekly News Rollups.

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Q: How did Trump Media go from "dumb writers" to "yes, we're buying Bitcoin"?

In a corporate messaging whiplash, Trump Media and Technology Group (TMTG) — a firm US President Donald Trump has a majority ownership in — went from calling Financial Times reporters "dumb writers listening to even dumber sources" to confirming a $2.5 billion Bitcoin capital raise within 24 hours.

Here's how the drama unfolded:

• May 26: FT reports TMTG’s plans to raise $3 billion to buy Bitcoin, citing six sources

• TMTG's response to FT: "…apparently the Financial Times has dumb writers listening to even dumber sources"

• May 27: TMTG announces $2.5 billion capital raise for Bitcoin purchases

The confirmed deal comprises $1.5 billion in stock sales and $1 billion in convertible bonds (with a 0% coupon rate).

CEO Devin Nunes positioned it as financial freedom strategy, saying Bitcoin would help "defend our Company against harassment and discrimination by financial institutions."

Why the initial denial? TMTG likely wanted to control the narrative timing. The original FT report suggested the announcement would come at Bitcoin 2025 in Las Vegas, but the company may have preferred managing the news cycle on their own terms.

Market reaction? Not great. TMTG shares fell over ~20% following the announcement.

Why? Perhaps the investors were spooked by the dilution from new share issuance, despite the Bitcoin treasury strategy that's worked well for companies like Strategy.

Also, this comes right after a persistent wing of Democrats questioned Trump’s unending love-affair with crypto and resulting conflicts of interest.

The irony? The "dumb writers" turned out to be pretty accurate – they just had their numbers slightly off — by $500 million.

Q: Is Sui actually voting to steal back stolen crypto?

That's exactly what they're trying to do – and it's working so far.

After freezing $162 million of the hacker's funds following the $223 million Cetus exploit, Sui network’s major participants — validators and SUI stakers — are now voting on a protocol upgrade. The vote comes after crypto community accused the 114 Sui validators of taking a unanimous and centralised decision to freeze funds.

Read: SUI Dilemma: Decentralised vs Safety?

The vote, if passed, would forcibly override the attacker's wallet control and transfer the frozen funds to a multisig controlled by Cetus, OtterSec, and the Sui Foundation.

The voting mechanics

• Requires 50%+ participation and majority approval

• Currently at 83.6% "yes" votes with 14.5% yet to vote

• Can close early if the result becomes mathematically decisive after 48 hours

• Vote officially ends June 3

The bailout package: Sui Foundation is providing an emergency loan to Cetus while separately committing $10 million for ecosystem-wide security upgrades (enhanced audits, bigger bug bounties, formal verification tools).

It's reactive damage control disguised as proactive planning – fixing the barn door after the horse bolted, then buying a better lock for next time.

The math: Cetus claims 100% user recovery by combining frozen funds + treasury + Sui Foundation emergency loan. Insurance that actually pays out – rare in crypto.

The debate: 114 validators overriding wallet control equals a neighbourhood watch with nuclear weapons, and not decentralisation.

The precedent: Ethereum faced this with the DAO hack in 2016, forked the chain, and the community still argues about it.

The irony: Same team that negotiated with hackers at Crema Finance ($9M loss) now says "we're taking it back" for a 25x bigger hack.

Bottom line: Vote passes = "code is law" has exceptions. Vote fails = Sui joins the "sorry for your loss" club. Either way, the pragmatism vs purity battle will give us a winner and set a precedent.

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Q: Why are Coinbase shareholders suing over a data breach that didn't steal crypto?

Because the stock tanked when the truth came out.

Investor Brady Nessler filed a class-action lawsuit claiming Coinbase's delayed disclosure of the December 2024 data breach caused "significant losses" when shares dropped 7.2% on May 15. The suit argues Coinbase sat on material information for months while investors bought shares at "artificially inflated prices."

The timing makes it worse.

Coinbase just joined the S&P 500 and closed a $2.9 billion Deribit acquisition while knowing about security failures that would cost $180-400 million in remediation.

Now they're facing multiple class-action suits with CEO Brian Armstrong and CFO Alesia Haas named as defendants. The message from investors: when you're playing in the big leagues, sitting on bad news while your stock trades higher isn't poor judgment – it's potentially securities fraud.

The Crypto Comic 🎭

The IMF said it will "efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged" as part of a $1.4B loan deal. Hours later, the country bought more BTC. Again.

Dispatch Decoder 👨🏽‍🏫

93% of BTC is mined. What happens after 100%?

Bitcoin's supply mechanics create a fascinating scarcity dynamic that most people miss. With 19.6 million of the 21 million (93%) total BTC already mined, we're witnessing the effects of an exponential issuance schedule that front-loaded most coins into the early years.

The halving schedule is the key driver.

Starting at 50 BTC per block in 2009, rewards have halved every four years to now reach 3.125 BTC per block. The remaining 6.7% will trickle out until 2140, creating an asymptotic supply curve that approaches but never quite reaches 21 million.

What happens once we hit 100% mining?

There’s a wild card here: the lost Bitcoin — which makes the effective circulating supply much lower than what’s on paper. Conservative estimates suggest about 3 million BTC (~15% of total) is permanently lost through forgotten keys, destroyed wallets, and dormant addresses like Satoshi's 1.1 million coins.

Unlike gold, which can be recycled indefinitely, lost Bitcoin makes what’s scarce scarcer. This gives us a supply that shrinks over time rather than just stopping growth.

When block rewards eventually approach zero, Bitcoin's difficulty adjustment mechanism ensures network security doesn't collapse. If mining becomes unprofitable, hashrate drops, difficulty adjusts downward, and margins restore themselves.

This self-correcting feedback loop was stress-tested during China's 2021 mining ban when hashrate dropped 50% yet the network continued functioning seamlessly.

Under the Radar 🔎

Circle's IPO gets BlackRock backing

USDC issuer Circle is targeting a $5.4 billion valuation in its NYSE debut, as per its amended SEC filing, with BlackRock reportedly planning to buy 10% of the IPO shares. The USDC issuer aims to raise $600 million at $24-26 per share, with ARK Investment also indicating interest in $150 million worth of shares.

Existing shareholders are selling more stock (14.4 million shares) than Circle itself (9.6 million) – unusual for tech IPOs but common when insiders want liquidity.

The timing is strategic.

Circle rejected acquisition bids from Coinbase and Ripple "for at least $5 billion" earlier this month, choosing to go public instead.

Read: Coinbase v Ripple: The Battle for Circle🥊

Meanwhile, JPMorgan, Bank of America, Citigroup, and Wells Fargo are plotting their own joint stablecoin venture through co-owned payment companies, eyeing Circle and Tether's $245 billion market.

The irony: BlackRock already manages Circle's reserve fund and built integrations with USDC, while simultaneously the traditional banking giants that once dismissed crypto are now scrambling to compete with the very companies they ignored. Circle's public listing could be the last hurrah before TradFi brings trillion-dollar balance sheets into the stablecoin wars.

That's it for this week's News Rollups.

See ya, next Thursday.

Until then … stay curious.

Don't forget to whitelist thetokendispatch+news-rollups@substack.com to ensure you’ve got me each week in your primary inbox.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Bitcoin terminology wars are heating up as Jack Dorsey calls for rebranding to promote adoption of the largest cryptocurrency, while the Bitcoin purists are fighting to preserve a legacy left behind by Satoshi Nakamoto.

In today's News Rollups edition, we examine:

• Is Bitcoin’s complicated terminology preventing adoption?

• Why is Saylor's Strategy facing class-action lawsuits and short-seller attack?

• Can Solana's upgrade help Web 3.0 compete with the best of Web 2.0?

• Who shut down LIBRA memecoin’s investigation days after court orders?

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with a shoutout to your name in our weekly News Rollups.

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Q: Should Bitcoin ditch "satoshis" for good?

Jack Dorsey thinks so. No, not the fractional units of Bitcoin, but the term “satoshis” itself. The Twitter founder backed BIP-177, a proposal authored by software developer John Carvalho, to rebrand Bitcoin's base unit from "satoshis" to "Bitcoins".

That will flip the current system where 100 million sats equal one Bitcoin.

Under this plan, what we call 0.00002525 BTC today would become ₿2,525 Bitcoin (worth about $2.66). Meanwhile, today's "1 Bitcoin" would just be called "1 BTC."

The logic? Carvalho argues Bitcoin's decimal points confuse people and make it seem less appealing for everyday spending. "Sats is definitely the wrong term and is stopping everyday people from acquiring and spending Bitcoin," Dorsey posted on X.

This has got Bitcoin purists furious.

They argue it destroys 15+ years of education about Bitcoin's 21 million fixed supply and dishonours Satoshi Nakamoto's legacy. Podcast host Bram Kanstein said: "‘Please send me 1200 BITCOINS for this Apple’. Totally not confusing. Ant brain proposal."

Carvalho, the author of the proposal, isn't fazed by the backlash: "The proposal is entirely rational, thus difficult to refute, so instead we get emotional displays." He believes the change is "inevitable" and just needs time to grow on stubborn Bitcoiners.

Do you think terminology is keeping people away from buying Bitcoin? True Hodlers will hodl anyway, no?

Q: Is Saylor's Strategy sailing in troubled waters?

The Bitcoin treasury champion, Michael Saylor, is facing a class-action lawsuit from investors who claim he misled them about the risks of his fair-value accounting switch.

The lawsuit centres on Strategy's move to fair-value accounting in January, which means Bitcoin price swings now hit quarterly earnings directly. When Bitcoin dropped, Strategy reported a brutal $4.2 billion Q1 loss despite holding 576,000 BTC worth $62+ billion today.

Investor Anas Hamza claims Strategy "overstated" profitability while downplaying volatility risks, focusing on rosy metrics like "BTC Yield" instead of warning about potential massive losses from the accounting change.

Strategy responded in a filing saying it intended to “vigorously defend against these claims.”

What’s worse? Legendary short-seller Jim Chanos, who was the first to call out fraud at Enron more than two decades ago, is going all short on Strategy and long on Bitcoin.

"They're selling retail investors the idea that they should value [Strategy] at a premium" to Bitcoin itself, he told CNBC. His play? Short Strategy stock and use the proceeds to buy actual Bitcoin.

The irony: Chanos says he is doing "exactly what Michael Saylor is doing" - selling Strategy stock to buy Bitcoin, except he's betting the company's premium will compress over time.

With 100+ copycat companies following the same playbook, the legal scrutiny was probably inevitable.

What’s baffling though is investors suing Strategy for the losses they made when BTC slipped in Q1. What else would happen if one’s betting on a company whose product gives investors exposure to a leverage on Bitcoin — both its rewards and risks?

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Q: Is Solana's “Merge” moment here?

On paper, yes. Solana researchers just proposed the blockchain's biggest upgrade ever, slashing transaction finality from 13 seconds to 0.1 seconds, making it 100x faster.

Named "Alpenglow" after Swiss mountaintop light, this consensus overhaul could enable "apps that feel like TikTok, payments that settle instantly, games without lag," according to the Solana Foundation.

The researchers claim Solana would be "much faster than all the other blockchains". So fast that it could give some of its fastest competitors such as Wall Street markets a run for their money. Some suggest Nasdaq's days as the financial hub are numbered.

The upgrade could launch by end of 2025 after the community approves it. Recent Solana governance has been rocky – a tokenomics proposal just failed after late opposition votes.

But researcher Roger Wattenhofer sounds confident: "This is going to be the new consensus protocol of Solana." He's got backing from co-founder Anatoly Yakovenko and key developers.

If successful, Alpenglow could be Solana's "Merge" moment – except instead of going green like Ethereum, Solana's going for pure speed to compete with Web2 infrastructure.

The Crypto Comic 🎭

CFTC commissioner Kristin Johnson joined her colleagues — Summer Mersinger, Christy Goldsmith Romero, and Acting Chair Caroline Pham — as the fourth one to announced departure plans from the agency. This will potentially leave Trump's nominee Brian Quintenz running a one-man show at crypto's likely primary watchdog.

Dispatch Decoder 👨🏽‍🏫

What do rising 10-year Treasury yields mean for crypto?

The 10-year Treasury yield – currently at 4.585% in the US and 1.57% in Japan – is essentially the "risk-free" return investors can get from lending money to the government for a decade.

When these yields rise, it creates a powerful competitor for crypto investments. Think about it: why take the volatility risk of Bitcoin when you can get a guaranteed 4.58% return from the government?

Rising yields typically hurt crypto in three ways:

1. Capital flight: Money flows out of risky assets like crypto into safer bonds

2. Higher borrowing costs: Crypto platforms and traders face expensive financing

3. Stronger dollar: Makes crypto more expensive for international investors

Recent market action proves this relationship.

When the 30-year Treasury spiked to 5.09% on May 21 – the highest since 2007 – Bitcoin failed to hold its $109,000+ all-time high and stocks crashed 800+ points.

There’s a catch though. Crypto can also benefit as a hedge against the economic uncertainty that drives yields higher. Some traders view rising yields as a sign of a "cracking system," making decentralised alternatives more appealing - just like we saw Bitcoin smash the $111,000 mark later on May 21.

The bottom line? Rising Treasury yields create signal market uncertainties, but they also reinforce Bitcoin's narrative as an alternative store of value when traditional finance gets shaky.

Under the Radar 🔎

Milei shuts down LIBRA memecoin investigation

Argentine President Javier Milei just dissolved the task force investigating his February LIBRA memecoin promotion – conveniently days after a judge ordered his bank records unsealed.

The Solana token Milei endorsed had crashed from a $5 billion market cap to near-zero in what rocked the memecoin and broader crypto ecosystems alike, leaving $251 million in losses for traders across 13,000 wallets.

Read: When Presidents Play With Memes 🏛️

Politically, Milei's timing is smart – he's riding high after stabilising the peso and winning a capital election. "No better moment to prevent bad info from being released before midterms," said James Bosworth, founder of risk analysis consultancy Hxagon.

So much for an accused handling and managing the investigation probing the alleged crime?

LIBRA holders were the happiest - the token almost doubled on the news before correcting and settling down with 30% gains.

That's it for this week's News Rollups.

See ya, next Thursday.

Until then … stay curious.

Don't forget to whitelist thetokendispatch+news-rollups@substack.com to ensure you’ve got me each week in your primary inbox.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

There’s a new guest at the Wall Street and the whole finance world (both traditional and decentralised) is going crazy discussing the impact.

This could be one of the biggest moves pushing for crypto adoption.

In today's News Rollups edition, we examine:

• How Coinbase's S&P 500 inclusion will bring crypto to millions

• Growing rift at SEC as Crenshaw pushes back against pro-crypto policies

• How Strategy's aggressive buying is making Bitcoin deflationary

• What’s RWA tokenisation and how it is bridging TradFi and DeFi

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with a shoutout to your name in our weekly News Rollups.

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Q: Why is Coinbase’s inclusion in S&P 500 a big deal?

"First they fight you, then add you to the S&P 500," sums up Bernstein analysts' take on what's happening here. Do we agree? Well, with all that’s unfolded in the past week, it’d be difficult not to.

Coinbase will become the first pure-play crypto company in the index on May 19, replacing Discover Financial Services. Just months after being locked in "intense litigation" with the SEC (before the case was dropped under Trump), Coinbase is now joining the most prestigious club in American business alongside Apple, Amazon, and Berkshire Hathaway.

Why is this big? We are looking at the financial implications of this inclusion.

With roughly 0.1% weight in the index, Coinbase could see $9 billion in passive inflows from S&P 500-linked funds and another $7 billion from active funds, estimated Bernstein.

That’s not all. An average investor will also feel the impact.

"Crypto is about to be in everyone's 401k," CEO Brian Armstrong put it. With this, millions of regular Americans who've never bought crypto, will now have exposure through their retirement accounts. Your parents, teachers, and that friend who coaxed you into believing crypto was all a scam? They're all about to become inadvertent crypto investors.

For perspective, there's roughly $3 trillion in passive investments tracking the S&P 500. Even a tiny allocation means billions flowing indirectly into the crypto ecosystem.

Coinbase stock has jumped almost 30% after the announcement.

Q: What’s the infighting at the US Securities and Exchange Commission about?

Trump's crypto-friendly SEC and its sole Democratic commissioner Caroline Crenshaw, the agency's lone dissenting voice, are having a bit of an internal stand-off.

At the Monday SEC roundtable, Crenshaw pushed back at SEC Chair Paul Atkins’ words of praise for tokenisation, saying it all “seems a bit like the government picking winners and losers.” Her argument? When SEC should have remained as a “tech-neutral regulator, why is it our place to assess particular forms of blockchains as candidates for industry adoption?”

This follows her harsh criticism of the recent Ripple settlement, which slashed the company's penalty from $125 million to just $50 million. Crenshaw called it a "tremendous disservice to the investing public".

The Democrat does raise important questions around the direction of the SEC under Trump’s administration.

Trump's personal crypto ventures (his memecoin and family-run ventures) have become painful for his Republican peers, with Democrats staging walkouts from hearings and introducing the "MEME Act" to ban officials from profiting off crypto.

Read: The Crypto Bills’ Chaos 📃

What’s worrying for the industry is that Crenshaw, herself, doesn’t boast of an impressive track record with crypto. “These Commission actions are unsound and ahistorical,” were her words more than a year ago, when she dissented to SEC’s Bitcoin ETF approval.

What’s worse? With all this going on, the broader industry suffers. Partisan deadlock means hopes for clear rules keep getting pushed further away.

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Q: Is Bitcoin becoming deflationary? Why is that good?

"Strategy's holdings alone mean a -2.23% annual deflation rate — likely higher with other stable institutional holders," Ki Young Ju, CryptoQuant CEO, posted last week.

Bitcoin is already disinflationary by design - its issuance rate drops by half every four years through the halving. Strategy’s and other corporate Bitcoin treasuries’ aggressive buying has accelerated this. Strategy buys Bitcoin over multiple times faster than miners can produce it, effectively acting as a financial black hole for Bitcoin.

Translation: The circulating supply of Bitcoin that can actually trade is contracting. How does that help?

When large, patient holders like Strategy control more of the supply, there's less Bitcoin available for panic-selling during downturns, smoothing out the wild price swings that once defined crypto markets.

The Crypto Comic 🎭

Ethereum (~30%) has outperformed Bitcoin (~2.6%) and Solana (~12.2%)in the past one week in terms of price rise on the back of its recent updates including the long-awaited Pectra upgrade.

Dispatch Decoder 👨🏽‍🏫

What Is RWA Tokenisation?

"Today BlackRock’s BUIDL tokenised by Securitize reached the $1B mark and it is the largest tokenised asset in the industry besides stable coins,” said Carlos Domingo, CEO of Securitize.

Not just Securitize, even traditional finance giants including Morgan Stanley, JPMorgan and VanEck are jumping onto tokenisation bandwagon. Why?

Real World Asset (RWA) tokenisation is blockchain's bridge to the trillions locked in traditional markets. It's the process of converting physical and financial assets - from real estate to Treasury bills - into digital tokens that live on blockchains.

That Manhattan skyscraper? Now fractionally owned by thousands via blockchain. Those corporate bonds? Trading 24/7 with instant settlement.

The revolution is already underway. VanEck just launched its first RWA fund exposing Treasury bills across multiple blockchains.

Under the Radar 🔎

Trump family-linked firms have raked in $320 million from the TRUMP memecoin despite its 80%+ crash from its peak. While President Trump denied profiting personally, Chainalysis data shows creators netted massive fees as over 760,000 retail wallets – the vast majority of investors – lost money.

Where did the money go, then? Into thin air?

Trump’s token is primarily controlled by CIC Digital LLC and Fight Fight Fight LLC, entities tied to the president’s organisation that collectively own 80% of the supply.

Meanwhile, crypto whales are paying astronomical sums for a seat at Trump's dinner table. The top 25 "VIP" attendees on the leaderboard for the May 22 gala at Trump National Golf Club held an average of $4.8 million worth of TRUMP tokens to qualify.

Background checks are now underway for the 220 winners.

How does one describe all this? Here you go: "The most nakedly corrupt self-enrichment scheme in US presidential history." Well, that’s what Accountable.US called the $TRUMP token leaderboard.

That's it for this week's News Rollups. Until next Thursday, stay curious.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Just as the Republicans were preparing for a regulatory win with crypto legislations in the Congress, they have hit a roadblock against an unexpected opposition from the Democrats.

What’s worse? US President Donald Trump’s crypto adventures (or should we call them misadventures) are coming back to bite the Republicans.

In today's News Rollups edition, we examine:

• Why House and Senate are up in arms over crypto legislations

• Bitcoin-backed loans: Smart financial strategy or risky business?

• Where are Bitcoin, XRP, and Cardano headed in 2025

• How prediction markets player scored a major win

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with your name in our weekly News Rollups.

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Q: What's with all the shouting in Congress over crypto bills?

Remember when Trump's crypto czar promised of bringing in the golden era for digital assets? Yes, that one. That’s facing a reality check as lawmakers are now literally walking out of hearings and yelling at each other over the president's crypto ventures.

Let's break down this Washington drama.

Democrats are refusing to support crypto bills, claiming they would directly benefit Trump's wallet. The president's memecoin and family stablecoin business have created what Rep. Waters calls "Trump’s crypto corruption."

The flashpoints:

• House Democrats staged a dramatic walkout from a crypto hearing, holding their own "Trump corruption" meeting instead

• Nine Senate Democrats killed their support for the GENIUS Act stablecoin bill days before a vote

• A $2 billion UAE-backed deal involving Trump's stablecoin and Binance triggered foreign influence alarms

• Trump has offered exclusive dinner opportunities to top $TRUMP memecoin holders

In response, Democrats introduced the "MEME Act" (nope, we ain’t making this up) to ban government officials from profiteering from crypto and other financial involvement.

Meanwhile Republicans are forcing a Thursday vote they'll likely lose (because they ain’t got the numbers on their side) – apparently to paint Democrats as anti-crypto before midterms.

Read: Washington’s Crypto Moves Face Political Roadblocks 🚧

What could come out of all this? A tougher than expected summer if Congress fails to pull its act together and representatives from both sides find a way out of this regulatory stalemate. Lest? They fail the larger industry.

With Trump's executive actions vulnerable to reversal by future administrations, actual legislation remains the holy grail.

The irony? Trump's personal crypto enthusiasm might end up being the very thing that prevents America from getting clearer crypto rules.

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Q: Do Bitcoin-backed loans make sense for hodlers?

They are surely experiencing a renaissance, with Strike, Coinbase, and Xapo Bank all jumping on the bandwagon. Jack Mallers' Strike is the latest entrant, offering 12-month loans starting at $75,000 with a 12% annual percentage rate (APR) using BTC as collateral.

Why Bitcoin? The pitch is simple: access cash without selling your precious Bitcoin.

The math can be compelling. With Bitcoin hovering around $95,000-$99,000, borrowers can tap into significant cash without triggering taxable events. Think of the early adopters holding even 1 bitcoin. That’s almost a $100,000 worth of credit without having to sell it.

This gets crazier. If BTC continues appreciating at even a moderate 25% annually while you pay 12% interest, you're effectively profiting from borrowed money - a "buy, borrow, die" strategy that has helped billionaires save taxes over the years. More on this, later.

There’s a catch, though.

This market imploded spectacularly during the 2022 crash, taking down major players like Celsius and BlockFi who misused customer funds. Today's lending market is still 43% smaller than its 2021 peak.

Bitcoin investors raised red flags. Some remain sceptical, citing "rehypothecation risk" - the danger that lenders reuse your collateral for their own purposes.

With Strike partnering with "carefully selected capital providers" who take custody of your Bitcoin during the loan period, these concerns remain relevant.

HTF Market Intelligence is optimistic though. The research firm projects the Bitcoin loan market to shoot 5x to $45.6 billion by 2030.

With the SEC's January repeal of SAB 121 accounting rules, traditional banks may soon enter the space, potentially bringing stronger consumer protections - and even more liquidity options for Bitcoin holders.

Until then, tread with caution.

Got questions about this week's crypto world? Fill out this form for a chance to have your question featured in our next edition with an exclusive shoutout.

Q: Can we expect to see Bitcoin, XRP, and Cardano rise in price in 2025?

For Bitcoin, institutional momentum stands strong today despite some headwinds in the past couple of months.

Bernstein expects Bitcoin to rake in $330 billion from corporates building their treasuries in the next five years.

With MicroStrategy holding 555,450 BTC worth $55+ billion, increasing spot ETFs, and new Bitcoin-backed financial products emerging, the fundamentals show persistent strength.

Bitcoin’s recent 30% drop from the peak at its worst remains a sober reminder that things can go south. Yet, the latest reinforcement of its decoupling narrative is a strong sign of Bitcoin’s trajectory.

Want more affirmation? Even the states have now joined the federal government to make a Bitcoin reserve with New Hampshire and Arizona signing their respective Bitcoin reserve acts.

For XRP, the biggest win came through the regulatory cloud finally being lifted. The SEC settled the long-standing case in March (reduced to $50 million) and removed XRP's biggest headwind.

Ripple's been busy with its RLUSD stablecoin launch and striking partnerships to build an ecosystem around it - such as the one with Aave V3 Ethereum market and its recent $1.25 billion acquisition of multi-asset prime broker Hidden Road acquisition.

The pending ETF applications, if approved, could clear the way for upside. Caveat is that an ETF green signal doesn’t necessarily equate to green days ahead. Need we look beyond our dear ETH to understand this?

Read: Can Altcoin ETFs Avoid ETH ETFs' Fate? 🌀

XRP also needs to fight back the centralisation claims its critics have been throwing at it for a long time now.

Cardano’s 2025 roadmap focuses on Bitcoin integration (tapping into BTC's massive liquidity), advancing governance and enhancing privacy. Its academic approach has built a solid foundation, but institutional adoption lags behind the others.

While analysts are optimistic of a Cardano ETF nod soon, it might just not be enough for sustained upside.

The verdict? Bitcoin has the clearest path upward with institutional backing. XRP has made some moves with regulatory clarity and strong payment utility. Cardano's ambitious roadmap looks promising but faces adoption hurdles.

Shoutout to our frequent reader, Dave Weitl, for sending across this question.

The Crypto Comic 🎭

Despite delaying decisions on Litecoin, Solana, XRP, and Dogecoin ETFs, the commission hasn't deterred new applicants – with Bitwise and VanEck recently filing for NEAR and BNB ETFs.

Dispatch Decoder 👨🏽‍🏫

What’s the ‘Buy, Borrow, Die’ strategy?

The Bitcoin-backed loans we spoke about bring to crypto holders the tax hack billionaires have used for decades.

1. BUY: Acquire appreciating assets (now Bitcoin)

2. BORROW: Take loans against these assets instead of selling (no capital gains tax)

3. DIE: Pass assets to heirs with stepped-up basis, erasing lifetime gains

The magic? Loans aren't taxable income. If your Bitcoin appreciates annually, you're profiting while paying zero tax. Your collateral keeps growing, allowing you to borrow more.

This explains how the ultra-wealthy live lavishly on paper-thin incomes. The strategy works best with significant assets and careful management of loan-to-value ratios to avoid liquidation during crashes.

Under the Radar 🔎

The crypto case closure saga under Trump’s friendly administration saw prediction market platform Kalshi score a major regulatory win this week. The Commodity Futures Trading Commission (CFTC) moved to dismiss its appeal against the company in a case that dates back two years.

The decision now allows Kalshi to continue offering betting market contracts on US election outcomes.

This follows a pattern similar to the SEC's withdrawal of crypto enforcement actions earlier this year.

Read: Case Closed: SEC’s Crypto Cleanup🧹

Know what’s more interesting? The coincidence. Donald Trump Jr joined Kalshi's board as an advisor in January, just as his father was returning to office.

Election markets here to stay, then? " At least that’s what Kalshi founder Tarek Mansour says.

That's it for this week's News Rollups. Until next Thursday, stay curious.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Despite fulfilling several crypto-friendly campaign promises and appointing industry advocates to key positions, the crypto market cap and Bitcoin are down since US President Donald Trump’s inauguration in January.

In today's News Rollups edition, we examine:

• The gap between Trump's crypto promises and market reality 100 days into his term

• How El Salvador manages to keep accumulating Bitcoin despite IMF restrictions

• Current state of crypto staking and where to find the best yields in 2025

• Why the DOJ is seeking a 20-year sentence for former Celsius CEO Alex Mashinsky

• How NVIDIA is quietly shutting the door on crypto startups in favor of AI

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with your name in our weekly News Rollups.

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Q: 100 days in, where’s Trump with his crypto promises?

• Most crypto-friendly president in US history ✅

• First president to sign a crypto bill ✅

• Strategic Bitcoin Reserve executive order ✅

• Digital Assets Stockpile ✅

This looks like a dream run for the crypto industry in the first 100 days of Trump’s second term at the White House.

Yet, the reality today stands in stark contrast.

• Crypto market cap? Down 15%+ since his inauguration

• Bitcoin down almost 10% from the all-time high after Trump’s inauguration

To his credit, Trump has fulfilled several campaign promises that signal a regulatory shift.

Silk Road founder Ross Ulbricht got the promised presidential pardon. Trump issued executive orders on the first day of his office banning central bank digital currencies (CBDCs) and protecting miners' rights. Became the first president to sign a crypto bill by overturning an IRS rule for DeFi platforms.

His appointments of crypto-friendly figures like Securities and Exchange Commission (SEC) Chair Paul Atkins and Commerce Secretary Howard Lutnick have already resulted in concrete changes, with the SEC ending nearly all active lawsuits against crypto firms and rescinding restrictive guidance like SAB121.

We have also seen the SEC shift away from the Gary Gensler-era ‘regulation-by-enforcement’ approach. The watchdog has been calling off pre-Trump 2.0 era cases that Gensler had filed against hoard of crypto firms.

However, the administration's more ambitious legislative agenda has stalled.

Despite public promises that both stablecoin and market structure bills would be signed within 100 days, neither has reached the president's desk.

There’s been progress on the stablecoin front, sure. But promises are either fulfilled or broken - no room for work-in-progress.

The Strategic Bitcoin Reserve appears largely symbolic, consisting mainly of assets already in government possession through criminal proceedings rather than new acquisitions.

Meanwhile, Trump's personal involvement in crypto ventures like World Liberty Financial and the $TRUMP memecoin has created concerning conflicts of interest.

Read: Crypto, Trump, and the Conflict💸

Just a week ago, the total assets under management in Bitcoin ETFs managed to climb back to $38 billion, the same level that was seen on the day of Trump’s inauguration.

Has the crypto landscape moved from where it was when Trump re-entered the White House? Sure. The direction of the move, though, is something that can be debated about.

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Q: What's the state of crypto staking in 2025? Is it thriving, and where are the best returns?

Numbers show that staking is booming in 2025, despite a few headwinds. Major chains see impressive participation rates.

About four years ago, JPMorgan predicted the global Ethereum staking market to be worth $40 billion. Today, Ethereum has over 34.3 million ETH locked up (worth more than $60 billion), with more than 28% of all ETH now staked – up from 23.8% in January 2024.

The yield landscape:

• Ethereum: A modest 2-7% APY (averaging 3-4%), with Coinbase offering 2.01%, Kraken 2.5-7%, and Lido around 4-7%

• Solana: Healthy returns of 5.57% on Coinbase

• Polkadot: Up to 15% returns on DOT tokens for those willing to participate in governance

For the yield hunters, Binance offers even higher Annual Percentage Yield (APY) on select tokens, though these typically come with higher risks.

The staking game is evolving too.

Innovations like liquid staking (through Lido, Ether.fi) and restaking (via EigenLayer) let you double-dip, using staked assets in DeFi while still earning base rewards. EigenLayer can potentially boost ETH returns beyond 5% for the technically savvy.

Is it all sunshine? Not quite.

More validators mean shrinking individual rewards (Ethereum's APR dropped from 4.3% to 3.13% last year), and some argue staking has become "anti-growth" without sufficient compensation. Regulatory uncertainty and platform risks still loom large.

Bottom line: Staking remains a cornerstone of crypto passive income, but the days of effortless double-digit yields on major assets are mostly behind us. The smart play in 2025 is diversifying stakes across multiple coins and platforms while keeping a close eye on innovations like restaking that can juice those returns.

Shoutout to our frequent reader, Buck, for sending across this question on staking.

Got questions about this week's crypto world? Fill out this form for a chance to have your question featured in our next edition with an exclusive shoutout.

Q: Who is Alex Mashinsky and why is DOJ seeking a 20-year sentence for him?

Alex Mashinsky, 59, pleaded guilty in December 2024 to two counts of fraud after Celsius, the crypto lending platform he had founded.

Chares: Lying about Celsius’s financial condition to convince investors to deposit their Bitcoin and defrauding buyers of company’s native token, CEL, by manipulating its price and lying about selling his own personal holdings.

Prosecutors argued his "years-long campaign of lies" caused $550 million in losses while he personally profited $48 million.

Mashinsky's lawyers have tried to distance him from FTX founder Sam Bankman-Fried, arguing for a sentence of just one year and one day. Their key argument: "There are no allegations that Alex misappropriated, embezzled or stole any customer assets" and Celsius failed due to market conditions, not fraud.

Prosecutors strongly disagree.

Called his crimes "deliberate, calculated decisions to lie, deceive, and steal." They point out that while SBF was in his 20s, Mashinsky, at nearly 60, was "old enough and experienced enough to better appreciate the crimes he was committing."

The case has drawn over 200 victim impact statements, with one investor writing Mashinsky "devastated numerous lives, and there are those who have taken their own lives because of him." Many victims are demanding a life sentence similar to Bernie Madoff's 150 years.

Prosecutors said Mashinsky has shown a "lack of remorse" and "abandoned all pretense of acknowledging his sustained wrongdoing." They also claim he's shielded his assets in an "elaborate system of trusts" managed by his sister while his wife challenges government seizures meant for victim restitution.

The sentence hearing is scheduled for May 8.

The Crypto Comic 🎭

El Salvador President Nayib Bukele continues adding to the country's Bitcoin stash (now 6,163 BTC worth more than $585 million) despite IMF loan deal that restricted the nation from giving the cryptocurrency legal tender status.

The clever workaround? Using entities "outside the fiscal sector" while technically complying with the $1.4 billion agreement.

“’This all stops in April.’ ‘This all stops in June.’ ‘This all stops in December.’ No, it’s not stopping. If it didn’t stop when the world ostracised us and most “bitcoiners” abandoned us, it won’t stop now, and it won’t stop in the future. Proof of work > proof of whining,” Bukele tweeted.

Dispatch Decoder 👨🏽‍🏫

What are Liquid Staking and Restaking?

Liquid staking gives you flexibility with staked assets. Stake ETH, get stETH in return – a token you can trade or use in DeFi while still earning your base rewards. No more waiting through lock-up periods! This lets your crypto work double duty.

Restaking is crypto's way of squeezing extra juice from already-staked assets. Protocols like EigenLayer let you use your staked ETH (or its liquid version) to secure additional networks and earn extra rewards on top. It's essentially putting the same capital to work multiple times, potentially boosting yields while supporting the broader ecosystem.

Under the Radar 🔎

Chip giant NVIDIA has kicked crypto firms out of its Inception Accelerator Program as of April 24, formally adding "companies associated with cryptocurrency" to its no-fly list.

NVIDIA's CTO Michael Kagan didn't mince words back in 2023. "Crypto doesn't bring anything useful for society." Then the company went on to ride the mining boom to massive profits, only to now firmly pick Team AI over Team Crypto.

The biggest casualty? Arbitrum, a layer-2 platform which was about to be announced as NVIDIA's exclusive Ethereum partner until the chip giant got cold feet. Arbitrum promptly walked away, calling it a "sound business decision." Meanwhile, Aptos Foundation still has a seat at NVIDIA's table.

Well, some blockchains are more equal than others, perhaps?

That's it for this week's News Rollups. Until next Thursday, stay curious.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Broader and crypto markets swung in the last seven days as US President Donald Trump publicly attacked Federal Reserve Chair Jerome Powell, calling him a "major loser" and saying his "termination cannot come fast enough!" before suddenly backing down on Tuesday this week, stating he had no intentions of firing Powell.

In today's News Rollups edition, we look at:

• Why Trump backed down from firing Fed Chair Powell after threatening him

• The constitutional debate over whether a president can legally remove Powell

• Why Oregon is suing Coinbase even after the SEC dropped its charges

• Why Kraken is cutting jobs despite doing stable business

• Emerging of public companies building Solana treasuries

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with your name in our weekly News Rollups.

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Q: Why Trump won’t fire Powell? Legally, can he? What if he does?

President Trump’s U-turn of not intending to ask the Fed Chair to leave didn’t come out of nowhere. In meetings with top retail CEOs and advisers, the industry stakeholders painted a dire picture of empty store shelves and financial turmoil if the trade war with China and attacks on Fed independence continued.

Can a president legally fire the Fed chair, though?

The Federal Reserve Act states board members can only be removed "for cause" (meaning serious misconduct or violations), not policy disagreements. This is backed by a 1930s Supreme Court ruling commonly called Humphrey's Executor.

All good, then? Nah, Trump's Justice Department is still actively seeking to overturn this precedent as part of a broader legal fight regarding independent agencies. While Powell believes the Fed might receive special treatment from the courts, the uncertainty has kept markets on edge.

Why does Fed independence matter?

The historical record is clear: When presidents successfully pressure the Fed to lower rates for political gain, inflation rises "strongly and persistently." One study found that presidential pressure at half the level Nixon applied to Fed Chair Arthur Burns in the 1970s raised prices by 8% over a decade.

What if Trump actually fired Powell?

• Traditional assets like bonds and the dollar would plummet

• US equity markets would crash on fears of political meddling

• Alternative assets like gold and Bitcoin could surge as safe havens

This is why both Wall Street and White House advisers reportedly persuaded Trump to back off.

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Q: Why is Oregon state suing Coinbase?

Oregon Attorney General Dan Rayfield filed a securities enforcement action against Coinbase last week, just months after the US Securities and Exchange Commission dropped similar charges against the exchange.

The lawsuit claims Coinbase "encouraged and helped the sale of unregistered cryptocurrencies to people in Oregon," listing XRP and 30 other tokens as unregistered securities.

Why counter SEC’s position?

"States must fill enforcement vacuum being left by federal regulators who are abandoning these cases under Trump administration," said Rayfield, positioning state authorities as a counterbalance to the SEC's dramatically shifted approach to crypto regulation post Trump’s relection.

Coinbase Chief Legal Officer Paul Grewal blasted the action as "Oregon's holdout campaign" and "obstruction for the sake of obstruction," arguing it "takes us a giant leap backwards from hard-won progress."

Legal experts note that even if Oregon wins, the ruling wouldn't create binding precedent beyond the state. However, it could provide ammunition for other state regulators or potential plaintiffs seeking to build similar cases.

Q: What's up with Kraken's layoffs?

The crypto exchange platform was reported to have trimmed hundreds of job ahead of a potential IPO, after it confirmed it's making "the difficult decision to eliminate certain roles and consolidate teams where redundancies exist."

This follows a previous 15% reduction (about 400 employees) in October 2024 when Silicon Valley investor Arjun Sethi joined as co-CEO alongside David Ripley.

Despite the cuts, Kraken maintains its "business is thriving" with strong revenue growth. The exchange currently handles more than $1 billion in daily trading volume.

If successful, Kraken would join Coinbase as only the second publicly traded US crypto exchange.

The Crypto Comic 🎭

$TRUMP, marketed as the official token of president Donald Trump, rallied about 70% on Wednesday as the official website posted an invitation to a dinner event with the US President for top 220 token holders.

Watch: Why Bitcoin's Moment Is Finally Here

Dispatch Decoder 👨🏽‍🏫

What's the Fed's "Dual Mandate"?

The Federal Reserve operates under what's called a "dual mandate" from Congress: maintain maximum employment while keeping prices stable (targeting 2% inflation).

This creates a dilemma when facing economic pressures like Trump's tariffs, which simultaneously threaten to:

1. Slow economic growth (pushing the Fed toward rate cuts)

2. Increase inflation (pushing the Fed toward higher rates)

This "stagflation" scenario puts the Fed's dual mandates in direct conflict, forcing what Powell recently described as a "difficult judgment" between competing goals.

The situation explains why the Fed is hesitant to cut rates despite Trump's demands. With inflation still at 2.4% in March (above the 2% target) and tariffs threatening to push prices higher, rate cuts could worsen inflation while only temporarily boosting growth.

Under the Radar 🔎

Companies race to build Solana treasuries

A wave of public companies rushed to stack Solana in the past week, mimicking Strategy's (formerly MicroStrategy) Bitcoin accumulation playbook.

DeFi Development Corp added $9.9 million worth of SOL on Wednesday, bringing its holdings to 317,273 tokens ($48 million). The former real estate data company, which was earlier known as Janover until its rebranding exercise last week, acquired discounted locked SOL through BitGo's OTC desk.

Canadian firm SOL Strategies, which has been a pioneer in building Solana treasury, secured a $500 million convertible note facility to accelerate its Solana purchases.

Nasdaq-listed Upexi saw its stock surge 335% in a single day after announcing a $100 million raise with 95% dedicated to establishing a Solana treasury.

These small-cap stocks (both Upexi and DeFi Development Corp with market caps under $7 million each before their crypto pivots) have found new life by offering investors regulated exposure to Solana.

Only time will tell if this will help them taste the kind of success that Saylor’s Strategy is enjoying.

That’s it for this week’s News Rollups.

Until next Thursday, stay curious.

PS: Got some questions about the world of crypto from this week? Fill this form here and get a chance to have your question featured and answered by our experts in the next edition.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

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Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Global markets felt tremors for the past two weeks with US President Donald Trump's tariff announcements. Bitcoin slumped, recovered a bit and is now stuck in a range. Altcoins are living through a forgettable nightmare.

One unlikely asset defied gravity, though. And it’s a memecoin.

Fartcoin rallied more than 2x in a month. No, you are not dreaming. A flatulence-themed token is leading the crypto recovery.

In today's News Rollups edition, we tackle:

• Why are traders betting on Fartcoin while other memecoins struggle?

• Why Pakistan suddenly tapped former crypto exile CZ as advisor

• How tariffs might fund America's Bitcoin reserve

• How a DeFi CEO plans to burn $236 million of his team's tokens

Got questions about a hot crypto topic that you want help understanding? Ask your question using the form and our crypto experts may answer it along with your name in our weekly News Rollups.

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Q: Why are traders betting on Fartcoin while other memecoins struggle?

Fartcoin rose about 220% over the past month and nearly 100% in a little over a week. While Bitcoin remained flat, FART blasted past other memecoins, including TRUMP (down ~30%), DOGE, PEPE, and WIF.

It’s not some random whales swinging the price for Fartcoin.

Heavy trading volume is driving the rise - more than $300 million in the last 24 hours. That’s exceeding the combined volume of Bonk's $92 million and even Shiba Inu's $146 million, both of which boast of higher market caps than Fartcoin.

There’s no solid fundamentals though driving this activity in Fartcoin.

“Fartcoin’s absurd outperformance is the perfect metaphor for this market. A joke wrapped in volatility, where escalating US-China tariffs make 'rational' trading a fantasy," said Kirill Kretov.

For those invested in the Solana and memecoin ecosystem, it also makes sense to move their funds into a memecoin themed around flatulence that’s giving more than 2x returns in a week, than letting the value erode by holding the funds in Solana.

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Q: Why is Pakistan suddenly talking crypto with CZ?

The South-east Asian country last week appointed former Binance CEO Changpeng "CZ" Zhao as advisor to its newly formed Crypto Council.

The move aligns with Pakistan positioning itself to become a crypto hub, with plans to use its surplus electricity to power Bitcoin mining and AI data centres. Council CEO Bilal Bin Saqib made it clear: "Pakistan is done sitting on the sidelines."

Why CZ? His global connections and exchange-building expertise could help Pakistan attract international investment. The collaboration also aligns with US President Donald Trump's pro-crypto stance, as Saqib noted: "Every country will have to follow suit or risk getting left behind."

Q: US wants to fund its Bitcoin reserve with tariffs. Can it?

The numbers suggest it's feasible. Current tariffs are projected to generate between $220-460 billion annually, while acquiring 800,000 Bitcoin (to reach the proposed 1 million BTC goal) would cost about $66 billion at current prices.

Bo Hines, a crypto advisor to Trump, said in a recent interview with Professional Capital Management CEO Anthony Pompliano, that the US is exploring “…many creative ways, whether it be from tariffs,…” to fund its BTC reserve without using taxpayers’ money.

Another proposal: revaluing Treasury gold certificates (more on this later) from $43 per ounce to the current $3,200 market price, creating a paper surplus to fund Bitcoin purchases without selling gold.

The administration needs "budget-neutral" strategies that impose "no incremental costs on American taxpayers," making tariff revenue an attractive option.

What’s the catch, then? Economic concerns loom large. Tariffs are predicted to reduce GDP growth by 0.6% in 2025, with JPMorgan warning of potential recession. The 90-day tariff pause announced April 9 also complicates immediate funding plans.

The Crypto Comic 🎭

Mantra CEO John Mullin pledged to burn his entire team's token allocation – worth $236 million – following OM token's catastrophic 92% crash on April 13. Why? To win back community trust.

Watch: Mantra Co-Founder Explains $5 Bn OM Token Collapse

Dispatch Decoder: What are Treasury Gold Certificates? 👨🏽‍🏫

Remember how Trump’s crypto adviser Hines was suggesting the Treasury gold certificates revaluation route to fund the Bitcoin reserve? Well, these certificates are claims the Federal Reserve holds on the US Treasury’s gold. These claims are valued at an outdated $43 per ounce from the 1970s, not the current $3,200 market price.

Revaluing them to today’s price creates a “paper surplus” on the Treasury’s balance sheet without selling gold. This surplus could fund a Bitcoin reserve without new taxes or debt, as it’s budget-neutral. Economically, this boosts the Treasury’s assets on paper but risks inflation or market distortions if perceived as money printing. It’s a creative way to fund Bitcoin without physical gold sales.

Under the Radar 🔎

Panama City became the newest addition to the list of growing cities that accept crypto for municipal payments. Mayor Mayer Mizrachi on Wednesday announced that the city will accept Bitcoin, alongside other cryptocurrencies including stablecoins, for taxes, permits and fines.

Unlike previous attempts requiring new legislation, they partnered with a bank to instantly convert crypto to USD, making implementation immediate. Panama joins a growing list of crypto-friendly municipalities worldwide.

That’s it for this week’s News Rollups.

Until next Thursday, stay curious.

PS: Got some questions about the world of crypto from this week? Fill this form here and get a chance to have your question featured and answered by our experts in the next edition.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

A weekly direct line connecting our readers with us to get your pressing questions on the latest crypto trends and news answered, every Thursday.

Submit your crypto queries through our form and our experts might take a shot at them in our upcoming editions.

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Global and crypto markets dumped and pumped in the last 72 hours as Trump's tariff showdown with China intensified just as he hit a 90-day pause on tariffs against other negotiating nations.

In the inaugural edition of News Rollups, we answer the top questions on our readers’ mind:

• Has Bitcoin really decoupled from traditional markets?

• Why Justin Sun feels First Digital Trust is a worse scandal than FTX?

• What to make of the Nigeria’s $81 billion court battle against Binance?

• How amid all the market chaos $30 million were dumped in $MELANIA memecoin?

• How Pump.Fun secretly restarted one of its most controversial features?

Let's dive into what matters and why.

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Q: Has Bitcoin truly decoupled from traditional markets yet?

Bitcoin as "digital gold" and an uncorrelated asset sounds compelling, but recent price action shows there’s room for a nuanced understanding.

While Bitcoin appeared to move independently during US President Donald Trump's Liberation Day tariff announcements, it subsequently followed the broader market's trajectory with each fall and rise, albeit with a slight delay.

Bitcoin held its range longer than Wall Street amid the announcements, leading to the narrative of it decoupling from the broader markets. But when it did crash, it slumped all the way below $75,000 - the level last seen only before Trump’s re-election.

Bitcoin did retrace back to above $82,000 temporarily, but when China retaliated with 84% tariffs on US goods on Tuesday, Bitcoin dropped again.

When Treasury yields spiked to 4.5% on April 8, suggesting a potential unwinding of the basis trade, Bitcoin suffered alongside other risk assets.

Bitcoin's correlation with traditional markets remains strong during crisis periods but shows increasing independence during calmer intervals - like it outperformed broader markets (+21% vs +1%) between November 6, 2024, and February 28, 2025.

The verdict - claims of decoupling are premature, despite occasional divergence, and maturation of an asset such as Bitcoin takes time.

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Q: Should you worry about Justin Sun's battle with First Digital Trust?

Tron founder Justin Sun last week accused First Digital Trust (FDT) of misappropriating $456 million from TUSD's custodial funds without client authorisation or knowledge. This rapidly devolved into a high-stakes battle with Sun declaring the case "ten times worse" than FTX and launching a $50 million bounty for whistleblowers.

FDT has denied these allegations. Calling them a "smear campaign" designed to damage a competing stablecoin issuer. The company announced plans to sue Sun for defamation and has filed an injunction with the Hong Kong High Court to prevent further statements.

First Digital CEO Vincent Chok defended his firm's actions, stating they acted purely as a custodian following client instructions, not as a fiduciary with independent decision-making power. "We're not asset managers and we don't claim to be," said Chok.

After Sun urged users to secure their assets from FDT, the company's FDUSD stablecoin briefly lost its dollar peg, falling to as low as $0.95. Meanwhile, TrueUSD's peg was only maintained after Sun provided a $500 million loan to Techteryx, TUSD's operator.

Why worry? If a dispute between business partners can threaten the stability of multiple stablecoins representing hundreds of millions in market value, how secure is the broader stablecoin ecosystem? As Congress advances legislation to regulate this critical market, this calls for clear standards for custody, reserves, and transparency.

The Crypto Comic 🎭

Dispatch Decoder: What is Basis Trade? 👨🏽‍🏫

The basis trade is a sophisticated arbitrage strategy used by hedge funds to profit from tiny price differences between Treasury bonds and futures contracts. Traders buy Treasury securities and simultaneously sell corresponding futures contracts, locking in a small profit from the price discrepancy.

Because the profit margins are minimal, funds typically use significant leverage, borrowing heavily to multiply their returns. This strategy is normally low-risk, but when many participants try to exit simultaneously — as happened this week when the 10-year Treasury yield spiked above 4.5% — it can create a cascading effect.

As yields rise (meaning bond prices fall), traders face margin calls, forcing them to sell their Treasury holdings. This additional selling drives yields even higher, triggering more margin calls in a dangerous feedback loop. A similar unwinding occurred in March 2020, requiring Federal Reserve intervention to stabilise markets.

This week's basis trade unwinding signals severe market stress as investors reassess risk amid escalating trade tensions.

Q: Why did Nigeria's $81-Bn legal battle with Binance get postponed?

Nigeria's tax evasion case against Binance hit a procedural roadblock last week for a comical reason. The exchange's attorney challenged the government's method of serving legal documents via email to Binance, which is headquartered abroad.

The Abuja federal high court adjourned the trial until April 30. Chukwuka Ikwuazom, a Binance attorney, argued that authorities must obtain formal permission to serve official documents abroad.

The government alleges the exchange owes $79 billion in damages and $2 billion in back taxes for operating without proper registration.

Why is Nigeria determined to recover the sum? The amount is roughly 20% of Nigeria's entire GDP.

When Binance dispatched executives Nadeem Anjarwalla and Tigran Gambaryan to negotiate crypto deals in the country last year, Nigerian authorities detained both men at Kuje prison, a maximum security facility typically reserved for terrorism and money laundering suspects. While Gambaryan was eventually released after nine months when his health deteriorated, Anjarwalla managed to escape the country and remains wanted by Nigerian authorities.

Under the Radar 🔎

Solana-based memecoin launchpad Pump.Fun quietly reintroduced its controversial livestreaming feature after pet threats and on-air chaos forced it to shut down last November.

Read: When Pump.fun Is No Longer Fun 🥵

The situation reached a tragic climax in February when a trader known as "MistaFuccYou" fatally shot himself during a livestream on X after losing money to a rug pull involving a Pump.Fun token. Now, the platform has reinstated the feature with a new moderation policy prohibiting content involving violence, harassment, and illegal activity.

Pump.Fun co-founder Alon Cohen announced the feature is being rolled out to just 5% of users with "industry standard moderation systems."

The platform’s attempt to reignite engagement through the feature that caused its greatest controversies at a time when the memecoin space and overall crypto market are going through a relative cool-down suggests a desperate play for survival.

That’s it for this week’s News Rollups.

Until next Thursday, stay curious.

PS: Got some questions about the world of crypto from this week? Fill this form here and get a chance to have your question featured and answered by our experts in the next edition.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.

Token Dispatch is a daily crypto newsletter handpicked and crafted with love by human bots. You can find all about us here 🙌

If you want to reach out to 200,000+ subscriber community of the Token Dispatch, you can explore the partnership opportunities with us.

Fill out this form to submit your details and book a meeting with us directly.

Disclaimer: This newsletter contains analysis and opinions, not financial advice. Trading crypto involves substantial risk - your capital is at risk. Do your own research.