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As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg TelevisionDuring crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said. “Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEOSupport for stablecoin legislation is growingThe election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower. Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director. Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: CointelegraphStablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading. The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Former FTX CEO Sam “SBF” Bankman-Fried has moved from a transit facility to a California prison that once housed infamous gangster Al Capone.According to the Federal Bureau of Prisons website, officials moved Bankman-Fried from the Federal Transfer Center in Oklahoma City briefly to the Federal Correctional Institution in Victorville before transferring him to a facility in Terminal Island in Los Angeles, California. The federal institution was once home to criminals like former Theranos chief operating officer Ramesh Balwani and Capone, who was convicted of tax evasion in 1931.During his 2023 trial and following his conviction on seven felony counts in 2024, Bankman-Fried was housed at the Metropolitan Detention Center in New York. However, officials moved the former FTX CEO after he was the subject of an interview by right-wing political commentator Tucker Carlson — an activity reportedly unsanctioned by authorities.Related: Sam Bankman-Fried posts for the first time in 2 years, FTX Token pumpsIt’s unclear whether Bankman-Fried will remain at the California facility until his tentative release date in 2044. A New York judge initially allowed SBF to remain in the state to assist during the appeal of his conviction and sentence — a process that could be hampered by the former FTX CEO’s current location.Moving to the right for a pardon?Since the inauguration of US President Donald Trump, reports have suggested that Bankman-Fried may be attempting to reach out to right-wing advocates in an attempt to secure a presidential pardon. Silk Road founder Ross Ulbricht received a pardon from Trump during his first few days in office — reportedly in a push to win over libertarians in the election — and is scheduled to appear at the Bitcoin 2025 conference in Las Vegas.Other former FTX executives, including Caroline Ellison and Ryan Salame, remain incarcerated in different facilities and largely out of the news since reporting to prison. FTX co-founder Gary Wang and former engineering director Nishad Singh were the only two individuals named in the initial indictment who received time served rather than prison.Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

US-based crypto trading platforms regaining influence over Bitcoin’s (BTC) token transfer volumes could possibly kick-start a rally in the second half of 2025. Bitcoin researcher Axel Adler Jr pointed out that the « US vs. off-shore ratio, » which measures token transfer volumes between US-regulated and offshore exchanges, indicated a drop in dominance from US exchanges after BTC reached an all-time high in January. Bitcoin total transferred ratio chart (US vs off-shore). Source: X.comAs illustrated in the chart, a trend reversal is underway, which implies BTC transfer volumes on US exchanges are beginning to rise again, aligning with previous bull market rallies. A key technical indicator in the chart is the 90-day simple moving average (SMA) crossing above the 365-day SMA. Historically, this crossover has preceded major price rallies. For example, when this signal occurred at $60,000, Bitcoin began a rally within one week. This suggests a potential price surge may occur in the coming weeks.Likewise, verified onchain analyst Boris Vest said Bitcoin is still undervalued. In a quick take post on CryptoQuant, the analyst explained that Bitcoin exchange reserves have fallen to 2018 levels, with only 2.43 million BTC held on exchanges compared to 3.4 million in 2021, indicating long-term holding and reduced supply.The Bitcoin stablecoin supply ratio (SSR) at 14.3 highlighted that significant purchasing power remains, as the ratio is below 2021 levels. Boris said, “Since it hasn’t yet reached 2021 levels, we can say that Bitcoin still appears to be undervalued. This suggests the bull market and buying pressure are likely to continue.”Related: Why is Bitcoin price down today?Bitcoin flips key monthly indicator, opening a path to $90KMarkets analyst Dom highlighted that Bitcoin’s recent multimonth downtrend breakout coincides with BTC flipping the monthly VWAP into support for the first time since January. Bitcoin analysis by Dom. Source: X.comThe Volume-Weighted Average Price (VWAP) is a technical indicator that calculates the average price weighted by trading volume. Traders use VWAP to assess trend shifts, identify support or resistance, and gauge whether an asset is overbought or oversold. Dom said, “Bulls have successfully held both of these levels for 4 days now, something we haven’t seen in months. A move above yesterday’s high and I think BTC runs near 90k.”However, Alphractal founder João Wedson remained cautious with Bitcoin near $86,000. He explained that waiting for a pullback if Bitcoin breaks above this level is the right approach, or bearish control might prevail. This echoes Alphractal’s analysis of $86,300 as a key resistance zone with the potential of becoming a bull trap.Related: Bitcoin bulls ‘coming back’ as key metric on Binance flips to neutralThis 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.

Auradine, a Silicon Valley-based startup that specializes in equipment for AI data centers and Bitcoin mining, has announced a raise of $153 million in a Series C funding round. The new capital will go to increasing the company’s product suite of infrastructure for AI and blockchain technology.The Series C round was led by StepStone Group and included participation from Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, and others. Auradine said the round was oversubscribed but did not disclose by how much or at what valuation the funds were raised.Along with the funding round, Auradine announced the launch of AuraLinks AI — its new business group dedicated to networking solutions targeting data centers’ energy and cooling costs.According to Goldman Sachs, energy demand due to AI data centers is expected to rise 165% by 2030. Building a small-scale AI data center can cost $10 million to $50 million, while large-scale AI data centers can cost hundreds of millions.Auradine designs and manufactures application-specific integrated circuits (ASICs) and related systems for Bitcoin mining. The company sees a strategic opportunity in the current US-China trade tensions and US President Trump’s push to boost domestic manufacturing. Among its main competitors is the Chinese-based firm Bitmain, which reportedly holds a 90% market share in the Bitcoin manufacturing sector. Related: How to mine Bitcoin: A beginner’s guide to mining BTCCrypto mining market to grow at CAGR 13% until 2034According to Precedence Research, the cryptocurrency mining market was valued at $2.5 billion in 2024 and is expected to have a compound annual growth rate of 13% until 2034. If that prediction is accurate, the mining market will reach a size of $8.2 billion by 2034.The rising Bitcoin hashrate, coupled with the increasing energy demands following each halving, is intensifying competition in the mining sector. As a result, the push for greater efficiency and advanced technology may create openings for new players to gain market share.Trump’s dual desires to make the US “the crypto capital of the planet” and bring manufacturing on-shore may also play a role. The US accounts for over 40% of the Bitcoin (BTC) hashrate, but US-based miners still rely heavily on China-manufactured rigs.Auradine’s $80 million Series B round, like its Series C, was oversubscribed. In total, the company has raised over $300 million across all funding rounds.Magazine: Asia Express: Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam

An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.April 16 order approving a motion to hold an appeal in abeyance. Source: PACERThe SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.Related: SEC dropping Ripple case is ‘final exclamation mark’ that XRP is not a security — John DeatonDespite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.New leadership at SEC incomingActing chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9. During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak. Magazine: SEC’s U-turn on crypto leaves key questions unanswered