April 22, 2025 | 06:41
A Wall Street Journal report reveals that leading crypto firms, including Circle, BitGo, Coinbase, and Paxos, are actively seeking federal banking charters to align with traditional financial regulations. Anchorage Digital, the only crypto-native company currently holding such a license, faces stringent oversight from regulators like the OCC. The industry’s efforts to legitimize digital assets come with challenges, including compliance with anti-money laundering (AML) rules and due diligence requirements. Recent scrutiny by the El Dorado Task Force into Anchorage’s operations underscores the complexities of merging crypto innovation with established banking frameworks.
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17 in Finance and 2,066 in Crypto last weekZora Launches Token on Base Chain Amid Controversy
Zora, a social media platform that tokenizes content on Coinbase’s Base blockchain, is set to launch its own token on April 23. The announcement comes after Base’s ‘content coin’ campaign, which aimed to reward creators through tokenization but drew criticism due to the extreme volatility of its ‘Base is for everyone’ token. Zora’s activity spiked 601% during the campaign, but scrutiny intensified when Coinbase’s $52M investment in Zora was disclosed. Jesse Pollak, leading the campaign, denies collusion, attributing the timing to coincidence. Tokenomics reveal 45% of Zora’s supply is allocated to the team and strategic contributors, raising further concerns about fairness and market manipulation.
read moreCoinbase Expands Asset Recovery to Solana Tokens
Coinbase has expanded its self-service asset recovery tool to include lost Solana (SPL) tokens, enabling users to reclaim certain unsupported assets without submitting a support ticket. The feature, introduced in December 2022 for Ethereum tokens and later extended to BNB Chain and Polygon, now covers Solana. While the tool addresses a longstanding issue of irreversible mistaken transactions, not all tokens are eligible, and recovered assets lack Coinbase’s full listing review. Successful recoveries above $100 incur a 5% fee (plus network fees). Coinbase plans to add more networks in the future but warns that technical constraints may limit recovery options.
read moreCrypto Firms Seek Banking Licenses to Bridge Digital and TradFi
A Wall Street Journal report reveals that crypto firms Circle, BitGo, Coinbase, and Paxos are seeking federal banking charters or similar authorizations to operate as traditional financial institutions. Anchorage Digital remains the only crypto-native company with such a license, facing strict compliance demands from regulators like the OCC. The push reflects the industry’s efforts to legitimize digital assets while navigating complex anti-money laundering (AML) and due diligence requirements. Recent inquiries by the El Dorado Task Force into Anchorage’s practices underscore the challenges of aligning crypto operations with banking regulations.
read moreZora Launches Token Amid Base’s Content Coin Campaign
Zora, a social media platform that automatically tokenizes posts on Coinbase’s Base chain, is launching its own token on April 23. This follows Base’s ‘content coin’ campaign led by Jesse Pollak, which aims to reward creators through tokenization. However, critics argue the timing is suspicious, especially after Base’s token ‘Base is for everyone’ saw extreme volatility. Zora’s activity surged 601% during the campaign, but skepticism grew when Coinbase’s $52M investment in Zora was revealed. Pollak denies collusion, calling the timing coincidental. The tokenomics show 45% of Zora’s supply goes to the team and strategic contributors, fueling further speculation.
read moreXRP Price Surge: Breakout to $3 Imminent?
XRP is gaining momentum as its price surges over 3%, with trading volume up by 69.5%. Analysts speculate a breakout towards $3, supported by bullish technical indicators like MACD and RSI. Coinbase Derivatives’ filing to self-certify XRP futures trading is boosting institutional interest, while the overall crypto market cap rises. The fear and greed index shows improving sentiment, and key resistance levels at $2.22 could pave the way for further gains. If XRP breaks these hurdles, a path to $3 becomes likely, with some analysts even predicting a $15 target based on JPMorgan’s bullish ETF estimations.
read moreCrypto Firms Eye US Banking Licenses Amid Regulatory Thaw
A wave of pro-crypto sentiment in Washington is driving firms like Circle, Coinbase, BitGo, and Paxos to pursue US banking licenses, with some targeting national trust charters and others focusing on stablecoin issuance. This marks a reversal from past tensions between crypto firms and traditional banks, which saw widespread de-banking due to regulatory warnings. Meanwhile, global banks such as Deutsche Bank and Standard Chartered are exploring US crypto market entry, encouraged by clearer regulations. The Trump administration’s supportive stance has further spurred engagement with lawmakers, prompting regulators like the SEC to refine frameworks for digital assets. These developments aim to bridge the gap between crypto and traditional finance, fostering industry growth.
read moreBinance’s 89.6% Retail Dominance Shows Strong User Trust
Binance’s retail dominance index stands at 89.6%, indicating that the majority of funds on the platform come from small wallets owned by individual users rather than institutional whales. This contrasts sharply with exchanges like Coinbase Prime, which has only 18.3% retail dominance. Binance’s user-friendly interface and regulatory outreach, including discussions with the US Treasury and assistance in drafting national crypto laws, reinforce its retail appeal. However, recent technical disruptions due to an AWS outage and updates to the Portfolio Margin system remind users to stay vigilant.
read moreBarry Silbert Bets on Bittensor as Next Big Crypto Theme
Barry Silbert, CEO of Digital Currency Group (DCG), believes Bittensor (TAO) represents the next significant wave in crypto investment, following Bitcoin, Ethereum, and DeFi. His new company, Yuma, focuses exclusively on Bittensor—a decentralized blockchain network for AI collaboration. Silbert plans to invest in, develop, and promote Bittensor’s ecosystem, including its ‘subnets’ for specialized AI tasks. He compares this initiative to his early Bitcoin efforts and seeks to identify key infrastructure players within the Bittensor ecosystem, akin to Coinbase or Chainalysis in crypto.
read moreBase Creator Apologizes for Controversial GIF Amid Backlash
Jesse Pollak, the creator of Coinbase’s Ethereum layer-2 network Base, faced significant backlash after sharing a GIF containing controversial phrases like ‘Base is for pimping.’ While Pollak clarified he didn’t create the GIF and apologized, calling it a ‘mistake,’ the crypto community criticized the content as vulgar and harmful to the industry’s reputation. This follows another recent controversy involving Base’s tokenized post on Zora, which some accused of being a memecoin with market manipulation. Pollak defended the concept of ‘content coins’ but acknowledged the community pushback, emphasizing Base’s mission to expand token use cases. The incident highlights ongoing challenges in balancing creative expression with responsible messaging in crypto.
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