Entity representing Binance customers seeks compensation

The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show. The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT). Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.Crypto ETFs scheduled for SEC review. Source: Eric Balchunas/BloombergRelated: 21Shares files for spot Dogecoin ETF in the USOnslaught of altcoin ETFsFund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January. As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP). While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”Dogecoin network metrics. Source: Bitinfocharts.comDogecoin utilityDogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko. It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network. The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments. It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

The United Kingdom’s Treasury and Chancellor of the Exchequer, Rachel Reeves, have proposed new crypto rules aimed at “support[ing] innovation while cracking down on fraudsters.”In an April 29 notice, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), that would bring “crypto exchanges, dealers and agents” in line with regulations, as many residents were “exposed to risky firms and scams.” It cited discussions with US government officials, including a proposed US-UK cross-border sandbox from the Securities and Exchange Commission’s Hester Peirce.“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” said the notice. “The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.”This is a developing story, and further information will be added as it becomes available.

Cryptocurrency compliance firm Bitrace found that $649 billion worth of stablecoins flowed through addresses classified as high-risk in 2024, according to an April 29 report.Bitrace defines high-risk blockchain addresses as those used by illegal entities to receive, transfer or store stablecoins.Crypto compliance firms typically score crypto wallet addresses based on their likelihood of involvement in illicit activities. The higher the risk, the higher the likelihood of foul play, and the less likely compliant crypto businesses are to accept the assets.Per the report, the amount accounted for roughly 5.14% of all stablecoin transaction volume in 2024. This is down 0.8% from 5.94% the previous year, but significantly higher than the 2.8% reported in 2022 and 1.63% in 2021.Proportion of high-risk stablecoin transactions. Source: BitraceRelated: Americans lost $9.3B to crypto fraud in 2024 — FBITron USDT tops high-risk transactionsTron-based USDt (USDT) dominates high-risk stablecoin transactions, with Bitrace data indicating that well over 70% of the volume moved on the network. The remaining high-risk stablecoin transactions are mostly Ethereum-based USDt and a small amount of USDC (USDC).A likely explanation for the prevalence of USDT is likely due to its larger market capitalization and adoption compared with other stablecoins. At the time of writing, CoinMarketCap shows that USDt has a market cap of over $148 billion, while USDC stands at over $62 billion.Tron’s prevalence is not as easy to explain. Ethereum remains the more popular choice for most stablecoin users, with DefiLlama showing nearly $124.3 billion worth of stablecoins circulating on the network. Tron ranks second, with about $71 billion — almost 43% less than Ethereum.When comparing USDT balances alone, Tron holds slightly more than Ethereum: 47.4% of USDT supply, versus Ethereum’s 45.44%.High-risk inflows by stablecoin type. Source: BitrueRelated: Tether stablecoin issuer and Tron launch financial crime unitCrypto gambling continues its riseBitrace also reported that in 2024, online gambling platforms processed $217.8 billion worth of stablecoins — a 17.5% increase over the previous year.Once again, USDT also dominated this type of activity. Still, USDC’s market share is rapidly rising, clocking in at 13.36% in 2024.Stablecoin inflows to gambling platforms. Source: BitrueThe data follows recent reports that crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express