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The U.S. Senate has officially confirmed Paul Atkins as the new Securities and Exchange Commission (SEC) chair. This is after his nomination was cleared in a 52-44 Senate vote on Wednesday, April 9. The confirmation of the former Wall Street consultant comes after U.S President Donald Trump named him to lead the agency in December of last year. “We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” said the financial watchdog’s commissioners in a statement. Senate Banking Committee Chairman Tim Scott expressed confidence that Atkins would continue the SEC’s crypto-friendly approach under the Trump administration. He added that his experience would help roll back Biden-era policies, boost capital formation, support retail investors, and bring regulatory clarity to digital assets to keep U.S. markets competitive. Senator Cynthia Lummis voiced similar support, expressing confidence that his leadership would improve rulemaking for the crypto industry. Atkins is set to replace Mark Uyeda, who has been serving as the acting SEC chair since January 20 following the resignation of Gary Gensler. Since Gensler stepped down in January 2025, under Uyeda, the SEC has eased its approach to crypto enforcement. The agency has closed multiple investigations involving crypto firms, formed a Crypto Task Force, and reversed several previous rules that had imposed restrictions on digital assets. Atkins is expected to adopt a more favorable stance on crypto regulation in line with the Trump administration’s efforts to lower regulatory hurdles and strengthen the domestic digital asset industry. In a testimony before the Senate Banking Committee last month, the 66-year-old named the creation of a digital asset regulatory framework as a “top priority.” He criticized the existing lack of clear guidelines, arguing it causes confusion and suppresses innovation. The official also committed to working with Congress and SEC commissioners to build rules that balance investor protection with innovation. The new chair also brings extensive experience in the crypto space. He founded Patomak Global Partners in 2009, a consultancy whose clients include traditional banks, crypto exchanges, and DeFi platforms. From 2017 to 2024, he co-led the Token Alliance, which advocated for crypto-friendly policies. He also served as an SEC Commissioner from 2002 to 2008.

The world of blockchain gaming, often touted as the next frontier of digital entertainment, is facing a stark reality check. One of its prominent players, Treasure DAO, the platform behind the MAGIC token, has just announced a series of drastic measures to stay afloat. This isn’t just another project tweaking its roadmap; it’s a critical pivot involving significant cuts and a complete exit from game distribution. For anyone invested in crypto, particularly in the gaming sector, this news signals a potentially seismic shift and raises urgent questions about the sustainability of current models. Treasure DAO, known for its ecosystem built around the MAGIC token and its interoperable metaverse, has revealed a concerning financial situation. The numbers paint a clear picture of unsustainability. According to reports, their quarterly spending reached a staggering $11.3 million in the last quarter of 2023. Juxtapose that with a meager $40,000 in revenue during the same period, and you have a gaping financial chasm. This massive disparity has left Treasure DAO with a rapidly dwindling runway, estimated to last only until July. The implications are serious, forcing the project to take drastic action to ensure its continued existence. To address this alarming situation, Treasure DAO has implemented a series of tough decisions: Treasure DAO’s predicament isn’t happening in a vacuum. It highlights the broader challenges facing the entire blockchain gaming sector. While the promise of play-to-earn and decentralized gaming experiences is enticing, the reality of building sustainable and profitable platforms is proving complex. Several factors contribute to these difficulties: The situation at Treasure DAO raises questions about the operational and financial management within Decentralized Autonomous Organizations (DAOs) in general. While DAOs offer a vision of decentralized governance and community ownership, they also present unique challenges. The concept of a DAO crisis, while perhaps dramatic, is relevant in this context. Some potential contributing factors to Treasure DAO’s financial woes could include: For holders of the MAGIC token, the news of Treasure DAO’s financial difficulties and strategic shifts introduces significant uncertainty. Token prices often react sharply to such announcements, and MAGIC is likely to be no exception. Investors need to carefully consider the following: The question now is: can Treasure DAO successfully navigate this crisis and turn the tide? Their strategy hinges on: The situation with Treasure DAO serves as a potent reminder of the challenges and risks inherent in the crypto space, particularly in the rapidly evolving field of blockchain gaming. While the promise of decentralization and innovative gaming experiences remains, projects must demonstrate financial prudence, strategic agility, and a strong focus on building sustainable business models. The coming months will be critical for Treasure DAO as they attempt to execute their survival plan and navigate this turbulent period. The entire crypto gaming community will be watching closely to see if they can emerge stronger on the other side. To learn more about the latest crypto news trends, explore our article on key developments shaping crypto market price action. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

In a sweeping policy reversal, the Trump administration has ordered the disbandment of the National Cryptocurrency Enforcement Team (NCET), a key unit responsible for policing the crypto industry. A memo from Deputy Attorney General Todd Blanche, reviewed by ABC News , instructs federal prosecutors to stop targeting crypto exchanges, mixers, tumblers, and offline wallets for actions committed by end users or accidental violations of regulations. “The Department of Justice is not a digital assets regulator,” the memo states. The decision aligns with President Trump's broader pro-crypto stance, which includes instructing the SEC and CFTC to ease regulations and creating a digital assets reserve. Blanche sharply criticized the Biden administration’s crypto approach, labeling it as “regulation by prosecution” and “poorly executed.” According to the memo, DOJ efforts will now concentrate solely on individuals who use digital assets for serious criminal offenses, such as terrorism, drug trafficking, hacking, and organized crime. This signals a dramatic narrowing of the federal government’s enforcement scope in the crypto space. The policy shift could impact several major cases, including the prosecution of Tornado Cash and Avraham Eisenberg, both previously pursued by the Southern District of New York. Blanche’s memo suggests these cases, which targeted crypto platforms and traders for regulatory violations and manipulation, may no longer align with DOJ priorities. Blanche also took aim at the prior administration’s prosecution of Sam Bankman-Fried, suggesting the approach failed to account for crypto market fluctuations. He argued that calculating victim losses based on outdated crypto prices unfairly penalized defendants and prevented victims from reclaiming asset value gains. This move marks a significant change in federal crypto oversight, signaling a more laissez-faire approach under Trump. With enforcement efforts now focused only on overt criminal conduct, the broader crypto industry may face less scrutiny—but questions remain about investor protection and market integrity. In a sweeping policy reversal, the Trump administration has ordered the disbandment of the National Cryptocurrency Enforcement Team (NCET), a key unit responsible for policing the crypto industry. A memo from Deputy Attorney General Todd Blanche, reviewed by ABC News , instructs federal prosecutors to stop targeting crypto exchanges, mixers, tumblers, and offline wallets for actions committed by end users or accidental violations of regulations. “The Department of Justice is not a digital assets regulator,” the memo states. The decision aligns with President Trump's broader pro-crypto stance, which includes instructing the SEC and CFTC to ease regulations and creating a digital assets reserve. Blanche sharply criticized the Biden administration’s crypto approach, labeling it as “regulation by prosecution” and “poorly executed.” According to the memo, DOJ efforts will now concentrate solely on individuals who use digital assets for serious criminal offenses, such as terrorism, drug trafficking, hacking, and organized crime. This signals a dramatic narrowing of the federal government’s enforcement scope in the crypto space. The policy shift could impact several major cases, including the prosecution of Tornado Cash and Avraham Eisenberg, both previously pursued by the Southern District of New York. Blanche’s memo suggests these cases, which targeted crypto platforms and traders for regulatory violations and manipulation, may no longer align with DOJ priorities. Blanche also took aim at the prior administration’s prosecution of Sam Bankman-Fried, suggesting the approach failed to account for crypto market fluctuations. He argued that calculating victim losses based on outdated crypto prices unfairly penalized defendants and prevented victims from reclaiming asset value gains. This move marks a significant change in federal crypto oversight, signaling a more laissez-faire approach under Trump. With enforcement efforts now focused only on overt criminal conduct, the broader crypto industry may face less scrutiny—but questions remain about investor protection and market integrity.

Ripple is acquiring Hidden Road in a $1.25 billion deal, marking the second billion-dollar-plus acquisition involving a crypto company this year—following FTX’s $1 billion purchase of BlockFi. Ripple ( XRP ) is acquiring prime brokerage firm Hidden Road for $1.25 billion as part of its strategy to attract more institutional investors through a wider range of services. The deal will be primarily cash-based, along with a portion paid in XRP and Ripple stock. Marc Asch, the founder of Hidden Road, will continue to lead the brokerage under Ripple. “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions,” CEO Brad Garlinghouse told Fortune. Garlinghouse told CNBC that he anticipates the deal will be finalized by the third quarter of 2025 at the latest. Brad Garlinghouse explained that the acquisition came about after Hidden Road faced growth challenges due to balance sheet constraints and began seeking external capital to scale. As part of the acquisition, Hidden Road will integrate Ripple’s stablecoin , RLUSD, into its offerings and may also utilize the XRP blockchain for more efficient transaction settlements. Ripple plans to invest billions into Hidden Road to scale its operations and meet the growing demand for prime brokerage services in the crypto market. Founded in 2018 by Marc Asch, Hidden Road has quickly become a major player in the crypto prime brokerage space, competing with the likes of FalconX and Coinbase Prime. The firm reported $3 trillion in fund transfers in 2024. Previously, it raised $50 million in a Series A funding round backed by Castle Island Ventures, Coinbase Ventures, and Citadel Securities.

SBI Holdings has refuted claims that it intends to sell a $100 million stake in its cryptocurrency trading subsidiary, B2C2. A report published by Bloomberg on April 8 claimed that SBI Financial Services, a unit of Japan’s SBI Holdings, was exploring a potential $100 million sale of a minority stake in its crypto market-making subsidiary B2C2. Citing anonymous sources familiar with the discussions, the article noted that SBI was in talks with several prospective buyers. However, according to Bloomberg, an SBI spokesperson denied the report, stating the company is not considering a sale. B2C2 also declined to comment on the matter. SBI Holdings initially acquired a minority stake in B2C2 in July 2020, investing $30 million to establish a strategic partnership aimed at enhancing its cryptocurrency services for millions of customers. By December 2020, SBI had fully acquired B2C2, positioning itself as the first major financial group to operate a digital asset dealing desk. Since the acquisition, B2C2 has expanded its presence in the cryptocurrency market. In August 2023, the firm acquired French market-making company Woorton, gaining regulatory licenses to operate within the European Union. This move was part of B2C2’s broader strategy to enhance its services and provide liquidity to institutional clients across Europe. SBI Holdings has been a significant player in the digital asset space, engaging in various initiatives to integrate cryptocurrencies into traditional financial services. The company has collaborated with blockchain firms and invested in multiple crypto-related projects, underscoring its commitment to the evolving digital economy.