21 May 2025, 21:59

Pakistan Launches Digital Asset Authority to Regulate Crypto, Targeting $25B Market

The post Pakistan Launches Digital Asset Authority to Regulate Crypto, Targeting $25B Market appeared first on Coinpedia Fintech News Pakistan is officially stepping into the world of digital finance. The government has just launched the Pakistan Digital Assets Authority (PDAA), a new body that will manage and regulate Bitcoin and other digital assets across the country. This move comes at a time when Pakistan’s unofficial crypto market is estimated to be worth around $25 billion. Pakistan Launches PDAA To Regulate Digital Assets On Wednesday, Pakistan’s Ministry of Finance announced the official launch of the PDAA, a dedicated body to regulate all things related to digital assets. This includes Bitcoin, stablecoins, tokenized assets, wallets, and even decentralized finance (DeFi) tools. According to the Ministry of Finance, the PDAA will help build a secure, investor-friendly environment and make Pakistan more attractive to global blockchain firms. Meanwhile, Finance Minister Muhammad Aurangzeb said the PDAA is not just about regulation. It’s also about creating a strong, forward-thinking system that invites foreign investment, protects users, and encourages Web3 innovation. What Will the PDAA Do? Here are some key responsibilities the PDAA will take on: Oversee Pakistan’s massive $25B crypto market Promote Bitcoin mining using extra, unused energy Allow the tokenization of government-owned assets and public debt Provide legal ways for investors, both inside and outside Pakistan Help grow Web3 startups and digital exports Global Crypto Partnerships Underway Another eye-catching move was Pakistan’s recent deal with World Liberty Financial (WLF), a crypto company backed by the Trump family. It recently signed a deal with World Liberty Financial (WLF), a crypto company linked to the Trump family. The deal was made through the Pakistan Crypto Council, which also brought on Binance founder CZ as an adviser. These partnerships hint at Pakistan’s larger plan to become a serious player in the global crypto space. New Financial Identity for Pakistan? With this new framework, Pakistan joins countries like Singapore, Japan, and the UAE, which have already made space for blockchain innovation. The PDAA will operate under FATF-compliant rules to ensure international trust. Experts believe this could be the beginning of a major shift. As Bilal Bin Saqib from the Pakistan Crypto Council said, “This isn’t just about crypto, it’s about reshaping the future of finance in Pakistan.” If all goes as planned, Pakistan could soon be South Asia’s next big crypto destination.

21 May 2025, 21:40

Texas Becomes 3rd U.S. States to Pass a Strategic Bitcoin Reserve Bill Out of the House and Senate

The post Texas Becomes 3rd U.S. States to Pass a Strategic Bitcoin Reserve Bill Out of the House and Senate appeared first on Coinpedia Fintech News The Texas Senate must confirm the House amendment to the SB-21 bill before it can proceed to the governor’s desk. On-chain data shows a supply shock has catalyzed Bitcoin’s bullish sentiment. After the Texas Senate approved the Strategic Bitcoin Reserve (SB21) bill earlier in March 2025, the House passed it with a final vote of 101 to 42. Texas is now the third state in the country to pass an SBR bill in both the Senate and the House after New Hampshire and Arizona in the recent past. The SB21 bill in Texas has to be vetted again by the Senate after the House amendment changed some statutory provisions regarding the market cap of crypto assets. Notably, the Texas House changed the market cap average of $500 billion from 12 months to 24 months. According to Dennis Porter, the CEO and co-founder of Satoshi Action Fund, there is a 99+ percent chance that the Texas Senate will approve the amendment to SB21. Meanwhile, the SB21 bill will soon be forwarded to the State Governor, Greg Abbott, who will have 20 days to either sign or veto the bill. Technically the Texas bill has to go back to the senate to confirm the amendment which passed in the House. The House amendment changed the market cap average of $500 billion from 12 months to 24 months. I’ve been told the odds of it being approved by the Senate at 99%+. https://t.co/PJsrfGdVbZ — Dennis Porter (@Dennis_Porter_) May 21, 2025 Impact of Texas SBR Bill Approval on Bitcoin Currently, BTC is the only cryptocurrency to meet the set standards by the Texas SB21 bill. If the Texas Governor signs it into law, the overall impact on the Bitcoin market will be immense in the coming months and years. Moreover, the adoption of Bitcoin by U.S. states will solidify it as a reliable digital gold amid economic turmoil. Already, Bitcoin price has enjoyed significant bullish sentiment fueled by rising demand from institutional investors and retail traders. As Coinpedia reported, BTC price is well positioned to reach $150k before August, based on historical performance and current fundamentals.

21 May 2025, 21:36

Feds Probed Hailey Welch After $400M ‘Hawk Tuah’ Meme Coin Imploded

Key Takeaways: Hailey Welch, known as the “Hawk Tuah Girl,” was investigated by the FBI and SEC after the collapse of a meme coin launched in her name. Welch stated she had little understanding of crypto, was given pre-written promotional content, and had no control over her social media during the campaign. Welch expressed regret for her involvement, saying she trusted the wrong people and feels responsible for disappointing her followers. $400 million vanished as the Hawk Tuah meme coin imploded—Hailey Welch, better known as the “Hawk Tuah Girl,” revealed on the May 21 episode of her “Talk Tuah” podcast that she was investigated by the FBI and federal agents came to her grandmother’s house, thrusting the viral star into the crosshairs of an escalating crackdown on influencer-backed tokens. Welch Cleared by SEC in HAWK Token Probe The HAWK token was launched in December 2023 by Welch’s team in collaboration with launchpad platform OverHere Limited. It came at a time when the meme coin market was booming. @HalieyWelchX also known as Hawk Tuah girl, is facing controversy after her coin $HAWK was an alleged scam. #HalieyWelch #HawkTuah https://t.co/nwzqAYrMNs — Cryptonews.com (@cryptonews) December 5, 2024 The token briefly reached a market cap of $400 million before collapsing by over 90% . Blockchain analytics firm Bubblemaps flagged suspicious activity, claiming that insider wallets and snipers sold large amounts of the token shortly after launch. “After the coin launch, the feds came to granny’s house and knocked on her door,” she said. “She called me, having a heart attack, saying: ‘The FBI is here after you, what have you done?’” Hailey Welch, known for the viral "Hawk Tuah" meme, says the FBI and SEC have cleared her of any wrongdoing in the $HAWK memecoin collapse. She claims she was paid only a marketing fee and never profited from the token itself. pic.twitter.com/YlUQza9pua — Satoshi Club (@esatoshiclub) May 21, 2025 Welch said she met with agents and handed over her phone for investigation. “They interrogated me, asking me questions and everything else related to crypto,” she said. “They cleared me, I was good to go.” Welch, who rose to internet stardom in June 2023 for her off-the-cuff answer in a viral street interview, said she had no experience in crypto before being pulled into the token project. “I trusted the wrong people,” she said. “I did not have enough knowledge about crypto to be getting involved with it. And I knew that.” She said her social media account was controlled by others during the token’s promotion and that she was given pre-written lines to record. These videos were posted without her direct involvement, she claimed. “I was sent lines to read, and someone I trusted posted them,” Welch said, adding that legal restrictions prevent her from naming the people or company involved. Welch Says She Was Unprepared and Regretful On the day of the launch, Welch recalled being rushed into a room and told to join a livestream with YouTuber Stephen Findeisen, better known as Coffeezilla. “Nobody warned me about this guy at all,” she said. “They didn’t tell me he was like a crypto wizard—that’s exactly what he is. He ate me the f**k up.” Welch also said the U.S. Securities and Exchange Commission briefly took her phone during its own inquiry. Her lawyer told TMZ in March that the SEC had closed its investigation without pursuing any charges or sanctions against her. Welch said she received a marketing fee but did not profit from the token itself. All earnings, she added, were spent on legal and PR costs. Despite being cleared of any wrongdoing, Welch expressed regret for her involvement. “It makes me feel really bad that they trusted me, and I led them to something that I did not have enough knowledge about,” she said. “I let a lot of people down.” Investors are taking action! A lawsuit has been filed against the creators of Hawk Tuah ($HAWK) after a shocking 90% crash led to $151K in losses. #Crypto #HawkLawsuit https://t.co/FlONUafCc0 — Cryptonews.com (@cryptonews) December 19, 2024 HAWK investors filed a lawsuit in December 2023 against several parties allegedly behind the token, including Alex Schultz, the Tuah the Moon Foundation, OverHere Limited, and its founder, Clinton So. Welch was not named as a defendant. Meme Coin Fallout Deepens as Investor Lawsuits and Market Scandals The broader meme coin market, once the standout sector of the 2024 bull run, has since soured. A wave of scandals, from insider trading allegations to outright rug pulls, has eroded trust. One of the most damaging incidents, dubbed “Libragate,” involved LIBRA, a token whose price soared following public support from Argentine President Javier Milei. The hype quickly collapsed, wiping out over $120 million in market value . Roughly 86% of holders lost over $1,000, sparking allegations of fraud and coordinated dumping. Meme Coins Aren’t Securities, More Like Collectibles: US SEC Confirms The US Securities and Exchange Commission (SEC) published a staff statement on Thursday confirming that meme coins don’t fall under securities. The guidance comes as an effort to provide greater clarity on… — Cryptonews.com (@cryptonews) March 7, 2025 Amid the chaos, the SEC issued a statement in February 2024 confirming that meme coins don’t meet the definition of securities. Still, it warned that deceptive practices tied to them remain subject to enforcement. The post Feds Probed Hailey Welch After $400M ‘Hawk Tuah’ Meme Coin Imploded appeared first on Cryptonews .

21 May 2025, 21:18

GENIUS Act Wins Industry Praise From Blockchain Association As Crypto Sector Awaits Final Vote

The Blockchain Association is celebrating the Senate’s advancement of the GENIUS Act as pro-crypto politicians seek to enact a comprehensive stablecoin regulatory framework, a May 19 X post from the organization reveals. GENIUS Act Advances After Narrow Defeat According to the X post, Blockchain Association Interim CEO and Head of Policy Sarah Milby called Monday’s cloture vote “a meaningful step toward establishing clear, common sense rules for stablecoins.” 1/ The Senate has passed the motion to proceed to consideration of the GENIUS Act – a step toward clear, commonsense regulation for stablecoins. This is a major milestone for debate to continue on this critical bill. pic.twitter.com/JHfhCC94UB — Blockchain Association (@BlockchainAssn) May 20, 2025 “This bipartisan progress reflects the growing recognition of the need for a regulatory framework for stablecoins that supports innovation, ensures consumer protection, and reinforces U.S. leadership in digital assets,” Milby said. “We welcome the continued progress and debate on this important legislation.” The GENIUS Act’s procedural vote saw 66 senators vote yes on the landmark crypto bill , though 32 U.S. lawmakers continued to hold out approval after weeks of partisan turbulence regarding the blockchain sector. The legislation failed to advance in a vote held nearly two weeks ago, with reports emerging that the Trump-affiliated World Liberty Financial’s stablecoin, USD1, would be used to finalize a deal between Abu Dhabi-based investment firm MGX and Binance. “The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” Senator Elizabeth Warren said on the Senate floor on Monday. “And, for the first time in American history, it also makes our president—Donald Trump—the regulator of his own financial product,” Warren continued. Donald Trump Faces Crypto Scrutiny U.S. President Donald Trump is slated to host top investors in his meme coin , $TRUMP, at an exclusive gala dinner in Washington, D.C., on May 22. Critics argue that the event may be unethical as foreign influences may be able to buy Trump’s favor by purchasing sweeping amounts of the coin. Meanwhile, the GENIUS Act is expected to face a full Senate vote sometime after Memorial Day. The post GENIUS Act Wins Industry Praise From Blockchain Association As Crypto Sector Awaits Final Vote appeared first on Cryptonews .

21 May 2025, 21:17

Altcoin ETFs Won’t Create ‘Material Demand from Institutional Investors’ – Analyst

Bitcoin’s rally in May has led to improved sentiment in the crypto space, despite persisting macroeconomic concerns stemming from US President Donald Trump’s aggressive tariff policy. However, although Bitcoin briefly set a new all-time high on 21 May, most altcoins are still considerably down and look unlikely to retest their all-time highs in the near-term. Altcoins have historically outperformed Bitcoin during sharp rallies and risk-on periods, but Suliman Mulhem, a financial analyst, has cautioned that BTC is set to deliver superior returns this cycle despite altcoin ETFs being on the horizon. “Although some altcoins, such as Ether, have outperformed Bitcoin on its recent leg up since the start of May, it’s almost certain that BTC will deliver a higher return – certainly on a risk-adjusted basis – than the vast majority of alts on longer time frames,” Mulhem said. “This is primarily because Bitcoin’s rally from around $45,000 at the start of 2024 to over $106,000 as of mid-May 2025 has been driven almost entirely by strong demand from corporations that have adopted a BTC accumulation programme, such as Strategy and Metaplanet, and institutional investors who have been scaling their exposure to Bitcoin via ETFs.” Continuing, Mulhem explained that corporations and ETFs are set to continue to dominate the market, and argued that even if additional altcoin ETFs and ETPs are approved by the SEC, this will not translate into significant new demand for altcoins. “Corporations and institutional investors are poised to indefinitely remain the largest net buyers of Bitcoin, perhaps only being rivalled eventually by governments and central banks who opt to create their own strategic BTC reserves,” he said. “While there are dozens of spot ETFs and other exchange-traded products (ETPs) for altcoins pending approval in the US, they are likely to only attract meagre inflows even if the SEC green-lights them.” Highlighting why ETFs won’t create significant new demand for altcoins, Mulhem argued that altcoins don’t have a place in institutional investors’ portfolios. “This is because all altcoins lack a clearly defined value proposition for institutional investors, corporations and governments. “This contrasts with Bitcoin, which is already being viewed as ‘digital gold’ mainly due to its limited supply and perceived value as a hedge against fiat currency debasement and sovereign debt risk, while also delivering huge upside during ‘risk-on’ periods. “Therefore, although the widespread approval of new ETFs and ETPs will provide institutional investors with access to altcoins, we shouldn’t expect these new funds to directly create material new demand, and they are unlikely to be a significant source of buying pressure for the foreseeable future. “As such, altcoins are set to remain almost entirely reliant on retail investors, whose participation levels are yet to return to the peak levels we saw during the 2021 bull run.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

21 May 2025, 21:09

Bitcoin Hits New All-time High Price $109,800— Veteran Trader Says Bull Run Begins

The post Bitcoin Hits New All-time High Price $109,800— Veteran Trader Says Bull Run Begins appeared first on Coinpedia Fintech News Bitcoin, the world’s largest cryptocurrency by market cap, has just hit a new all-time high of $109,788 , passing its earlier record set in January. With this new surge, Bitcoin has now overtaken Amazon in market value and is the fifth-largest asset in the world with a market cap of $2.14 trillion. But many experts say this is just the beginning. So, what’s pushing Bitcoin higher this time? Institution Pouring Huge Capital One of the biggest reasons behind Bitcoin’s rise is the growing interest from big institutions. MicroStrategy, now rebranded as Strategy, has added more BTC to its already massive stack, now holding over 576,000 Bitcoins, which is 2.7% of the total supply. That’s no small move. Other companies are following their lead. Japan’s Metaplanet just bought 1,004 BTC, bringing its total holdings to 10,000 BTC. This growing corporate demand is one reason why many believe Bitcoin still has room to fly. Politics and Policy Are Turning Pro-Bitcoin It’s not just companies that are getting involved—governments are stepping in too. In the U.S., the GENIUS Act , which supports clearer stablecoin regulations, is moving forward in the U.S. Senate. On top of that, President Donald Trump’s executive order to build a Strategic Bitcoin Reserve, and you’ve got real government-level support fueling investor confidence. All this has added fuel to the fire. With all this support, Bitcoin’s market value has now reached $2.13 trillion, making it the fifth most valuable asset behind gold, Microsoft, Nvidia, and Apple. Where Is Bitcoin Heading Next? Looking at the recent Bitcoin rise, Veteran trader Peter Brandt believes this is just another step in a bigger rally. He thinks Bitcoin could reach $150,000 by August. He’s currently “long” on BTC, meaning he expects it to go higher. Famous author Robert Kiyosaki also sees big things ahead, he says Bitcoin might even hit $250,000 this year. So, while Bitcoin is already at a new high, many believe the real breakout is still ahead