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20 May 2025, 19:21
Spot XRP ETFs Now ‘Only A Matter Of Time’ After CFTC-Regulated Futures Begin Trading In US
XRP futures traded for the first time on the Chicago Mercantile Exchange (CME) Group’s US derivatives exchange on May 19, offering market participants new tools to manage risk and get exposure to the price of XRP as the Ripple-linked token’s mainstream adoption gains momentum. A popular crypto industry pundit believes the CME futures listing bodes well for a potential spot XRP exchange-traded fund (ETF) listing in 2025. XRP Futures Finish First Day Of Trading Last month, CME confirmed plans to list two types of XRP futures contracts: retail-friendly micro contracts representing 2,500 XRP and standard contracts representing 50,000 XRP. They are the second regulated XRP futures to hit the US market after Coinbase launched XRP and nano XRP futures contracts on its derivatives exchange in April. The newly launched XRP futures are settled in cash, not physical XRP. On May 19, the contracts’ first trading day, 4 standard contracts totaling around $480,000 in notional volume at an average price of $2.40, changed hands on the exchange, according to CME data. The majority of activity came from 106 micro contracts, accounting for over $1 million in day one trading volume. “The launch of regulated XRP Futures on @CMEGroup marks a key institutional milestone for XRP,” Ripple CEO Brad Garlinghouse stated on X on Monday, adding that Hidden Road executed the first block trade. CME already lists futures contracts for Bitcoin (BTC) and Ethereum (ETH). US regulators approved exchange-traded funds for both of those cryptocurrencies last year. The rollout of XRP futures on CME comes as efforts to settle the SEC’s protracted lawsuit against Ripple hit a wall in court. As ZyCrypto covered last week, US District Judge Analisa Torres denied a joint request by the two parties to approve a settlement that would have reduced Ripple’s civil penalty from $125 million to $50 million. Calling it “procedurally improper,” Judge Torres indicated that the motion did not satisfy Rule 60, which only allows relief from a final judgment under exceptional circumstances. The ruling keeps Ripple’s legal woes alive and adds uncertainty over the timeline for spot XRP ETF approvals. ETF Approval Odds ETF Store Nate Geraci has expressed optimism about XRP’s next big move after the launch of the highly anticipated CME XRP futures. Amid the buzz surrounding this significant development, Geraci reckons that U.S.-listed spot XRP exchange-traded funds (ETFs) are next in line. His remark suggests that the launch of the CFTC-regulated futures will act as a stepping stone for XRP to secure regulatory approval for spot products. CME-traded XRP futures are now *live*… CFTC-regulated contracts on XRP. Spot XRP ETFs only a matter of time. pic.twitter.com/MOhHtoGWbs — Nate Geraci (@NateGeraci) May 19, 2025 At least five ETF issuers, including Grayscale , 21Shares , WisdomTree , Bitwise , Canary Capital , and Franklin Templeton , have submitted paperwork with the SEC to introduce spot XRP ETFs. Bloomberg Intelligence estimates the likelihood that XRP ETFs are ultimately approved at approximately 85% following the change in leadership at the SEC .
20 May 2025, 19:15
Hailey Welch cleared for HAWK token rug pull
Hailey Welch said she was cleared by the US Securities and Exchange Commission and federal authorities for the crash of the HAWK token. The instant fame of HAWK ended quickly in a rapid crash, costing buyers as much as $50M. Hailey Welch claimed she was cleared by the US Securities and Exchange Commission as well as federal authorities. The creator of the HAWK token previously stated the SEC was done with its investigation , and federal authorities cleared her of responsibility for the HAWK token crash. Welch stated she lacked the knowledge on crypto, and regretted misleading her fans with a token that she did not fully understand and was misled. She explained her engagement with authorities in a recent Talk Tuah podcast. https://t.co/ONwwqD0oN5 pic.twitter.com/5JNaz9JZ82 — Talk Tuah with Haliey Welch (@talktuahpod) May 20, 2025 At the time of the crash, up to 97% of the token supply was held by snipers, and a group of insider wallets ended up crashing the price with rapid selling. HAWK was sniped early before it was available to the public, and sold to unaware retail investors. After that, the token did not have liquidity providers or market makers, and simply extracted SOL, leaving buyers to absorb the losses. The lawsuit against Welch started in December 2024, and crypto-investigating lawyer office Burwick Law is still seeking out all related parties. The legal team has tried class action lawsuits against meme token creators, aiming to compensate buyers. There is no official document proving that Welch is innocent. However, authorities did not continue the investigation beyond verifying the rug pull. Despite the losses, Welch reportedly received only $125K in advanced payment, with up to 50% of the token’s proceeds. At one point, Welch held over 50% of the token supply in a single wallet. HAWK sees almost no trading activity, and previous large wallets were broken up to smaller holdings. | Source: Bubblemaps Currently, the biggest wallet holds around 16.8% of the supply, with the rest split among smaller holdings. The token is relatively inactive, with small-scale trades to extract any remaining SOL in the liquidity pool. HAWK never recovered its meme reputation Within minutes, HAWK was sold off, resulting in losses of more than 95%. She went silent and stopped using social media after the selling, which took place during a livestream with Welch. The most recent podcast restated earlier indications that Welch would not be subject to fines or penalties. After the crash, HAWK traded in a single trading pair, with only $95K in liquidity. Previously, HAWK managed to reach $500M in market capitalization within minutes, rivaling older and more established memes. HAWK launched during peak season for celebrity tokens. The token did not revive after the news, still trading at $0.00015. Despite the low price, whales still realized gains, with one whale extracting 11.5 SOL . HAWK can still manage a small rally from its lows, but quickly falls on renewed selling from remaining holders. According to Solscan, the token still has 7,609 holders and continues to see small-scale trading through Jupiter or directly on Raydium. The volumes are extremely low, with trades in the hundreds of dollars. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
20 May 2025, 19:15
India’s Supreme Court Pressures Government to Regulate Crypto, Not Ban It
Supreme Court calls crypto ban unrealistic, urges regulatory action. Fraud case involving 2,091 BTC drives court scrutiny. Court compares Bitcoin trading to hawala, flags urgent oversight need. On May 19, 2025, India’s Supreme Court questioned why the central government has yet to create clear rules for cryptocurrencies. Justices Surya Kant and N. Kotiswar Singh said banning digital assets would be like “shutting your eyes to the ground reality.” Instead, they urged regulatory action, not prohibition. The bench said, “We aren’t experts. Experts would examine it, but some steps to regulate it and have an eye on it are necessary.” Supreme Court to India Gov: Regulate Crypto, Don’t Ignore Reality The justices emphasized that the government must act with the help of domain experts to monitor the fast-evolving crypto market. They referred to a previous case where the Attorney General claimed regulation was impossible due to the international nature of crypto, which the court found inadequate. The court highlighted the contradiction in India’s approach: taxing crypto at 30% plus 1% TDS (Tax Deducted at Source), all while lacking any f… The post India’s Supreme Court Pressures Government to Regulate Crypto, Not Ban It appeared first on Coin Edition .
20 May 2025, 19:09
Why Argentina govt shut down LIBRA investigation unit
The Argentina government shut down the investigation task force assigned to investigate the Libra crypto scandal involving Argentina President Javier Milei and his sister. The task force shut down after completing its objective Argentina’s Ministry of Justice said the Unidad de Tareas de Investigación (UTI) was shut down after its objective was completed. The order was signed by President Milei and Justice Minister Mariano Cúneo Libarona. The task force had shared its investigation findings with the public prosecutor’s office before being shut down. This move comes after an Argentina judge asked the country’s central bank to unseal both the president’s and his sister Karina Milei’s bank accounts. Karina is serving as Argentina’s General Secretariat of the Presidency and is a key member of the government. The judge also ordered to freeze the finances of three co-founders of Libra. Javier and Karina’s role in the memecoin scandal The Solana-based Libra meme coin was launched by Delaware-based Kelsier Ventures in February. Hours after the token was launched, Javier Milei, through an X (formerly called Twitter) post said LIBRA will be used to hold funds for small businesses and startups. The funds will be used to bolster the economy, Milei claimed. The post contained the token’s website link and contract address on Solana. The post triggered a frenzy in the crypto market as traders rushed to buy the tokens. The memecoin’s value exploded to $4.5 billion within a few hours. The memecoin then witnessed a huge crash, wiping out 80% of its value. After it crashed, Milei deleted the post and claimed that he had no advance knowledge of the token. He also said he never intended to induce people to buy the token. He said that he just wanted to promote the project as a “super technology enthusiast”. Later, Hayden Davis, a self-proclaimed facilitator of the Libra token, claimed that he paid Karina to influence her brother before Libra’s launch. Davis also said he controlled wallets holding over $100 million made from the launch of Libra. Retail Investors lose millions, insiders mint money The crash in Libra caused $251 million in losses to the token’s investors, according to a research firm. 86% of people who invested in the asset ended up losing money. On the other hand, a small group of investors made a profit of $180 million from the token. A blockchain researcher’s report said that eight crypto wallets withdrew $99 million worth of tokens from Libra’s token liquidity pool. Although the identity of the wallets could not be verified, the report said these were the wallets that received tokens directly from Libera’s creators. Javier and Karina has been under investigation after the scandal. The scandal was called “CryptoGate” by the local media. The post Why Argentina govt shut down LIBRA investigation unit appeared first on Invezz
20 May 2025, 18:45
Lawyers for Tornado Cash Developer Say Federal Prosecutors Withheld Critical Evidence From Court
Tornado Cash founder Roman Storm’s legal team is accusing the government of withholding information from the court. Storm was arrested in 2023 and slapped with charges related to allegedly laundering $1 billion in criminal proceeds, including hundreds of millions of dollars for the Lazarus Group, the sanctioned North Korean cybercriminal outfit. The Tornado Cash founder was also charged with operating an unregistered money-transmitting business, though that part of the indictment was dropped earlier this month in accordance with an April Department of Justice (DOJ) memo that encouraged an end to digital asset “regulation by prosecution.” The prosecutors are still pursuing the other charges. Now, Storm’s lawyers claim government prosecutors have held onto exculpatory materials since 2023 regarding their claims that noncustodial crypto mixers can act as money transmitters. “A recent filing in a similar prosecution involving Samourai Wallet, a noncustodial cryptocurrency mixer, revealed that, on August 23, 2023, S.D.N.Y. prosecutors had a previously undisclosed call with senior officials from the Financial Crimes Enforcement Network (FinCEN)… During that call, FinCEN officials stated that because Samourai ‘did not take ‘custody’ of the cryptocurrency by possessing the private keys to any addresses where the cryptocurrency is stored, that would strongly suggest that Samourai is NOT (emphasis in original) acting as an MSB [money services business/money transmitting business].'” Even though the government has dropped the unregistered money-transmitter portion of the indictment, Storm’s lawyers still claim that the failure to disclose those documents constitutes a “Brady violation” and has “materially prejudiced” the Tornado Cash founder’s defense. Brady violations involve prosecutors failing to disclose pertinent evidence that would help a defendant’s case. They can result in conviction reversals, mistrials, charge dismissals and/or prosecutorial misconduct charges. Storm’s trial is scheduled for July 14th. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Lawyers for Tornado Cash Developer Say Federal Prosecutors Withheld Critical Evidence From Court appeared first on The Daily Hodl .
20 May 2025, 18:41
$360,000,000,000 Asset Manager Says US Government Bonds No Longer Working As Hedge Against Risky Assets: Report
Kohlberg Kravis Roberts (KKR) reportedly says that US Treasuries are no longer an effective hedge against risk assets, creating a new demand for diversification. KKR, which had over $360 billion in assets under management as of the end of last year, says government bonds have ceased to act as “shock absorbers” for investors, Bloomberg reports . Says Henry McVey, KKR’s head of global macro and asset allocation, “During risk off days, government bonds are no longer fulfilling their role as the ‘shock absorbers’ in a traditional portfolio… Many CIOs are considering moving assets out of the United States toward other parts of the world.” McVey also says that the US dollar is about 15% overvalued, and that a weaker greenback is most likely approaching as President Trump’s new trade agenda develops. “The traditional role of U.S. government bonds in many global portfolios will become more diminished… The reality is that the US government is burdened with a large fiscal deficit and high leverage, and its bonds are likely over-owned by many global investors who have benefited from both positive interest rate differentials and a strong US dollar.” Last week, Moody’s downgraded America’s credit rating from AAA to AA1 while changing the country’s outlook from negative to stable. Moody’s attributes the downgrade to the United States’ soaring national debt and interest payment ratios that exceed those of other countries with the same credit rating. “As deficits and debt have grown, and interest rates have risen, interest payments on government debt have increased markedly. Without adjustments to taxation and spending, we expect budget flexibility to remain limited, with mandatory spending, including interest expense, projected to rise to around 78% of total spending by 2035 from about 73% in 2024. If the 2017 Tax Cuts and Jobs Act is extended, which is our base case, it will add around $4 trillion to the federal fiscal primary (excluding interest payments) deficit over the next decade.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $360,000,000,000 Asset Manager Says US Government Bonds No Longer Working As Hedge Against Risky Assets: Report appeared first on The Daily Hodl .
