Crypto weekly is co-authored by @serdave

PRICE CHANGE: WTD/YTD

- Crypto Market Cap ($2.7T): 0% / +52%
- BTC ($68,031): -2% / +60%
- ETH ($3,611): -6% / +58%
- SOL ($193): +39% / +89%
- UNI ($12.50): -11% / +71%
- MATIC ($1.08): -10% / +12%
- Tether Mkt Cap ($103B): +1% / +13%
- USDC Mkt Cap ($31B): +3% / +26%
- BTC / ETH Dominance: 50% / 16%

THIS WEEK IN CRYPTO

- Ethereum developers successfully completed its Dencun upgrade, most notable for enabling proto-danksharding via EIP-4844. The upgrade is expected to reduce transaction costs across Layer 2s. Link. Link.

- 134 countries are exploring digital versions of their currencies, with over half in advanced development, pilot, or launch stages. Link. Report. 

- The second-highest ranking official at the FDIC criticized US restrictions on banks handling digital assets for clients. Link. 

- According to a poll by crypto VC Paradigm, 20% of registered voters in the US hold crypto and 48% of those voters plan to vote for Donald Trump in November vs. 39% for Joe Biden. Link. 

- Layer-1 blockchain Solana saw on-chain volumes and fees move to new highs as a memecoin mania drove the token price to all-time highs. Link. Link. 

- Goldman, BNY Mellon, CBOE and other firms completed pilot tests on a proprietary banking blockchain network, called Canton. The goal was to explore benefits of using blockchain infrastructure, including reducing counterparty and settlement risk and optimizing capital. Link. 

- A judge allowed blockchain analytics firm Chainalysis to provide ‘expert testimony’ in legal cases. Link. Link. 

- President Biden proposed a 30% excise tax on Bitcoin miners operating in the US. Link. 

- El Salvador plans to transfer a “big chunk” of its $407 million in bitcoin to a cold wallet that will be stored in a physical vault. Link.

- The US Patent and Trademark Office said current intellectual property laws are adequate for enforcing copyright and trademark infringement associated with NFTs. Link. 

- Nigeria’s government is blaming the free fall of its naira currency on cryptocurrency exchanges, and has subsequently detained Binance executives while attempting to collect on a $10 billion fine it has imposed on the exchange. Link. Link. Link. 

- Metamask is testing an entirely on-chain credit card with MasterCard that will allow users to spend their crypto on everyday purchases. Link. 

- Crypto analytics firm CipherTrace, which was acquired by MasterCard in 2021, informed clients it was pulling the plug on key services. Link. 

- Starbucks is ending its Odyssey Beta Program, an NFT rewards program launched in 2022. NFTs will remain accessible on Nifty Gateway. Link. Link. FAQ. 

- Microstrategy, the largest single corporate holder of Bitcoin, announced it is offering $500 million in corporate bonds to institutional investors so it can buy more Bitcoin. Link. Press Release. 

- The London Stock Exchange announced they will start accepting Bitcoin and Ether exchange-traded notes (the UK equivalent of ETFs) in Q2 this year. Link. 

- Crypto trading volumes in South Korea surpassed volumes on its stock market last week. Link. 

- US prosecutors recommended former FTX CEO Sam Bankman-Fried be fined $11 billion dollars and sentenced to 40-50 years in prison. SBF was convicted last year on several counts of fraud related to FTX’s bankruptcy. Link. Link. 

- US Senators Jack Reed (D-R.I.) and Laphonza Butler (D-CA) wrote a letter urging the SEC to not approve any other crypto spot ETFs, citing poor risk disclosures and thin liquidity. Link. 

- JPM CEO Jamie Dimon said he would defend people’s right to purchase bitcoin, despite his reservations towards the asset. Link. 

- A US judge dismissed Gemini’s motion to dismiss its lawsuit with the SEC over its Gemini Earn program, which allowed customers to earn interest on their crypto. The SEC alleges that the program was an unregistered securities offering. Link. 

- A UK judge ruled that Craig Wright is not Satoshi Nakamoto. Link. Link. Link. 

- Prediction markets estimate a 30% likelihood of a spot ETH ETF by May 31st, down from 70% in early January. The SEC is scheduled to approve or deny the first ETH ETF application by May 23rd. Link. 

- Restaking protocol EigenLayer announced plans for its mainnet launch over the next few weeks. Link. Blog Post.