Crypto weekly is co-authored by @serdave

PRICE CHANGE: WTD/YTD

- Crypto Market Cap ($2.4T): -4% / +35%
- BTC ($61,625): -3% / +45%
- ETH ($2,938): -6% / +29%
- SOL ($146): 0% / +43%
- UNI ($7.16): -5% / -2%
- MATIC ($0.68): -7% / -30%
- Tether Mkt Cap ($111B): 0% / +21%
- USDC Mkt Cap ($33B): -1% / +35%
- BTC / ETH Dominance: 51% / 15%

THIS WEEK IN CRYPTO

- The US House voted to overturn an SEC bulletin that made it cost-prohibitive for banks to custody digital assets for its customers, despite President Biden announcing he would veto it. The measure now goes to the Senate where it needs a simple majority (51 votes) to pass. Link.

- Donald Trump’s campaign will accept donations made in crypto. The presidential candidate made the announcement at a dinner held with holders of his Trump Mugshot NFT. Link. Link.

- The FTX bankruptcy estate submitted a plan that would pay 98% of creditors a 118% payout within 60 days of approval. FTX expects to distribute between $14.5 and $16.3 billion to creditors, primarily customers. Link. Link. Press Release.

- Robinhood’s crypto arm received a Wells Notice from the SEC for allegedly offering unregistered securities. Link.

- Robinhood beat analyst estimates in its Q1 earnings, driven by a 3x increase in crypto revenue. Net revenue climbed 40% to $618 million. Link. Earnings Report.

- Cumulative spot trading volume on centralized crypto exchanges fell to $1.6 trillion in April, after more than doubling in March to $2.5 trillion. Link.

- Bankrupt crypto lender BlockFi is shutting down its web platform, and will direct users to Coinbase to withdraw their crypto assets. BlockFi halted customer withdrawals in November 2022 amidst the FTX bank run and declared Chapter 11 bankruptcy a year later. Link.

- Ethereum co-founder Vitalik Buterin proposed an Ethereum Improvement Proposal (EIP-7702) as an alternative to EIP-3074. EIP-7702 allows existing wallets to temporarily act as smart contract wallets, which were enabled under ERC-4337 in March 2023. Link. Proposal.

- Grayscale withdrew its application for an ethereum futures ETF, citing multiple delays by the SEC since the application filing in September 2023. Link.

- The Reserve Bank of India is working to make its central bank digital currency available without internet access. India has been piloting a CBDC, and currently has 1.3 million customers and 300,000 merchants using it. Link.

- More than 20% of voters in battleground states consider crypto to be a key issue in the upcoming U.S. elections, according to a recent poll conducted by blockchain firm Digital Currency Group. 55% of those polled were concerned about policymakers stifling innovation through regulation. Link. Link. Press Release.

- UK banking app Revolut launched a crypto exchange, Revolut X, with support for over 100 tokens. Link.