Recently, the U.S. Securities and Exchange Commission (SEC) officially concluded its years-long review of Coinbase’s financial disclosures and did not require the company to revise or restate the relevant content. This news was confirmed through an SEC letter shared by Paul Grewal, the chief legal officer of Coinbase. In a social media update posted on April 15th, Grewal emphasized that the achievement of this resolution was the result of more than two years of close communication between Coinbase and the SEC’s financial department.
This letter dated March 17th was addressed to Alesia Haas, the Chief Financial Officer of Coinbase. The letter clearly states that the SEC has completed the review of the company’s Form 10-K file as of December 31, 2022 and for the fiscal year 2023. The SEC also reminded Coinbase and its management that they must be responsible for the accuracy and sufficiency of the disclosed information. The regulatory authorities particularly emphasized that the completion of the review work does not imply endorsement or endorsement of the content of the document. The conclusion of this review marks the official end of the lengthy comment process that began shortly after Coinbase’s listing in April 2021.
The conclusion of the SEC’s review of Coinbase’s financial disclosures has drawn widespread attention in the cryptocurrency industry. In recent years, with the rapid development of the cryptocurrency market, the SEC has continuously strengthened its supervision over related enterprises. As an important enterprise in the industry, every move of Coinbase has attracted much attention. The release of the review results has, to a certain extent, brought stability to Coinbase’s operating environment and provided an important reference for the regulatory direction of the cryptocurrency industry.
Coinbase holds a significant position in the field of cryptocurrency trading, with its business covering the buying, selling, storage of cryptocurrencies and various related financial services. Over the past few years, Coinbase has faced a complex regulatory environment. Besides this financial disclosure review, it has also been embroiled in other regulatory disputes. For instance, the SEC previously launched an investigation into whether Coinbase falsely reported the number of its users. The investigation focused on the “100 million verified users” data claimed by Coinbase before its listing in 2021, which was quietly discontinued two years later. Paul Grewal, the chief legal officer of Coinbase, once responded that the metric had been fully disclosed and discontinued, and the newly adopted “Monthly Trading Users” metric could reflect the business situation more accurately. However, CEO Brian Armstrong still publicly mentioned in 2022 that there were 103 million verified users, which intensified the doubts about the authenticity of the data from the outside world. However, during this financial disclosure review, the SEC did not require Coinbase to revise or restate issues such as the number of users.
As the SEC concludes its review of Coinbase’s financial disclosures, other developments in the cryptocurrency industry are also worth keeping an eye on. For instance, John Patrick Mullin, the CEO of Mantra, proposed to destroy the OM tokens he held, aiming to restore investor confidence after the sharp drop in the price of the protocol’s native token. The tokens held by Mullin are part of the 300 million OM tokens reserved by the team, and the unlocking period is until April 2027. On April 15th, Mullin issued a public statement on the X platform, promising to destroy the portion of token shares that could be obtained in the future, and stated that if the project recovers, the community can decide whether to allow it to regain these tokens. According to Tokenomist data, he currently holds approximately 772,000 OM tokens, accounting for less than 1% of the over 80 million OM tokens in circulation on April 15th, and has allocated his tokens to the liquid proof-of-stake protocol Fluxtra. Although he has made a commitment and disclosed his current holdings, the specific holdings have not been made public yet. He said he would disclose it when the destruction plan is ready.
The market conditions of cryptocurrencies are also constantly changing. As of the time of publication, according to data from Coingecko, the recent trading price of BTC was $83,483.80, with an intraday increase or decrease of -1.2%. The recent transaction price of ETH is $1,586.85, with an intraday fluctuation of -2.2%. The recent transaction price of BNB is $578.67, with an intraday increase or decrease of -1.0%. The recent transaction price of SOL is $126.01, with an intraday change of -2.1%. The recent transaction price of DOGE is $0.1533, with an intraday fluctuation range of -3.2%. The recent transaction price of XPR is $2.08, with an intraday change of -2.1%.
In terms of policy, the TD Cowen Washington research group, led by Jarrett Seberg, pointed out in a report that the political risks in the crypto industry are gradually rising because actions related to US President Donald Trump and his administration may hinder the advancement of crypto regulation. The report indicates: “We are concerned that political threats will further intensify, ultimately posing a threat to the legislative and regulatory reforms of cryptocurrencies.”
At present, although we do not believe that political risks will undermine Washington’s cryptocurrency agenda, such risks are on the rise. For this reason, we regard it as a key factor that cryptocurrency investors need to focus on. Currently, legislators and regulatory agencies in Washington State are actively promoting legislation and guidance on cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) has dropped multiple cryptocurrency lawsuits, and lawmakers are also discussing the regulatory framework for stablecoins and market structures. However, analysts point out that the Trump family’s involvement in the cryptocurrency field, including controversial measures such as the planned launch of stablecoins, may pose a threat to this positive momentum. Analysts wrote: “We are increasingly concerned about the escalating political risks as the actions of the Trump family business and its administration could trigger a backlash and thereby undermine the government’s proactive measures in the cryptocurrency sector.”
In the field of blockchain applications, Solana’s ecosystem payment solution, Solayer, announced the launch of a non-custodial cryptocurrency debit card. This product is realized through cooperation with Visa, allowing users to directly use crypto assets for consumption without the need for custodified funds. It also supports real-time exchange of SOL and SPL tokens for fiat currency settlement and ensures that users have full control over their private keys. Solayer said that this move is aimed at promoting the large-scale application of cryptocurrencies in daily payment scenarios.
In the field of cryptocurrencies, there are still many new developments. Janover, a US-listed fintech commercial real estate platform, as part of its new financial strategy, has purchased another 80,567 Solana (SOL) tokens worth approximately 10.5 million US dollars, bringing its total holdings to 163,651, with a total value of about 21 million US dollars. Market data shows that since Janover announced its entry into the cryptocurrency field in early April, its share price has soared by more than 1,700%, trading at around $4 to $5 per share at that time. After completing the latest SOL purchase, Janover’s share price rose by another 12% that week, reaching $73.74. It is reported that the company is the first US-listed company to focus its financial strategy on Solana.
Fireblocks, an expert in digital asset encryption and custody, said that the competition for stablecoin dominance has entered its third stage. As the industry faces stricter regulations such as the EU Crypto Asset Market (MiCA) regime and legislation under review by the US Congress, companies like the largest token issuer Tether and the second-largest token issuer Circle are consolidating their positions. Ran Goldi, senior vice president of payment at Fireblocks, said that in the latest stage, numerous banks of all sizes as well as existing payment companies will be involved, and they are weighing the best way to integrate tokens into their existing businesses. Goldi predicts that by the end of this year, there could be as many as 50 stablecoins in the market.
CryptoQuant said in a report on Tuesday that as the price of Bitcoin dropped below $80,000, miners accelerated the pace of selling Bitcoin last week. On April 7th, miners sold a total of 15,000 Bitcoins, which was the third largest single-day outflow this year. Based on the lowest price of less than 75,000 US dollars on that day, the value is at least 1.12 billion US dollars. CryptoQuant stated: “Miners’ profit margins have been squeezed by the price drop, along with low transaction fees and the record-breaking computing power of the Bitcoin network, which means higher mining costs. As a result, their average operating profit margin has dropped from 53% at the end of January to 33% now.” ” The company also pointed out that since November 2022, Bitcoin has been in one of the least promising phases. Bitcoin reached a high of nearly $109,000 before President Trump took office, but has struggled to break through $90,000 since then.
According to official news, the Trump family’s crypto project WLFI has invited Bilal Bin Saqib to join the project as an advisor. Bilal Bin Sazib was appointed as the chief advisor of the Pakistan Cryptocurrency Commission in March 2025, responsible for guiding Pakistan in integrating cryptocurrency and blockchain technology into its financial ecosystem and ensuring the establishment of a regulatory framework that conforms to global best practices. He was also included in Forbes’ 30 Under 30 list.
Semler Scientific, a medical technology company listed on Nasdaq, has applied to the U.S. Securities and Exchange Commission (SEC) for the issuance of $500 million worth of securities by submitting S-3 registration documents. This issuance will mainly be used for general corporate purposes, including but not limited to the purchase of Bitcoin.
Matt Cole, the CEO of asset management firm Strive, recently sent an open letter to Intuit’s management after successfully promoting GameStop’s allocation of Bitcoin, pointing out that the act of its Mailchimp platform blocking Bitcoin community accounts violated fiduciary duties. It is also suggested that the company include Bitcoin in its balance sheet to cope with the impact of AI technology. In a letter to Intuit’s CEO and board, Cole disclosed that Mailchimp recently shut down the Bitcoin student organization account of the University of Southern California without warning. Although it was forced to resume services due to public opinion, it exposed systemic policy biases. He stressed that as the FTC launches a platform discrimination investigation, such reviews could trigger legal and goodwill risks. Intuit’s core product, TurboTax, is facing the threat of AI automation substitution. It is recommended to allocate Bitcoin as a strategic hedging asset. After adopting Cole’s suggestion, GameStop not only completed the issuance of $1.5 billion in convertible notes but also converted $500 million in cash reserves into Bitcoin, with its share price rising by 47% in a single week. Intuit has not responded yet and its share price dropped by 1.8% in pre-market trading.
In terms of important economic developments, according to The Wall Street Journal, Meta Platforms (Meta.O) CEO Mark Zuckerberg called the head of the US Federal Trade Commission (FTC) at the end of March, proposing that META would pay 450 million US dollars to settle a protracted and soon-to-be-heard antitrust case. This offer is much lower than the 30 billion US dollars demanded by the Federal Trade Commission. Insiders disclosed that during the conference call, Zuckerberg appeared very confident, believing that President Trump would support him at the Federal Trade Commission. However, Andrew Ferguson, the chairman of the Federal Trade Commission, believes that the proposal is not credible. He is not prepared to accept any settlement plan of less than 18 billion US dollars and an agreement decree. Insiders said that as the trial drew near, Meta even raised its offer to nearly $1 billion at one point. The former chairman of the Federal Trade Commission said the company’s $450 million settlement proposal was “unrealistic”.
At 1 a.m. today, Google (GOOG.O) DeepMind finally integrated the highly anticipated Veo2 into the Gemini App application and made it fully available for use. Veo2 can generate up to 8-second 720P movie-level videos, performing outstandingly in camera movement, text semantic restoration, physical simulation, and motion consistency. It also supports image-to-video conversion. According to the test data released by Google, Veo2 has surpassed Sora, Coring 1.5, MetaMovieGen and Minimax in terms of user preferences and prompt restoration. Furthermore, starting from today, developers can use Veo2 through the API in Google AI Studio. (AIGC Open Community)
Former US President Joe Biden said that in less than 100 days since the new government took office, it has caused a lot of damage. The new government has carried out significant layoffs at the Social Security Bureau, with as many as 7,000 people laid off, including many experienced professionals. It is expected that there will be further layoffs in the future, leading to frequent website crashes and seriously affecting the public’s access to accounts.
Nvidia’s US shares continued to decline after the market closed, now down more than 6%. The company expects inventory, purchase commitments and related reserve expenses related to H20 products to be $5.5 billion in the first fiscal quarter. U.S. stock futures declined at the beginning of the Asia-Pacific trading session on Wednesday, with S&P futures down 0.90%, Dow futures down 0.50%, and Nasdaq futures down 1.3%, influenced by Nvidia’s after-hours plunge.
Two people familiar with the matter said that based on industry calculations discussed with officials and lawmakers in Washington last week, US President Trump’s new tariffs could cost US semiconductor equipment manufacturers more than $1 billion annually. The three major chip equipment manufacturers in the United States – Applied Materials (AMAT.O), Lam Research (LRXC.O), and KLAC.O – may suffer losses of approximately 350 million US dollars within a year due to tariffs. Smaller competitors like Onto Innovation may also face additional expenditures of tens of millions of dollars.
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