SEC ends Coinbase review Mantra CEO proposes to destroy OM tokens held
Reprinted from jinse
04/16/2025·6DHeadlines
▌U.S . SEC has ended years of review of Coinbase 's financial disclosures and has not requested the company to revise or recapitulate it
The Securities and Exchange Commission (SEC) has concluded its years-long review of Coinbase's financial disclosures and has not requested any revisions or recaps of the company. A SEC letter shared by Coinbase Chief Legal Officer Paul Grewal confirmed the news. In a social media post published on April 15, Grewal stressed that the resolution was reached after more than two years of communication with the SEC's financial department.
The March 17 letter was written to Coinbase Chief Financial Officer Alesia Haas, which confirms that the SEC has completed its review of the company's Form 10-K documents for fiscal years ended December 31, 2022 and 2023. The letter reminds Coinbase and its management to be responsible for the accuracy and adequacy of the information it discloses. The regulator also emphasized that the completion of the review is not equivalent to endorsement or endorsement of the document. The end of this review marks the official end of the long comment process that started shortly after Coinbase was launched in April 2021.
Mantra CEO proposes to destroy OM tokens held to regain investors ' trust
Mantra CEO John Patrick Mullin proposed destroying his own OM tokens to restore investor confidence after the protocol's native token price plummeted. Mullin said that the tokens he holds are part of the 300 million OM tokens reserved by the team, and the unlocking period ends in April 2027.
On April 15, Mullin issued a public statement on X platform, promising to destroy the share of the tokens he can obtain in the future, and said that if the project recovers, the community can decide whether to allow it to regain these tokens. According to Tokenomist data, he currently holds about 772,000 OM tokens, less than 1% of the circulating volume of more than 80 million OM tokens on April 15. Mullin has allocated his tokens to the liquid proof of stake protocol Fluxtra. Although he made a promise and disclosed his current position, he did not announce the specific position, and said that he would announce the token share he held when the destruction plan is ready.
Quotes
As of press time, according to Coingecko data:
BTC's recent transaction price is US$83,483.80, up and down -1.2% intraday;
ETH's latest transaction price is US$1,586.85, with an intraday increase and decrease of -2.2 % ;
BNB's recent transaction price is US$578.67, with an intraday increase and decrease of -1.0% ;
SOL's latest transaction price is US$126.01, with an intraday increase and decrease of -2.1 % ;
DOGE's recent transaction price is US$0.1533, with an intraday increase and decrease of -3.2 % ;
XPR's recent transaction price is US$2.08, with an intraday increase and decrease of -2.1 % .
policy
▌ TD Cowen: Political risks in the crypto industry are rising, and Trump 's family's crypto investment may undermine regulatory efforts
Political risks in the crypto industry are rising as actions related to U.S. President Donald Trump and his administration could undermine progress in crypto regulations, a TD Cowen Washington research team led by Jarit Seberg wrote in a report.
"We are concerned that political threats may intensify and ultimately pose a threat to cryptocurrency legislation and regulatory reforms, and we do not yet believe that political risks will undermine Washington's cryptocurrency agenda, but that risk is rising rather than falling. Because of this, we believe this is a key factor that cryptocurrency investors are concerned about."
Washington state lawmakers and regulators are currently making progress in cryptocurrency legislation and cryptocurrency guidance. The Securities and Exchange Commission (SEC) has dropped several cryptocurrency lawsuits, and lawmakers are posing a regulatory framework for stablecoins and market structures.
However, analysts say the growing controversy over the Trump family's involvement in the cryptocurrency sector, including planned stablecoins, could threaten the momentum. "We are increasingly concerned about escalating political risks as actions by the Trump family business and its administration may trigger a rebound, thus undermining the administration's active actions," he wrote.
Blockchain application
▌ Solana Ecological Payment Agreement Solayer launches unmanaged encrypted debit cards
Solana's ecological payment solution Solayer announced the launch of an uncustodial cryptocurrency debit card, where users can directly use crypto assets to consume without custodial funds. This product is implemented through cooperation with Visa, supporting real-time exchange of SOL and SPL tokens for fiat currency settlement, while maintaining full control of the private keys. Solayer said the move is aimed at promoting the large-scale application of cryptocurrencies in daily payment scenarios.
Cryptocurrency
▌U.S. listed company Janover increases SOL holdings to US$21 million
As part of the new financial strategy, Janover, a listed U.S. fintech commercial real estate platform, has once again purchased 80,567 Solana (SOL) tokens worth approximately $10.5 million, bringing its total holdings to 163,651, with a total value of approximately $21 million. Market data shows that since Janover announced his entry into the cryptocurrency sector in early April, the stock price has soared more than 1,700%, when trading at about $4 to $5 per share. After completing the latest SOL buy, Janover's stock price rose 12% to $73.74 on the week. It is reported that the company is the first US-listed company to focus its financial strategy on Solana.
▌ Fireblocks: Tether and Circle will face fierce competition as TradFi enters the stablecoin field
Fireblocks, a digital asset crypto and custody expert, said the competition for stablecoin dominance is entering its third phase, and companies such as Tether, the largest token issuer and Circle, the second largest token issuer, are consolidating their position as the industry faces strengthening regulation such as the EU crypto asset market (MiCA) system and U.S. legislation under consideration by Congress.
Ran Goldi, senior vice president of payments at Fireblocks, said the latest phase will include banks, big and small, as well as existing payment companies, who are weighing the best way to integrate tokens into their existing businesses, and Goldi said it expects up to 50 stablecoins to appear by the end of this year.
▌ CryptoQuant: Due to the decline in Bitcoin price and the increase in mining difficulty, miners are increasing their efforts to sell Bitcoin
Miners accelerated the sale of bitcoin last week as the price of bitcoin fell below $80,000, CryptoQuant said in a report on Tuesday. The company said that on April 7, miners sold a total of 15,000 bitcoins, the third largest single- day outflow this year. Based on the lowest price of less than $75,000 on the day, it is worth at least $1.12 billion.
"Miners' profit margins are squeezed by falling prices, along with low transaction fees and record-high computing power in Bitcoin networks, which means higher mining costs, causing their average operating margins to drop from 53% at the end of January to 33% today," CryptoQuant said.
The company also noted that Bitcoin has been in one of the least optimistic stages since November 2022. Bitcoin reached a high of nearly $109,000 before President Trump took office, but it has been difficult to break through $90,000 since then.
▌WLFI invites Bilal Bin Saqib as consultant
According to official news, the Trump family crypto project WLFI invited Bilal Bin Saqib to join the project as a consultant.
Bilal Bin Saqib was appointed chief consultant to the Pakistan Crypto Council in March 2025, responsible for guiding Pakistan to integrate cryptocurrency and blockchain technology into its financial ecosystem and ensure a regulatory framework that conforms to global best practices. He was selected into the Forbes 30 Elite List under the 30s.
▌ Semler Scientific has applied to the US SEC to issue $500 million in securities to buy more Bitcoin
Nasdaq-listed medical technology company Semler Scientific has applied to the U.S. Securities and Exchange Commission (SEC) for the issuance of $500 million in securities by filing S-3 registration documents. The issuance will be primarily used for general corporate purposes, including but not limited to the purchase of Bitcoin.
▌ Strive Capital urges Intuit to adjust its anti-bitcoin policy, warning that AI disruption risks require BTC hedging
After successfully promoting GameStop to allocate Bitcoin, Matt Cole, the CEO of asset management company Strive, recently sent an open letter to Intuit management, saying that its Mailchimp platform's ban on Bitcoin social accounts violated fiduciary responsibility, and suggested that the company include Bitcoin in its balance sheet to cope with the impact of AI technology.
Cole disclosed in a letter to Intuit CEO and the board of directors that Mailchimp has recently closed the account of the Bitcoin student organization of the University of Southern California without warning. Although it was forced to resume services due to public opinion, it exposed systemic policy bias. It stressed that as the FTC launches a platform discrimination investigation, such reviews may cause legal and goodwill risks. Intuit's core product TurboTax faces the threat of AI automation replacement, and it is recommended to configure Bitcoin as a strategic hedging asset.
After adopting Cole's suggestion, GameStop not only completed the issuance of US$1.5 billion convertible notes, but also replaced US$500 million in cash reserves into Bitcoin, with the stock price rising by 47% in a single week. Intuit has not responded yet, and its stock price has fallen 1.8% before the market.
Important economic trends
▌US media: "bargaining" negotiations for Meta antitrust case failed
According to the Wall Street Journal, Meta Platforms (META.O) CEO Zuckerberg called the head of the Federal Trade Commission (FTC) at the end of March and proposed a condition: Meta will pay $450 million to close a protracted and upcoming antitrust case. That bid is much lower than the $30 billion requested by the Federal Trade Commission. Zuckerberg sounded confident during the call, thinking President Trump would support him at the Federal Trade Commission, according to people familiar with the matter. Andrew Ferguson, chairman of the Federal Trade Commission, believes the proposal is unreliable and he is not ready to accept any settlements below $18 billion and a consent to the statute. As the trial approaches, Meta also raised its offer to nearly $1 billion at one point, people familiar with the matter said. The former FTC chairman said the company's $450 million settlement proposal was a "difference."
▌Google launches Veo 2, generating 8-second super realistic video
At 1 a.m. today, Google (GOOG.O) DeepMind finally integrated the long-awaited Veo2 into the GeminiApp application and was fully open to use. Veo2 can generate up to 8 seconds 720P movie-level videos, which are excellent in mirror operation, text semantic restoration, physical simulation, action consistency, etc., and also supports the picture to video function. According to test data released by Google, Veo2 has surpassed Sora, Keling 1.5, MetaMovieGen and Minimax in terms of user preferences and prompt restoration. Additionally, starting today, developers can use Veo2 through APIs in GoogleAIStudio. (AIGC Open Community)
▌Biden : The new administration has caused a lot of damage
Former U.S. President Biden said that in less than 100 days, the new administration has caused a lot of damage. They made a heavy move on the Social Security Bureau, laying off up to 7,000 employees, including many experienced professionals. It is expected that further layoffs will occur in the future, resulting in frequent collapse of the website and seriously affecting people's access to their accounts.
▌Nvidia ' s US stock market plunged more than 6% after the market
Nvidia's U.S. stocks continued to fall after the market, and are now down more than 6%. The company expects inventory, procurement commitments and related reserve costs related to H20 products to be $5.5 billion in fiscal quarter.
Affected by Nvidia's after-hours dive, the US stock futures fell at the beginning of the Asia-Pacific session on Wednesday, with S&P stock index futures falling 0.90%, Dow futures falling 0.50%, and Nasdaq futures falling 1.3%.
Industry estimates: U.S. tariffs could cost chip equipment manufacturers more than $1 billion
According to industry calculations discussed with Washington officials and lawmakers last week, new tariffs by U.S. President Trump could cost U.S. semiconductor equipment manufacturers more than $1 billion a year, two people familiar with the matter said. The three largest chip equipment manufacturers in the United States - Applied Materials (AMAT.O), Panlin Group (LRXC.O) and KLAC.O) may suffer about $350 million in losses due to tariffs within one year. Smaller competitors like Onto Innovation may also face additional spending in tens of millions of dollars.
Golden Encyclopedia
▌What is compressed NFT?
Compressed NFT is a non-fungible token (NFT) designed to reduce the cost of storing and using NFTs for transactions on the Solana blockchain. Compressed NFT provides several prominent key advantages in the blockchain ecosystem. They are affordable, greatly reducing minting and storage costs, allowing creators and businesses to use blockchain technology without financial obstacles. Furthermore, cNFT contributes to more environmentally friendly blockchain practices by reducing storage requirements and thus reducing energy use. These properties make cNFT a potential game changer for scalable, environmentally friendly and innovative applications.
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