In this week’s edition:

Trump’s SEC Chair nominee is a fan of crypto and not of regulation by enforcement. But could he be hamstrung by recent permanent moves by Gary Gensler?

With the nomination of the pro-crypto Paul Atkins to be the next SEC chair, the crypto industry is potentially facing a 180 from the agency. As co-chair of the Digital Chamber’s Token Alliance initiative and a board member of Securitize, Atkins is not only pro-crypto, but also against the type of “regulation by enforcement” strategy of current Chair Gary Gensler.

In this episode, Cody Carbone, president at The Digital Chamber, explains why Atkins is likely to start reassessment of the agency’s lawsuits against crypto firms, why Trump might break with protocol to fill one of the commissioner seats that would typically be filled by a Democrat, and who he thinks might make for a good “crypto czar.”

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Bitcoin surged past the $100,000 milestone on Wednesday, a historic achievement that cements its role in the financial landscape. The cryptocurrency has soared over 40% since Election Day, driven by institutional adoption, regulatory clarity, and growing enthusiasm amongst global leaders.

The landmark price was reached shortly after significant comments from influential figures. Federal Reserve Chair Jerome Powell called bitcoin “digital gold,” underscoring its value as a store of wealth. Russian President Vladimir Putin praised bitcoin’s resistance to sanctions, calling it a viable alternative in the global economy. Meanwhile, New York City Mayor Eric Adams highlighted his personal gains from bitcoin’s rise, reiterating his pro-crypto stance.

To all those who’ve been “Hodling”… congratulations!

Despite bitcoin’s market rally, in South Korea bitcoin and other cryptoassets plummeted on South Korean exchanges after President Yoon Suk Yeol declared martial law during a political crisis. Bitcoin briefly traded at $61,200 on South Korean crypto exchange Upbit, a 33% drop compared to its $95,000 price on global exchanges Coinbase and Binance. XRP and ether also suffered significant declines, with XRP losing more than half its value.

The market upheaval created a rare arbitrage opportunity. Historically, South Korea’s "kimchi premium" saw crypto prices higher locally due to strong demand and capital controls. On Tuesday, this reversed as investors dumped local assets. By late afternoon, the gap narrowed, with bitcoin, ether, and XRP trading at a modest 2-3% discount.

The crisis subsided quickly, with the National Assembly nullifying the martial law declaration.

Joshua Goltry, a self-proclaimed "whale" of the GIGA memecoin, has drawn scrutiny after Unchained revealed his history of defrauding investors. Goltry, known online as @NotChaseColeman, settled a $3 million fraud case with the SEC in 2024, which led to his ban from the securities industry. Despite this, he has become a prominent voice in the GIGA community, promoting the token to his 50,000 followers on X.

GIGA surged 50% after Coinbase added it to its listings roadmap, reaching a $477 million market cap. However, Unchained reported signs of token concentration among top wallets, raising concerns about market manipulation.

Goltry dismissed connections between his SEC case and GIGA, stating, "I started a new beginning in a project I really believe in." Yet skepticism persists as questions about his influence and GIGA's transparency mount.

Alex Mashinsky, the former CEO of defunct crypto lender Celsius, has pleaded guilty to two criminal charges — commodities fraud and securities fraud — in a New York court. The maximum prison sentence he faces for these two counts is 30 years and his sentencing is scheduled for April next year. The seven charges brought against Mashinsky included fraud, conspiracy, and orchestrating a scheme to manipulate the price of Celsius’ native token, CEL.

Mashinsky, 59, was arrested in 2023 following allegations that he misled customers about Celsius’ financial health and profitability. The crypto lending platform, which allowed users to earn interest and take out loans against digital assets, filed for bankruptcy in 2022 amid financial turmoil within the crypto industry.

Prosecutors from the Southern District of New York accused Mashinsky of making false public statements to entice customers to deposit funds into Celsius. The SEC has also charged him with conducting fraudulent and unregistered sales of crypto securities, further intensifying legal scrutiny.

Appearing on The Joe Rogan Experience, Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, also known as a16z, accused the Biden administration of reviving a 2013 initiative known as "Operation Chokepoint" to target crypto startups, something the crypto community has been calling out for years. Andreessen claimed over 30 tech founders were "debanked" in the last four years, a practice he described as a deliberate effort to financially isolate crypto entrepreneurs. “There’s no due process… no appeal,” he said, echoing concerns about systemic exclusion.

Elon Musk amplified the issue, sparking widespread discussion. Crypto leaders such as Coinbase’s CEO Brian Armstrong labeled it “unethical,” while Custodia Bank’s Caitlin Long and Gemini’s Tyler Winklevoss shared their own debanking experiences, underscoring the industry's struggles with maintaining basic financial services.

The controversy draws parallels to Libra, Facebook’s ill-fated stablecoin project, later rebranded as Diem. David Marcus, its former leader, recently called its demise a “political kill.” Despite adapting to regulatory demands, Marcus alleged that pressure from Treasury Secretary Janet Yellen and other officials crushed Libra’s ambitions, demonstrating the political hurdles faced by crypto innovators.

Grayscale has filed to convert its Solana Trust (GSOL) into an exchange-traded fund (ETF), becoming the fifth asset manager to pursue a Solana ETF this year. Initially launched in 2021 as a closed-end fund, the Solana Trust currently manages $134 million in assets. The move aligns with Grayscale’s successful conversions of its Bitcoin and Ethereum trusts into ETFs earlier this year.

The filing, submitted via NYSE Arca, signals Grayscale’s intention to list the ETF pending regulatory approval. Solana (SOL), which has surged over 130% year-to-date, saw a 3% price jump following the filing, reflecting heightened investor enthusiasm. If approved, Grayscale will compete with asset managers like Bitwise, VanEck, and Canary Capital in offering Solana ETFs.

It wasn’t only bitcoin that rose significantly this week. Ripple’s XRP soared over 40% on Monday, hitting a high of $2.86 on Monday — its highest price since January 2018. This meteoric rise pushed XRP’s market capitalization to $158 billion, overtaking Solana and briefly overtaking Tether (USDT). Once battered by a 2020 SEC lawsuit and subsequent exchange delistings, XRP is now experiencing renewed momentum.

A key driver is growing interest in XRP exchange-traded funds (ETFs). WisdomTree has filed for an XRP ETF despite the ongoing legal uncertainty surrounding XRP’s classification as a security, while Bitwise, 21Shares, Canary Capital, and Grayscale have also expressed similar ambitions. Meanwhile, decentralized finance (DeFi) enthusiasts are experimenting with XRP’s blockchain, known as XRP Ledger, despite criticisms of its centralized consensus mechanism.

On an episode of the Bits + Bips podcast, Alex Thorn, a researcher at investment firm Galaxy, noted the rally’s divisive nature, saying, “this might be the most hated rally in crypto. OG Bitcoiners and institutional investors all hate XRP, but here it is, tripling in just four days.”

A Delaware-based crypto project, calling itself "Enron," is parodying the infamous energy company that collapsed in 2001 after a massive fraud scandal. Unlike the original Houston-based Enron, which collapsed in scandal, the new Delaware-registered venture openly embraces its satirical identity, even explicitly labeling itself as a parody in its official terms of use.

Led by CEO Charles Gaydos, the project offers Enron-branded merchandise, NFTs, and an exchange. Trademark filings also reveal plans for an “Enron Web4” initiative. In a tongue-in-cheek move, its job board even lists a search for a “Nuclear Systems Engineer.”

MicroStrategy co-founder Michael Saylor pitched a bold Bitcoin adoption strategy to Microsoft’s board, suggesting the company could generate up to $5 trillion in shareholder value by 2034. Speaking at Microsoft’s annual shareholder meeting, Saylor proposed converting $200 billion in capital distributions into bitcoin holdings. He claimed this could boost annual returns from 10.4% to 15.8% and reduce Microsoft’s enterprise value at risk from 95% to 59%.

"Bitcoin is the universal, perpetual, profitable merger partner," Saylor argued, emphasizing its lack of counterparty risk and its potential to outperform traditional mergers and acquisitions.

Despite Saylor’s push, Microsoft previously asked shareholders to vote against a bitcoin investment in a December SEC filing. Meanwhile, MicroStrategy continues its bitcoin acquisition spree, recently buying $1.5 billion worth of bitcoin, bringing its holdings to over 402,000 BTC, which is valued at over $40 billion.

Move over crypto whales, there’s a new player in town — and he’s got a seat in Congress! Georgia Representative Michael Collins revealed in his latest financial disclosure that he’s dipped his toes into the world of memecoins, including ski mask dog (SKI). Yes, you read that right — a token inspired by a ski-mask-wearing dog.

SKI, which boasts a $135 million market cap, has been making waves since April, and it seems Collins couldn’t resist the allure. Alongside SKI, he snagged some AERO, the currency for Aerodrome DEX, proving he’s not just about doggos; he’s got a strategy… maybe.

Crypto Twitter loved it, with Base blockchain creator Jesse Pollak joking, “cool to see @RepMikeCollins being based onchain.” Collins even chimed in with a Pepe meme. Congress just got a whole lot more on trend.