There’s Light at the End of the Tunnel

Why There’s Still a Strong Bull Case for Bitcoin and Crypto

After Trump’s tariffs, crypto looks shaky, but Seth Ginns, managing partner at CoinFund, says the bigger picture is far more bullish.

Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause. 

The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next.

Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building.

In this episode, Seth breaks down:

• Why tariffs hit crypto harder than most investors expected

• The metrics that could signal the next macro moves and their impact on digital assets

• Why he’s still cautiously bullish, even amid volatility

• Whether an altcoin season is coming

• Why Bitcoin’s safe haven narrative might finally be tested

• Why the Trump administration’s policies, despite the turbulence, boost crypto

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

Now, let’s get into this week’s news! In today’s edition:

• 📉 Circle rethinks IPO as Trump’s tariffs rattle global markets.

• 🇺🇸 Tether weighs a U.S.-only stablecoin amid regulatory talks.

• ✅ Paul Atkins confirmed as SEC chair, promising a lighter touch.

• 🛑 DOJ scraps crypto unit and drops cases against mixers.

• 🇦🇷 Argentina targets officials in fallout from Libra memecoin collapse.

• 📊 Galaxy Digital gets SEC greenlight, eyes Nasdaq listing in May.

• 💸 Trump-backed DeFi project dumps ETH after $125M in losses.

• 🤝 Ripple buys Hidden Road for $1.25B, tapping into traditional finance.

• 🥊 Conor McGregor’s REAL token presale misses the mark.

Circle May Delay IPO

Circle, the company behind the $60 billion USDC stablecoin, is reportedly reconsidering the timing of its public offering amid growing market instability triggered by U.S. trade policy. Just days after filing an S-1 registration with the SEC, sources told The Wall Street Journal that Circle is closely monitoring conditions and may postpone the listing depending on how markets respond to escalating tariffs introduced by the Trump administration.

The filing disclosed $1.68 billion in revenue for 2024, alongside $156 million in net income. Analysts also noted that Coinbase, its largest distribution partner, likely earns more from USDC than Circle itself. “What I found was a business with real reach… but also deep fragility,” wrote former Coinbase product director Rishi Dean.

Circle isn’t alone. Firms like the online brokerage eToro is said to be reevaluating IPO plans as uncertainty across public markets continues to grow. The company has not officially commented on any delay. Additionally, ticket broker Stubhub and buy now pay later pioneer Klarna have officially delayed their planned IPOs this year.

Tether Eyes U.S.-Only Stablecoin

Tether is exploring the creation of a U.S.-exclusive stablecoin, signaling a potential pivot in strategy as American regulators push for stricter oversight of foreign crypto issuers. CEO Paolo Ardoino said the company has been involved in policy talks and may develop a dollar-pegged token designed specifically for domestic use if new rules support stablecoin innovation. Such a product would act as a transaction-focused “settlement currency” aligned with evolving federal standards. Ardoino noted the Trump administration views stablecoins as a key financial tool within the U.S. system.

Meanwhile, Binance is expanding its product line with LDUSDT, a new asset allowing users to trade crypto futures while earning yield on previously locked USDT. This dual-purpose token builds on the platform’s prior release of BFUSD and aims to boost flexibility for over 10 million Binance Earn participants. “LDUSDT increases capital efficiency,” said VP Jeff Li, highlighting the benefit of merging liquidity with passive rewards.

Paul Atkins Confirmed as SEC Chair

The U.S. Senate confirmed Paul Atkins as Chairman of the Securities and Exchange Commission in a 52–44 vote, largely along party lines, on Wednesday evening. A former SEC commissioner under President George W. Bush, Atkins was nominated by President Trump and is widely seen as a proponent of reducing regulatory friction, particularly in the digital asset space.

Atkins is expected to formalize several crypto policy changes already underway during the Trump administration’s interim leadership. These include narrowing the SEC’s oversight of areas like stablecoins, memecoins, and proof-of-work mining. “I sat down w/ Mr. Atkins to discuss digital asset legislation… I’m confident his leadership will bring positive change,” Senator Cynthia Lummis posted on X following the confirmation.

Atkins takes over from Mark Uyeda, who led a sweeping overhaul in early 2025 that rolled back many high-profile enforcement actions. He begins his term with an incomplete commission, as two Democratic seats remain vacant.

DOJ Dismantles Crypto Unit

The U.S. Department of Justice is halting enforcement actions against crypto platforms such as mixers and wallets, marking a major policy shift under the Trump administration. In a memo titled “Ending Regulation by Prosecution,” Deputy Attorney General Todd Blanche stated that services like Tornado Cash would no longer be held liable for how users employ them—even in cases of illicit activity. The department will now focus solely on pursuing individuals and groups directly involved in unlawful financing.

“Investigations inconsistent with this new guidance should be closed,” Blanche wrote, adding that all conflicting policies were rescinded effective immediately.

As part of the same directive, the DOJ has also disbanded the National Cryptocurrency Enforcement Team (NCET), a unit formed in 2021 to tackle crypto-related crimes. The move aligns with President Trump’s January executive order promoting regulatory clarity and a lighter federal approach to digital assets. DOJ prosecutors were told the agency is “not a digital assets regulator.”

This news comes approximately two weeks after Unchained reported that the DOJ was a holdout among government regulatory bodies, such as the SEC, FDIC, and OCC in not changing its policies toward crypto. 

Argentina Launches Congressional Probe Into Libra Scandal

Argentina’s Chamber of Deputies has approved three draft resolutions to investigate government officials tied to the controversial Libra memecoin project, which collapsed shortly after receiving public support from President Javier Milei. The resolutions call for a formal inquiry commission, the summoning of senior executive officials, including the chief of staff and ministers of economy and justice, and an official report on the matter from the government.

The Solana-based Libra token launched in February and briefly surged to a $2 billion valuation after Milei promoted it online, claiming it would support small businesses. The token later crashed by over 90%, prompting accusations of fraud and calls for Milei’s impeachment.

Kelsier Ventures CEO Hayden Davis, who claimed to advise Milei on the project, is also under scrutiny. Davis is reportedly also linked to the MELANIA memecoin, which recently saw $30 million in community funds moved without explanation. An Argentine prosecutor has requested an Interpol Red Notice for Davis.

Galaxy Digital Prepares for Nasdaq Listing

Galaxy Digital is set to become the latest crypto firm to list on Nasdaq, following U.S. regulatory clearance of its registration documents. The SEC declared effective the company’s reorganization filing, paving the way for a shareholder vote on May 9. If approved, Galaxy will shift its corporate headquarters from the Cayman Islands to Delaware and list under the ticker symbol “GLXY.”

The move comes as other crypto firms, such as Circle and eToro, pause IPO plans due to ongoing market volatility tied to trade policy uncertainty. Galaxy, however, is pushing ahead, buoyed by strong 2024 financials. The company reported $346 million in profit and nearly $44 billion in trading volume, though its revenue calculation includes the full value of all crypto transactions.

Trump-Linked DeFi Project Reportedly Dumps ETH

World Liberty Financial, the decentralized finance initiative supported by the Trump family, has begun offloading its ether holdings after sustaining significant losses, according to reports. Onchain data from Arkham reveals that a wallet tied to the project sold 5,471 ETH, worth approximately $8 million, at a price of $1,465 per token. The assets were originally acquired at $3,259, translating into a realized loss exceeding $125 million.

Despite the sell-off, the wallet still retains about $98 million in digital assets, including $11.7 million in remaining ETH.

The move comes just two months after Eric Trump publicly endorsed ETH, calling it a “great time to buy” when the asset traded near $2,880. On the same day as the recent sale, Donald Trump echoed that sentiment on Truth Social, stating it was a “great time to buy” while traditional markets reeled under the strain of escalating trade tensions.

Moreover, World Liberty Financial on Monday proposed a live airdrop test of its new USD1 stablecoin to the firm’s early supporters on Ethereum, as part of efforts to showcase the token’s onchain functionality ahead of full deployment.

Ripple Moves Into Prime Brokerage

Ripple has announced a $1.25 billion agreement to acquire Hidden Road, a prime brokerage firm serving over 300 institutional clients and clearing more than $3 trillion in annual volume. The acquisition marks one of the largest in Ripple’s history and further integrates the company into traditional financial infrastructure.

As part of the deal, Hidden Road’s operations will transition to Ripple’s XRP Ledger (XRPL), which is expected to streamline settlement processes and reduce transaction costs. Ripple’s RLUSD stablecoin will also take on a central role, serving as collateral for Hidden Road’s brokerage services and enabling cross-margining between crypto and traditional assets.

“This truly brings the worlds of traditional and decentralized finance together,” said Ripple CEO Brad Garlinghouse. The deal is expected to close in the coming months.

Fun Bits: McGregor’s Crypto Punch Misses the Mark

Conor McGregor may know how to land a knockout in the octagon, but his REAL token face-planted before the bell even rang. Despite flexing it to 57 million followers between X and Instagram, the crypto project raised just 39% of its $1 million goal in a 28-hour presale. The would-be memecoin, backed by Real World Gaming DAO, aimed to have a $120 million fully diluted valuation. Instead, only 668 brave souls showed up. “We didn’t hit our minimum,” the team admitted on X. Refunds are inbound, and apparently so is a comeback. Guess even in crypto, you can’t win ’em all with trash talk.

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