Eric Trump’s crypto ultimatum drops

April 30, 2025

Reading time: 5 minutes

SEC delays DOGE and XRP ETFs: Final verdicts now expected in October

Key points:

  • The SEC has postponed decisions on spot DOGE and XRP ETFs, setting new review deadlines for mid-June.

  • Analysts expected delays, noting that most altcoin ETF applications face final deadlines in October or later.

News - The U.S. Securities and Exchange Commission (SEC) has delayed its decision on spot ETFs for Dogecoin and XRP, extending the timeline until June 15 and June 17, respectively. The proposals in question include the Bitwise Dogecoin ETF and Franklin Templeton’s XRP Fund, both awaiting clarity on their regulatory fate.

The delay, while procedural, was widely anticipated by market watchers. Bloomberg analyst James Seyffart noted that most altcoin ETF applications—including those for Solana, HBAR, and Ethereum staking—are unlikely to receive rulings before October 2025, which marks the final deadline for many of these filings.

ETF momentum meets caution - Despite a surge in ETF applications following Bitcoin ETF approvals, the SEC continues to exercise caution. Under existing rules, it can take up to 90 days to evaluate proposed rule changes—buying time for deeper review and potential comment periods.

The Dogecoin ETF landscape is also expanding. Nasdaq recently filed to list the 21Shares Dogecoin ETF, a physically backed product managed in partnership with the House of Doge. Coinbase Custody Trust will act as the custodian, holding DOGE directly with no leverage or derivatives.

What’s next? - The SEC’s decision delays underscore the cautious stance still prevailing despite a pro-crypto tilt under the new U.S. administration. While DOGE and XRP remain top-traded assets, their ETF fates hinge on upcoming regulatory clarity—likely closer to Q4 2025.

Eric Trump warns banks: Adopt crypto or go extinct by 2035

Key points:

  • Eric Trump claims traditional banks will be “extinct in 10 years” if they fail to adopt blockchain, calling the current financial system slow and broken.

  • His comments follow a wave of Trump-backed crypto ventures, including stablecoin USD1 and mining firm American Bitcoin Corp.

News - Eric Trump, Executive Vice President of the Trump Organization and son of U.S. President Donald Trump, issued a stark warning to legacy banks: embrace crypto and blockchain—or face extinction by 2035.

Speaking to CNBC, Trump called the financial system “broken, slow, and expensive,” citing delays, inefficiencies, and discrimination against average Americans and political outsiders. “SWIFT is an absolute disaster,” he said, slamming the international payments network for multi-day settlement times and costly operations.

Crypto as the great equalizer - Trump argued that decentralized finance (DeFi) offers a faster and more inclusive alternative. “You can send money wallet-to-wallet, instantly, without punishing fees or delays,” he emphasized. He criticized the 9-to-5 limitations of banks and lengthy mortgage processes, claiming some applicants wait over 100 days for KYC clearance—only to lose out on home purchases.

Moreover, he accused banks of being “weaponized” against Trump supporters and middle-class Americans.

Trump family’s crypto empire expands - The remarks come as the Trump family ramps up crypto activity. Eric Trump recently launched:

  • USD1, a stablecoin backed 1:1 by U.S. Treasuries and hosted on BNB Chain

  • World Liberty Financial, a DeFi project

  • American Bitcoin Corp, a mining venture co-launched with Hut 8

His comments align with a broader pro-crypto policy shift under President Trump’s administration, which aims to undo prior regulatory hostility and create a friendlier environment for digital assets.

Why it matters - Eric Trump’s prediction isn’t just political posturing—it’s a signal that crypto may be central to the Trump administration’s financial reform narrative. Whether banks adopt or resist could define their fate over the next decade.

Telegram’s debt goes on-chain: $500M Tokenized Bond Fund launches on TON

Key points:

  • Libre has launched a $500M Telegram Bond Fund on the TON blockchain, giving accredited investors on-chain access to Telegram’s $2.35B in outstanding bonds.

  • The fund enables real-world financial utility within TON—serving as collateral for DeFi products and accelerating the RWA tokenization trend.

News - Tokenization platform Libre has launched the Telegram Bond Fund (TBF) on the TON blockchain, offering institutional-grade access to $500 million worth of Telegram’s corporate debt. This marks one of the largest institutional real-world asset (RWA) deployments in decentralized finance to date.

Accredited investors can now gain on-chain exposure to Telegram’s outstanding $2.35 billion in bonds. Through tokenized fund units issued on TON, participants receive yield-bearing exposure to Telegram’s fixed-income products, which can also be used as collateral within TON’s DeFi ecosystem for borrowing and product development.

TradFi meets Telegram’s 950M+ user base - Libre’s move builds on a growing industry shift to bring traditional finance (TradFi) to crypto rails. Unlike speculative crypto tokens, TBF represents tangible corporate debt—tokenized to support liquidity, transparency, and composability in Web3 environments.

TON, originally developed by Telegram and now run independently, remains tightly integrated with the messaging platform. With recent wallet upgrades and seamless user-facing tools, TON is emerging as a key distribution layer for financial products.

Libre, already known for tokenizing over $200M in assets from firms like BlackRock, Brevan Howard, Hamilton Lane, and Laser Digital, is doubling down on TON’s accessibility and Telegram’s vast network effect.

Why it matters - TBF isn’t just another blockchain experiment—it’s a regulated, yield-generating financial product backed by real-world bonds. With Telegram’s reach and TON’s infrastructure, Libre’s latest launch could redefine how institutional assets move in a decentralized world.

SEC ends PYUSD probe: PayPal’s stablecoin cleared as regulation heats up

Key points:

  • The SEC has closed its investigation into PayPal’s PYUSD stablecoin with no enforcement action taken.

  • The decision coincides with a broader regulatory pivot and the advancement of two major stablecoin bills in Congress.

News - After 15 months under regulatory scrutiny, PayPal has confirmed that the U.S. Securities and Exchange Commission (SEC) has dropped its investigation into its dollar-backed stablecoin, PYUSD. The inquiry began in November 2023 with a subpoena requesting internal documents. In February 2025, the SEC notified PayPal that it was “closing this inquiry without enforcement action,” according to the firm’s recent regulatory filing.

Issued by Paxos and backed by U.S. Treasuries and cash equivalents, PYUSD has struggled to break into a market dominated by Tether (USDT) and Circle (USDC). Its market cap sits at approximately $880 million, still under 1% of Tether’s dominance, but up 75% since the start of 2025.

Coinbase partnership and PYUSD expansion - Momentum may be shifting for PayPal’s stablecoin. Last week, the company partnered with Coinbase to expand PYUSD across the exchange’s ecosystem—offering fee-free trading and 1:1 redemption. PayPal has also launched a 3.7% rewards program for U.S. users who hold PYUSD, aiming to bolster adoption further.

These developments come on the heels of PayPal’s strong Q1 earnings report, beating Wall Street expectations with $1.33 per share and $7.8 billion in revenue.

Regulatory thaw and legislative push - The SEC’s decision reflects a growing shift under the Trump administration. Once aggressive under former Chair Gary Gensler, the agency is now backing away from regulation-by-enforcement tactics. Recent case closures involving Coinbase, Uniswap Labs, and OpenSea support this trend.

Meanwhile, Congress is pushing ahead with stablecoin-specific legislation. The STABLE Act and GENIUS Act, both advancing through committee, aim to create a clear framework for redeemability, reserves, and issuer oversight—signaling bipartisan urgency to regulate without stifling innovation.

Interesting facts

  • In 2013, a man accidentally threw away a hard drive containing 8,000 BTC while cleaning out his desk. Today, he’s still trying to get permission from his local council to excavate the landfill where it ended up—potentially digging for hundreds of millions of dollars.

  • There’s a cryptocurrency called Dogelon Mars (ELON), named after Elon Musk and themed around a dog that lives on Mars. Launched as a memecoin, it combines Dogecoin-style humor with Sci-Fi storytelling and has even published a comic book to build its lore.

  • Lost private keys account for nearly 20% of all Bitcoin in circulation—an estimated 3.7 million BTC could be permanently inaccessible. These “ghost Bitcoins” serve as a reminder of the importance of wallet backups and secure storage practices in crypto.

Top 3 coins of the day

FLOKI (FLOKI)

Key points:

  • FLOKI jumped 4.06% to $0.0000869, extending its rally with the 9-day SMA offering dynamic support.

  • The Awesome Oscillator turned increasingly bullish, with rising green bars signaling growing momentum.

What you should know:

FLOKI maintained its bullish streak, climbing over 4% to trade at $0.0000869. The memecoin continued to gain ground after a multi-day breakout from the $0.0000600 zone, now trading well above its 9-day Simple Moving Average. Volume remained relatively strong, reinforcing buying interest amid broader market uncertainty. The Awesome Oscillator showed rising green bars for nearly two weeks straight, indicating strengthening upward momentum. This comes as FLOKI has defied broader market dips—spurred by speculation of a potential 2x price surge and investor optimism tied to strategic ecosystem updates. Notably, reports suggesting growing institutional interest and upcoming staking enhancements have added to the hype. As long as price holds above $0.0000780, FLOKI may aim for the psychological resistance near $0.00001000. On the downside, any sharp cooldown could find support around the $0.0000720–$0.0000750 range.

DeXe (DEXE)

Key points:

  • DEXE inched up by 0.48% to trade at $13.11, staying below its 20-day Bollinger midline and facing continued overhead pressure.

  • The CMF slipped deeper into negative territory at -0.14, highlighting ongoing capital outflows and weakening demand.

What you should know:

DEXE showed minor gains, closing at $13.11 after a sluggish intraday session. Despite the slight uptick, the token continued to trade below the midline of its 20-day Bollinger Bands, signaling limited bullish strength and persistent downside pressure. The bands themselves have narrowed over recent sessions, pointing to declining volatility and a potential squeeze scenario ahead. The Chaikin Money Flow (CMF) remained firmly negative at -0.14, confirming sustained capital outflows and lackluster buyer conviction. This bearish bias has been visible for much of April, with price action failing to generate any meaningful upside even after the early-month recovery attempt. Volume trends also reflected hesitation among traders, staying relatively flat despite occasional price fluctuations. For DEXE to regain upward momentum, it must break above the $14.00 resistance aligned with the Bollinger midline. A failure to reclaim this level could invite renewed selling pressure, with immediate support seen near the $12.30–$12.00 zone.

Pudgy Penguins (PENGU)

Key points:

  • PENGU declined by 7.18% to $0.0103, marking its second consecutive red candle after a parabolic run.

  • RSI retreated from overbought territory but remained elevated at 65, indicating lingering bullish momentum.

What you should know:

PENGU faced a sharp 7.18% drop on April 30, falling to $0.0103 as the token cooled off from its explosive multi-day rally. Despite the correction, it continued to trade well above its 9-day Simple Moving Average, which acted as a strong dynamic support throughout the recent upswing. The Relative Strength Index (RSI) dipped from above 70 to 65, suggesting some short-term overheating had been alleviated without fully reversing the bullish bias. Volume levels remained elevated, reflecting ongoing speculative interest, especially following a surge in NFT sales tied to the Pudgy Penguins ecosystem. Several reports highlighted the token's 200%+ rally over the past week, fueled by increasing visibility in the NFT market and fresh whale entries. If the current pullback stabilizes, PENGU could attempt to retest the $0.0125–$0.0130 resistance area. However, further downside could see it test support near $0.0090, where buyers may look to re-enter.

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