Crypto-Friendly Paul Atkins Confirmed as New SEC Chair

Paul Atkins was confirmed as the new chair of the U.S. Securities and Exchange Commission, replacing acting head Mark Uyeda. The 52-44 Senate vote capped weeks of hearings in which Atkins pledged to prioritize “a firm regulatory foundation for digital assets through a rational, coherent and principled approach.”

Atkins, a Bush-era SEC commissioner and longtime financial consultant, signaled dissatisfaction with the current state of crypto oversight. “Ambiguous and non-existent regulation of digital assets” is his diagnosis for what’s choking innovation and deterring global capital from entering U.S. markets.

The blockchain industry has responded with open arms, buoyed by recent SEC dismissals of crypto-related enforcement cases under Uyeda’s watch. Faryar Shirzad of Coinbase called Atkins’ confirmation the “dawn of a new era,” while Congressman Tom Emmer said, “We need stablecoins. We need market structure. We need to have clarity and certainty in the system.”

Policy observers point to the agency’s quiet pullback on claims related to securities law violations in crypto, including stances that dollar-backed stablecoins and proof-of-work mining fall outside SEC jurisdiction. These moves hint that Atkins may formalize what Uyeda’s SEC had already begun: a deregulatory shift with deep implications for crypto’s legal status.

‍

The SEC Approves Ethereum ETF Options Trading

On April 9, the U.S. SEC approved options trading on several spot Ethereum ETFs, including products from BlackRock, Bitwise, and Grayscale. The decision allows exchanges like Nasdaq ISE and NYSE American to offer options contracts tied to the price of ETH ETFs. The move mirrors earlier SEC action in 2024 when it allowed options on Bitcoin ETFs.

The ETFs began trading last summer after approval nearly a year ago, and issuers have since pushed for added investment products. Analysts say the options approval paves the way for more launches, including covered call and staking-enabled ETFs. Ethereum prices briefly rebounded to $1,650 after the news, recovering from a low of $1,400 earlier this week.

‍

Babylon Launches Genesis Blockchain for BTC Staking

Babylon, a Bitcoin yield platform founded by Stanford professor David Tse, launched its new layer-1 blockchain "Genesis" on April 10. The new chain is designed to support BTC staking, allowing users to earn rewards by contributing to network security and liquidity. Since August 2024, over 57,000 BTC, worth $4.6 billion, have been staked via Babylon.

Genesis splits staking rewards equally between BTC and BABY token holders while coordinating finality and liquidity across networks. Babylon aims to activate dormant BTC and integrate it with DeFi ecosystems through secure timestamping and validator participation. Major backers of Genesis include Galaxy, Figment, and P2P, with more integrations expected later this year.

‍

Jack Dorsey's Block Pays $40M Over AML Compliance Failures

On April 10, Block Inc., the fintech firm founded by Jack Dorsey, agreed to pay $40 million to New York regulators for compliance failures. The state’s Department of Financial Services said Block’s Cash App allowed high-risk Bitcoin transactions without proper monitoring. An outside monitor will now oversee the company’s corrective efforts.

The settlement resolves Block’s final state-level dispute over money-laundering controls between 2021 and 2022. Regulators cited a “high-risk environment” vulnerable to criminal misuse due to poor oversight. Block, which holds a New York BitLicense, did not admit wrongdoing but said it is pleased to put the matter behind it.

‍

Data of the Day

Top public Bitcoin mining companies generated nearly $800 million in BTC revenue during Q1 2025, according to Cointelegraph data. Marathon Digital led with 2,285 BTC mined, followed by CleanSpark with 1,950 and Iren with 1,513. Bitcoin traded near $81,600 during the period, helping push miner earnings to new highs.

Hut8 Mining posted the biggest monthly gain, with March output rising 91% to 88 BTC after producing just 46 BTC in February. The firm recently partnered with Donald Trump Jr. and Eric Trump to launch American Bitcoin, a new mining venture. The sector’s growth reflects strong demand and investment despite price volatility.

‍

More Breaking News

• Nasdaq has filed to list VanEck’s spot Avalanche ETF, aiming to offer investors regulated AVAX exposure without direct crypto custody.
• OpenSea has urged the SEC to clarify that NFT marketplaces aren’t securities exchanges or brokers, following the agency’s dropped investigation.
• Cardano founder Charles Hoskinson predicts Bitcoin could hit $250,000 by year-end, citing stablecoin legislation and growing crypto adoption.
• Synthetix’s sUSD stablecoin fell to $0.83, its lowest in five years, raising concerns over a potential SNX-backed “death spiral.”
• Pakistan is planning to use its surplus electricity for Bitcoin mining and AI infrastructure, seeking to attract foreign investment in crypto.
• Ukraine has proposed a 23% personal income tax on certain crypto transactions to fund wartime costs, with exemptions for select stablecoins.
• Thailand will ban unlicensed foreign P2P crypto platforms and impose steep penalties under new laws to combat financial cybercrime.
• Bitpanda has secured its third MiCA license in Austria, expanding its regulatory lead across Europe but raising enforcement consistency questions.
• Westpac’s CEO apologized after the bank froze a customer’s funds over a Bitcoin transfer, as Australia addresses growing debanking concerns.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.