SEC concludes Coinbase review, Mantra CEO proposes to destroy OM tokens

Headline

▌The U.S. Securities and Exchange Commission (SEC) has ended its multi-year review of Coinbase's financial disclosures and has not required the company to revise or restate

The U.S. Securities and Exchange Commission (SEC) has ended its multi-year review of Coinbase's financial disclosures and has not required the company to make any revisions or restatements. The news was confirmed by an SEC letter shared by Paul Grewal, Coinbase's chief legal officer. In a social media post published on April 15, Grewal emphasized that the resolution was reached after more than two years of communication with the SEC's corporate finance department.  

The March 17 letter was written to Coinbase Chief Financial Officer Alesia Haas and confirmed that the SEC had completed its review of the company's Form 10-K filings for fiscal years ending December 31, 2022 and 2023. The letter reminded Coinbase and its management that they are responsible for the accuracy and adequacy of their disclosed information. The regulator also emphasized that the completion of the review is not equivalent to recognition or endorsement of the document. The end of the review marks the official end of a lengthy review process that began shortly after Coinbase went public in April 2021.

▌Mantra CEO proposes to destroy OM tokens to regain investor confidence

Mantra CEO John Patrick Mullin proposed to destroy his OM tokens to restore investor confidence after the price of the protocol's native token plummeted. Mullin said that his tokens are part of the 300 million OM tokens reserved by the team, which will be unlocked until April 2027.

On April 15, Mullin issued a public statement on the X platform, promising to destroy his future share of the tokens and saying that if the project recovers, the community can decide whether to let him regain the tokens. According to Tokenomist, he currently holds about 772,000 OM tokens, less than 1% of the more than 80 million OM tokens in circulation on April 15. Mullin has allocated his tokens on the liquid proof-of-stake protocol Fluxtra. Although he made a commitment and disclosed his current holdings, he did not disclose the specific holdings, saying that he would disclose the share of tokens held when the destruction plan is ready.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $83,483.80, with a daily increase or decrease of -1.2%;

ETH's latest transaction price is $1,586.85, with a daily increase or decrease of -2.2%;

BNB's latest transaction price is $578.67, with a daily increase or decrease of -1.0%;

SOL's latest transaction price is $126.01, with a daily increase or decrease of -2.1%；

DOGE's latest transaction price is 0.1533 US dollars, with a daily increase or decrease of -3.2%；

XPR's latest transaction price is 2.08 US dollars, with a daily increase or decrease of -2.1%.

Policy

▌TD Cowen: Political risks in the crypto industry are rising, and the Trump family's crypto investment may undermine regulatory efforts

The TD Cowen Washington Research Team, led by Jarrett Seiberg, wrote in a report that political risks in the crypto industry are rising because actions associated with U.S. President Donald Trump and his administration could undermine progress in crypto regulation.  

The report said: "Our concern is that political threats may intensify and ultimately pose a threat to legislative and regulatory reforms for cryptocurrencies. We do not currently believe that political risks will undermine Washington's cryptocurrency agenda, but this risk is rising rather than falling. Because of this, we believe this is a key factor for cryptocurrency investors to pay attention to."  

Washington state lawmakers and regulators are currently making progress on cryptocurrency legislation and cryptocurrency guidance. The U.S. Securities and Exchange Commission (SEC) has withdrawn multiple cryptocurrency lawsuits, and lawmakers are proposing ideas for a regulatory framework for stablecoins and market structure.  

However, analysts say that the Trump family's increasingly controversial involvement in the cryptocurrency space, including the planned stablecoin, could threaten this momentum. "We are increasingly concerned about escalating political risks as the actions of the Trump family business and its administration could trigger a backlash that undermines the government's positive actions," he wrote.

Blockchain Applications

▌Solana Ecosystem Payment Protocol Solayer Launches Non-custodial Crypto Debit Card

Solana Ecosystem Payment Solution Solayer announced the launch of a non-custodial cryptocurrency debit card, which allows users to directly use crypto assets for consumption without custodial funds. The product is implemented in cooperation with Visa and supports real-time conversion of SOL and SPL tokens to fiat currency settlement while maintaining full control of users' 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 $21 million

As part of its new financial strategy, Janover, a U.S. listed fintech commercial real estate platform, has purchased another 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 its entry into the cryptocurrency field in early April, the stock price has soared more than 1,700%, when it was trading at around $4 to $5 per share. After completing the latest SOL purchase, Janover's stock price rose another 12% to $73.74 this week. It is reported that the company is the first U.S. listed company to focus its financial strategy on Solana.

▌Fireblocks: Tether and Circle face stiff competition as TradFi enters stablecoin space

The race for stablecoin dominance is entering its third phase, according to digital asset encryption and custody specialist Fireblocks, with companies such as Tether, the largest token issuer, and Circle, the second-largest, consolidating their positions as the industry faces increased regulation such as the EU Markets in Crypto Assets (MiCA) regime and U.S. legislation being considered by Congress.

Ran Goldi, senior vice president of payments at Fireblocks, said the latest phase will involve banks large and small, as well as existing payment companies, who are weighing the best way to integrate tokens into their existing businesses, and Goldi said he expects up to 50 stablecoins to emerge by the end of the year.

▌CryptoQuant: Miners are stepping up their bitcoin sales as bitcoin prices fall and mining difficulty increases

CryptoQuant said in a report on Tuesday that miners accelerated their pace of selling bitcoin last week as the price of bitcoin fell below $80,000. 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 that day, it was worth at least $1.12 billion.  

CryptoQuant said: "Miners' profit margins have been squeezed by falling prices, while low transaction fees and record highs in the bitcoin network computing power mean higher mining costs, resulting in their average operating profit margins falling from 53% at the end of January to 33% today."  

The company also pointed out that Bitcoin has been in one of its most pessimistic stages since November 2022. Bitcoin reached a high of nearly $109,000 before President Trump took office, but has since struggled to break through $90,000.

▌Trump family project 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.  

It is reported that Bilal Bin Saqib was appointed as the chief advisor of the Pakistan Crypto Council in March 2025, responsible for guiding Pakistan to integrate cryptocurrency and blockchain technology into its financial ecosystem and ensure the development of a regulatory framework that meets global best practices. He was selected for the Forbes 30 Under 30 list.

▌Semler Scientific has applied to the U.S. 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) to issue $500 million in securities by submitting an S-3 registration document. 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's allocation of Bitcoin, Matt Cole, CEO of asset management company Strive, recently sent an open letter to Intuit management, stating that its Mailchimp platform's ban on Bitcoin community accounts violated fiduciary duties, and suggested that the company include Bitcoin in its balance sheet to cope with the impact of AI technology.  

In a letter to Intuit's CEO and board of directors, Cole disclosed that Mailchimp recently shut down the USC Bitcoin student organization account without warning. Although it was forced to resume services due to public opinion, it exposed systemic policy bias. He emphasized that as the FTC launched an investigation into platform discrimination, such reviews may trigger legal and reputation risks. Intuit's core product TurboTax faces the threat of AI automation substitution, and it is recommended to configure Bitcoin as a strategic hedging asset.  

After GameStop adopted Cole's suggestion, it not only completed the issuance of $1.5 billion in convertible notes, but also replaced $500 million in cash reserves with Bitcoin, and its stock price rose 47% in a single week. At present, Intuit has not responded, and its stock price fell 1.8% before the market.

Important Economic Dynamics

▌US Media: Meta Antitrust Case "Bargaining" Negotiations Failed

According to the Wall Street Journal, Meta Platforms (META.O) CEO Zuckerberg called the head of the US Federal Trade Commission (FTC) at the end of March and put forward a condition: Meta will pay $450 million to settle a protracted antitrust case that is about to go to trial. This bid is far lower than the $30 billion required by the Federal Trade Commission. According to people familiar with the matter, during the conference call, Zuckerberg sounded confident that President Trump would support him at the Federal Trade Commission. However, Federal Trade Commission Chairman Andrew Ferguson believed that the proposal was unreliable and he was not prepared to accept any settlement plan below $18 billion and a consent decree. People familiar with the matter said that as the trial approached, Meta once raised its offer to nearly $1 billion. The former Federal Trade Commission Chairman said that the company's $450 million settlement proposal was "delusional."

▌Google launches Veo 2, generating 8-second ultra-realistic videos

At 1 a.m. today, Google (GOOG.O) DeepMind finally integrated the long-awaited Veo2 into the GeminiApp application and made it fully available. Veo2 can generate up to 8 seconds of 720P movie-level videos, and is excellent in camera movement, text semantic restoration, physical simulation, and motion consistency. It also supports the image-to-video function. According to the test data released by Google, Veo2 has surpassed Sora, Keling 1.5, MetaMovieGen and Minimax in terms of user preferences and prompt restoration. In addition, starting today, developers can use Veo2 through the API in Google AI Studio. (AIGC Open Community)

▌Biden: The new government has caused a lot of damage

Former US President Biden said that in less than 100 days, the new government has caused a lot of damage. They have dealt a heavy hand to the Social Security Administration, laying off as many as 7,000 people, including many experienced professionals. Further layoffs are expected in the future, causing frequent website crashes and seriously affecting people's access to accounts.

▌Nvidia's US stocks plunged more than 6% after the market

Nvidia's US stocks continued to fall after the market, now down more than 6%. The company expects inventory, purchase commitments and related reserve expenses related to H20 products to be US$5.5 billion in the first fiscal quarter. Affected by Nvidia's after-hours dive, US stock futures fell in early Asia-Pacific trading on Wednesday, with S&P futures down 0.90%, Dow futures down 0.50%, and Nasdaq futures down 1.3%.

▌Industry estimates: U.S. tariffs could cost chip equipment makers more than $1 billion

According to industry calculations discussed with Washington officials and lawmakers last week, U.S. President Trump's new tariffs could cost U.S. semiconductor equipment makers more than $1 billion a year, two people familiar with the matter said. The three largest U.S. chip equipment makers - Applied Materials (AMAT.O), Lam Research (LRXC.O) and KLA-Tencent (KLAC.O) - could lose about $350 million in a year from tariffs. Smaller competitors like Onto Innovation could also face tens of millions of dollars in additional expenses.

Golden Encyclopedia

▌What is Compressed NFT?

Compressed NFT is a non-fungible token (NFT) designed to reduce the cost of storing and transacting with NFTs on the Solana blockchain. Compressed NFTs offer several key advantages that stand out in the blockchain ecosystem. They are affordable and significantly reduce the cost of minting and storage, enabling creators and businesses to use blockchain technology without financial barriers. In addition, cNFTs contribute to greener blockchain practices by reducing storage requirements and, therefore, energy usage. These attributes make cNFT a potential game changer for scalability, environmental protection, and innovative applications.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.