Trump signs tariff executive order Circle submits IPO application

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering weekly key news, mining information, project trends, technological progress and other industry trends. This article is one of the news weekly news magazines, which will take you to take a look at the major events in the blockchain industry this week.

Headlines

Coinbase calls for restart of FDIC lawsuits, accusing the regulator of continuing to conceal key documents

According to reporter Eleanor Terrett, U.S. cryptocurrency exchange Coinbase filed a motion to the District Court of the District of Columbia, requesting the suspension of the Freedom of Information Act lawsuit against Federal Deposit Insurance Corporation (FDIC). The exchange accused the FDIC of refusing to provide critical regulatory documents and not fully cooperating with information disclosure requests. In early February this year, after Trump appointed Travis Hill as acting FDIC chairman, presiding judge Neomi Rao suspended the proceedings, hoping that both parties could reach a settlement outside court.

"Although the new FDIC leadership demonstrates a higher transparency commitment than statutory requirements, core information remains blocked. We will not stop pushing the process until the regulatory transparency the U.S. public deserves," said Paul Grewal, chief legal officer of Coinbase. According to court procedures, the FDIC is expected to formally respond to a request to restart the lawsuit within two weeks.

The lawsuit dates back to 2023, with Coinbase accusing the FDIC of secretly asking multiple banks to cut off cooperation with crypto companies. Although the exchange has obtained some of the communication records through the Freedom of Information Act, 27 key documents involving the internal decision- making process of the FDIC were still refused to be disclosed on the grounds of "privileges of the review process." Industry observers point out that progress in the case may affect the collaboration model between crypto institutions and the traditional financial system.

▌ GameStop has completed the issuance of US$1.3 billion convertible notes and will soon purchase Bitcoin

American video game retailer GameStop (stock code: GME) may or may begin to configure Bitcoin assets soon or have started. Regulatory documents submitted after the close of US stocks on Monday showed that the $1.3 billion five-year convertible notes it issued had completed full subscription, with a total fundraising amount of $1.5 billion, including over-allotment option, and a net income of $1.48 billion after deducting fees.

Previously, when the fourth quarter financial report was announced, the GameStop board led by CEO Ryan Cohen had passed a resolution to update the company's investment policies and include Bitcoin in the balance sheet allocation scope.

▌ Circle submitted an IPO application and planned to be listed on the New York Stock Exchange

According to market news, stablecoin issuer Circle has filed S-1 documents with the U.S. Securities and Exchange Commission (SEC) to officially launch the initial public offering (IPO) process. The company plans to be listed on the New York Stock Exchange under the stock code CRCL.

▌U.S. President Trump signs executive order on tariffs

Previous reports have been reported that the specific tariff rates for the United States to many countries have been released. US President Trump said that a comprehensive tariff of 10% will be imposed, and the tax rates in some countries will be higher. A 46% tariff will be imposed on Vietnam. A 10% tariff will be imposed on the UK. A 31% tariff will be imposed on Switzerland. A 49% tariff will be imposed on Cambodia. A 36% tariff will be imposed on Thailand. South Africa will be subject to a 30% tariff. Indonesia will be subject to a 32% tariff. Brazil will be subject to a 10% tariff. Singapore will be subject to a 10% tariff. A 25% tariff will be imposed on South Korea. India will be subject to a 26% tariff. A 10% tariff will be imposed on Sand Characters and a 10% tariff will be imposed on New Zealand. Australia will be subject to a 10% tariff. A 10% tariff will be imposed on Türkiye. A 10% tariff will be imposed on Ukraine.

policy

▌U.S . House Financial Services Committee Chairman: Trump 's crypto- business activities make regulation more complex

House Financial Services Committee Chairman French Hill on Monday criticized President Trump and his family for cryptocurrency business activities, saying these actions “complex” the work of creating laws for the emerging digital asset industry. Hill specifically pointed out Trump's meme and stablecoin projects, saying it had a negative impact on the work of lawmakers. Hill: “These projects make our work more complicated.”

Hill said on Monday that the House Financial Services Committee will review the draft Stablecoin Act on Wednesday and will discuss the new version of the Market Structure Act soon. On the Senate, the GENIUS Act, which won bipartisan support by 18-6 votes, has been submitted to the whole house for a vote. But Trump's business activities provide Democrats with a reason to object. Last week, Senator Elizabeth Warren slammed Trump-backed USD1 stablecoin as a "scam" and tried to peg the project to the legislative process. She said “Congress should amend the stablecoin bill under consideration to prevent Trump and Musk from taking control of people’s money.”

▌U.S. Representatives: The STABLE Act related to stablecoins is close to the GENIUS Act of the Senate

Crypto reporter Eleanor Terrett posted, “Bryan Steil, chairman of the U.S. House Digital Assets Subcommittee, told me that after Wednesday’s consideration, the STABLE Act will be well aligned with the Senate’s GENIUS Act, which was achieved after several rounds of draft amendments and technical assistance from the House and the Senate, with the SEC and CFTC.

Bryan Steil believes that there is a 20% difference between the GENIUS Act and these differences are only textual, not significant or substantial. Currently, the biggest difference between the two is the requirements for international stablecoin issuers, state regulation of issuers, and some minor technical differences between the two texts. Steil said, at the end of the day, I think everyone recognizes that we want to work with colleagues in the Senate to push the bill to pass. ”

European regulators: U.S. relaxation of regulation of cryptocurrencies could increase risks in traditional finance

The European Securities and Markets Administration said the U.S. crypto- friendly stance could increase the risk level of financial markets by deepening the link between traditional finance (TradFi) and the digital asset economy. In a joint report, ESMA, the European Banking Authority and the European Insurance and Occupational Pension Authority pointed out that “Volatility in cryptoassets, driven by expectations of the agenda of deregulation in the United States and the increasing connectivity with traditional financial markets” are a key driver of financial markets.

"This crypto-friendly stance has the potential to accelerate the adoption of cryptocurrencies, including institutional investors. This in turn will increase connectivity, and there may be a negative spillover between cryptocurrencies and traditional markets without relevant safeguards," a spokesperson for the EU financial market regulator said in an interview.

▌The specific tariff rates for the United States to many countries are released

The specific tariff rates for the United States to many countries are released. U.S. President Trump said he would impose a 46% tariff on Vietnam. A 10% tariff will be imposed on the UK. A 31% tariff will be imposed on Switzerland. A 49% tariff will be imposed on Cambodia. A 36% tariff will be imposed on Thailand. South Africa will be subject to a 30% tariff. Indonesia will be subject to a 32% tariff. Brazil will be subject to a 10% tariff. Singapore will be subject to a 10% tariff. A 25% tariff will be imposed on South Korea. India will be subject to a 26% tariff. A 10% tariff will be imposed on Sand Characters and a 10% tariff will be imposed on New Zealand. Australia will be subject to a 10% tariff. A 10% tariff will be imposed on Türkiye. A 10% tariff will be imposed on Ukraine.

▌US SEC has accepted the Solana ETF application submitted by Fidelity

The U.S. Securities and Exchange Commission (SEC) has officially accepted the Solana ETF application filed by Fidelity.

▌Illinois will withdraw pledge lawsuit against Coinbase

A spokesman for Illinois Secretary of State Alexi Giannoulias told CoinDesk that Illinois will soon withdraw the pledge lawsuit against Coinbase and join the three other U.S. states that recently abandoned the lawsuit against the exchange, but the spokesman declined to comment when asked when the case could be dropped. Illinois is one of the 10 U.S. states that filed charges against Coinbase in 2023, accusing it of violating state securities laws through a pledge program. The Securities and Exchange Commission (SEC) also accused Coinbase of pledged products that violated federal securities laws, but withdrawn the lawsuit in February. Since the SEC withdraws its lawsuit, state securities regulators in Kentucky, Vermont and South Carolina have also waived their lawsuit against the exchange.

Blockchain application

▌ 0xbow draws on Vitalik 's research results to launch a new blockchain privacy tool "Privacy Pool"

0xbow, a team of cryptographers such as Ethereum veteran developers Ameen Soleimani and Zak Cole, recently launched a new tool to enhance privacy on- chain. According to an announcement released by the X platform, the technology called "Privacy Pools" was officially launched on the main network on Monday. Privacy Pool is a hybrid network system that uses zero-knowledge proof and "Association Set Provider" to ensure that only "clean" funds can enter the fund pool. Its goal is to provide privacy protection for ordinary cryptocurrency users while maintaining regulatory compliance.

0xbow has received institutional investments such as Bankless, Number Group, Public Works, and angel investors such as Ethereum co-founder Vitalik Buterin are also involved. The 0xbow protocol originated from a paper co-authored by Buterin in 2023 with Chainalysis researcher Jacob Illum and scholars Matthias Nadler, Fabian Schar and others.

▌ Uniswap DAO supports $113 million “Financial Commission” program, aiming to increase governance participation

Uniswap DAO has voted to continue its “financial commission plan”, passed in a preliminary governance vote that ended Tuesday. The program may allocate up to 18 million UNI tokens to selected 12 representatives, worth approximately US$113.4 million at current prices. The proposal has been initially approved, and subsequent details will be finalized and will take effect after the on- chain vote is passed.

Uniswap’s first financial delegation program, titled “Delegating UNI to Active but Underrepresented Representatives,” was launched in December 2023 to support “Active but Underrepresented Representatives” who voted on behalf of UNI token holders.

If the new representative funding program is passed, approximately 12 selected representatives will receive 1 million UNI tokens to inspire them to participate in governance. An additional 1 million tokens will be awarded to “top” delegates, who will be determined based on “objective standards”, including maintaining at least 80% voting participation rates over the past three months.

Despite the vote passing the “temporary check,” the Uniswap community is not entirely consistent with the plan. Only 60% of the voting rights support the program, and nearly 30% choose to abstain.

▌Wall Street giant DTCC launches blockchain collateral platform to accelerate financial tokenization

DTCC, the world's largest securities settlement institution, officially launched a tokenized collateral management platform based on blockchain, realizing automated operations through smart contracts and improving cross- market transaction efficiency. The platform will debut at the industry event on April 23 and promote the formulation of global tokenized collateral standards. DTCC executives say collateral liquidity is a "killer application" of blockchain that supports real-time transactions around the clock. This move marks the accelerated embrace of tokenization technology by traditional financial giants, and institutions such as BlackRock and Fidelity have also laid out in this field.

Cryptocurrency

▌ GoMining launches $100 million Bitcoin mining fund for institutional investors

Crypto mining company GoMining recently announced the launch of the $100 million Bitcoin mining fund "Alpha Blocks Fund" for institutional investors. The fund is the custodian of digital asset custody giant BitGo. It will provide investors with mining income distribution through compound computing power strategies and focus on the value-added model of Bitcoin reward reinvestment.

A spokesperson for GoMining said: "Unlike passive equity investment, Alpha Blocks Fund provides investors with the opportunity to mine Bitcoin directly through a fully custodial, compound hashrate strategy. Bitcoin rewards will be reinvested to increase the hashrate of the fund and improve miner efficiency." Although GoMining's Bitcoin fund is aimed at institutional investors, its flagship products are targeted at retail miners who may lack funds to build heavy mining equipment.

▌Ethereum ' s single-week blob fee reaches 3.18 ETH, the lowest weekly level since 2025

The main source of revenue for Ethereum network from the Layer2 extension chain, "Blob fees", has fallen to its lowest weekly level this year. Etherscan pointed out in the X platform that in the week ended March 30, Ethereum earned 3.18 ETH only through blob fees (about $6,000 at the price on April 1). This figure fell 73% from the previous week, and plummeted by more than 95% from the peak of 84 ETHs in the week of March 16.

▌ Dogwifhat abandons advertising plans at the Las Vegas sphere venue

Dogwifhat organizers have abandoned their plans to advertise for it at the Las Vegas Sphere. The project previously raised nearly $700,000 worth of cryptocurrency for fundraising activities, which lasted for more than a year. In late January this year, the token's official X account had hinted that "this hat-wearing dog" will appear on the sphere shell of the stadium in the first quarter of 2025. Late Monday night, organizer Games MasterFlex (also known as Edward) announced on the X platform that it would terminate the Dogwifhat advertising program and start refunding donors as early as Tuesday, the statement was forwarded by the token's official X account.

Standard Chartered Bank: Bullish AVAX, target price of $250 in 2029

Standard Chartered Bank's latest research report predicts that the price of Avalanche (AVAX) tokens is expected to reach US$250 in 2029, an increase of more than 10 times from the current US$20 level. The bank pointed out that the Etna upgrade completed by the end of 2024 significantly reduced development costs, drove the number of developers to grow by 40%, and attracted institutions such as BlackRock to introduce $1.9 billion tokenized fund BUIDL to the network. Analyst Geoffrey Kendrick expects AVAX to climb year by year: $55 in 2025, $100 in 2026, and $150 in 2027 (alliance high). The Avalanche Foundation simultaneously launched a $55 million incentive program, focusing on supporting developers and AI projects. The report also reminds that AVAX volatility is as high as twice as much as Bitcoin, so you should be cautious when investing.

▌U.S. lawmakers accused Trump of replacing the dollar with personal stablecoin

U.S. Rep. Waters accused former President Trump of using his political influence to promote family businesses to issue stablecoins for profit, and warned that if Congress does not resolve its conflict of interest, the relevant bills should be rejected. She said Trump could try to get the administration to adopt its private stablecoin in an all-round way, replacing the dollar payment system. Members of both parties are concerned that there are moral risks in Trump's involvement in the crypto industry, complicating legislation. The relevant stablecoin bill is pending the vote of the committee.

▌ Galaxy Digital obtains derivatives trading license in the UK

Galaxy Digital has obtained permission to trade derivatives through its London office in the UK. From 2020, companies that conduct certain crypto asset activities in the UK must comply with revised money laundering, terrorist financing and fund transfer regulations and register with the FCA. There are currently 51 companies on the crypto asset register, including Coinbase, Fidelity, Gemini and Kraken. Due to the FCA's strict approval process, only about 14% of applications can be approved.

Previous reports that BlackRock has been approved by the UK Financial Conduct Authority to operate as a crypto asset company in the country.

▌ Yesterday, FBTC net outflow was US$23.3 million and BITB net outflow was US$44.2 million.

According to Farside Investors monitoring, yesterday Fidelity FBTC's net outflow was $23.3 million, Bitwise's BITB's net outflow was $44.2 million, VanEck's HODL's net outflow was $12.2 million, and WTree's BTCW's net outflow was $5.2 million.

▌BlackRock meets with the US SEC Cryptocurrency Working Group to discuss physical redemption of crypto ETFs

According to a public agenda, BlackRock meets with the US SEC Cryptocurrency Working Group to discuss its existing cryptocurrency ETFs and the possibility of allowing physical redemption and creation in the future.

Important economic trends

▌The risk of stagflation in the United States rises. The two giants on Wall Street have huge differences on the Fed 's interest rate path

At around 2 a.m. local time in Zurich, UBS Global Wealth Management chief investment officer Mark Haefele made his own judgment on the new round of large-scale tariff measures for US President Trump. He wrote in a report to clients that the Fed will be forced to cut interest rates significantly this year, possibly as many as four times. About 12 hours later, Michael Gapen, chief U.S. economist at Morgan Stanley, came to a completely opposite conclusion: the Fed will not cut interest rates now. His team retracted forecasts for a possible rate cut in June and now expects the Fed to have to wait until next year to cut rates again. "The Fed will find it difficult to ignore the pressure of rising inflation in the short term and be unable to quickly relax monetary policy," Gapen and his team said in the report. This huge difference highlights the particularity and complexity of the US economic difficulties amid the escalating trade war.

▌Bridgewater Fund founder: Tariff system may lead to intensifying global stagflation and significantly reshape Sino-US trade relations

Bridgewater founder Ray Dalio has issued a harsh warning about the economic impact of US President Donald Trump's newly introduced tariff policies. Dalio said the tariff system could lead to an intensified global stagflation and significantly reshape China-US trade relations.

▌Spot gold has reached US$3,160, setting a record high

Spot gold rose to $3,160 per ounce in the early trading session, continuing to hit a record high, up 0.85% intraday.

▌The US dollar index fell below the low point when Trump announced the full tariffs, and is now at 103.24

The US dollar index DXY regained its decline, falling below the low point when Trump announced its full tariffs, with the latest 103.24, and the highest level of reciprocal tariffs was above 104 when it was announced.

▌The probability of the Fed 's fourth rate cut this year rises to 50%

Short-term interest rate futures in the United States rose, and traders believe that the probability of the Fed's fourth rate cut this year is close to 50%, while previous forecasts only have three rate cuts.