This Week in Crypto
The top 5 headlines, the top 5 tweets, and the top 5 memes
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Top 5 Headlines
SEC delays decision on approving bitcoin ETF
The Securities and Exchange Commission on Wednesday delayed its decision on approving the VanEck Bitcoin ETF until June as the regulator’s new chief begins to review high-profile asset applications.
The SEC typically takes 45 days from when an application is filed to render a decision on whether such a security should be allowed to trade. The 45-day window for the VanEck Bitcoin ETF ends May 3, but the SEC is extending the deadline.
Gemini, Mastercard to Launch Crypto Rewards Card
Gemini has made Mastercard the exclusive card network for its bitcoin-back credit card, which will launch this summer. Salt Lake City, UT-based WebBank will issue the card.
Cardholders will earn up to 3% back in the cryptocurrency of their choice from the 30 available. Gemini will deliver rewards immediately, rather than monthly as with most points or cash-back programs, and deposit rewards into its customers’ accounts automatically.
Biden Unveils $1.8 Trillion Social Spending Plan
The Biden administration is seeking $1.8 trillion, to accompany previous budget proposals, for rebuilding American infrastructure and expanding social programs. The American Families Plan focuses mainly on making education and child care more accessible.
The Biden administration called for higher taxes on corporations and America’s highest earning individuals. The American Families Plan includes $80 billion in enhancements to the I.R.S. The administration estimates that this could potentially raise an additional $700 billion from high earners and corporations currently evading tax payments.
A second bitcoin exchange collapses in Turkey amid crackdown on cryptocurrencies
The platform, Vebitcoin, said in a brief statement on its website that it has ceased all activities after facing financial strain and that it would update clients on the situation as soon as possible.
Turkish authorities have blocked Vebitcoin’s domestic bank accounts and detained four people as part of a probe into the exchange, Reuters reported Saturday. According to CoinGecko data, Vebitcoin had almost $60 million in daily trading volumes prior to its collapse.
Game Giant Nexon Puts $100M in Bitcoin on Balance Sheet
Tokyo-based gaming giant Nexon has purchased $100 million in bitcoin at an average price of $58,226. Nexon has been a member of one of Japan’s most important stock indexes, the Nikkei 225, since 2020.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Owen Mahoney, Nexon’s Chief Executive Officer, said in a statement. “In the current economic environment, we believe Bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Top 5 Tweets
Top 5 Memes
About Grokking Crypto
Crypto is moving so fast and trying to keep up with everything can feel a bit overwhelming. Dozens of crypto-related articles, podcasts, and YouTube videos are published every day. Moreover, 90% of these resources aren’t even worth reading or listening to, which makes the task of keeping up even more difficult.
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