Lawmakers in the US Senate Banking Committee confirmed the nomination of Paul Atkins to be a member of Securities and Exchange Commission (SEC), paving the way for a full floor vote in the chamber.
In an April 3 executive session of the banking committee, lawmakers voted 13-11 to confirm Atkins for two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler’s term and another term ending in 2031.
Atkins’ nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is also likely to be confirmed.
Before calling for a vote, committee chair Tim Scott said Atkins would bring “much-needed clarity for digital assets.” Ranking member Elizabeth Warren reiterated earlier concerns about Trump’s SEC pick helping “billionaire scammers” like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk “actively trying to destroy” federal agencies.
This is a developing story, and further information will be added as it becomes available.
A growing number of financial and crypto industry leaders are openly questioning the long-term future of the U.S. dollar as the world’s reserve currency—while pointing to Bitcoin (CRYPTO: BTC) as an increasingly credible alternative in a rapidly shifting monetary landscape.
What Happened: The debate resurfaced after BlackRock (NASDAQ:BLK) CEO Larry Fink warned that rising U.S. deficits and unsustainable government debt could undermine confidence in the dollar.
In his annual letter to shareholders, Fink noted that Bitcoin and other digital assets could gain ground if current fiscal trends remain unchecked. “The dollar’s position as the global reserve currency is not guaranteed,” he wrote.
According to Adrian Blake, co-founder of predictive analytics firmPredictūm, Bitcoin is already moving toward reserve-like status—though not in the traditional sense. “It’s more realistic than ever, but not as a full replacement,” Blake said. “Bitcoin is becoming a non-sovereign collateral layer for a fragmented global system.”
Blake suggests that nations facing geopolitical headwinds or seeking to diversify away from the dollar may gradually adopt Bitcoin as a hedge.
This wouldn’t involve immediate or universal adoption, he explained, but …
JPMorgan analysts say investor confidence is shifting away from Bitcoin (CRYPTO: BTC) toward gold, as the precious metal gains momentum as the preferred inflation hedge amid growing economic uncertainty.
What Happened: In a recent note led by Nikolaos Panigirtzoglou, the bank’s team of strategists pointed to Bitcoin’s high volatility and its increasing correlation with equities as weakening its long-touted “digital gold” status, The Block reported on Thursday.
“The sharp rise in gold prices highlights a stronger investor appetite for traditional safe havens,” the report noted, with gold surpassing $3,100 per ounce this year.
The move is being driven by what analysts call the “debasement trade,” a …
Bitcoin’s (BTC) journey from a radical experiment to a trillion-dollar asset has been fueled by grand narratives: Digital gold, decentralized money and an alternative financial system. Beyond the hype, how does Bitcoin remain true to its core values?
That’s the central theme of the latest episode of The Clear Crypto Podcast, where hosts Nathan Jeffay and Gareth Jenkinson are joined by Charlie Spears, co-founder of Blockspace Media, to unpack Bitcoin’s evolving role in the global financial system.
Bitcoin’s evolution
From the outset, Bitcoin was designed as a decentralized alternative to traditional money.
But as adoption has surged, so too has the debate over its scalability and usability. Jenkinson began the conversation by explaining the origins of the original cryptocurrency and how that has shifted over time:
“It started out as digital gold and electronic money, and it was supposed to be that. And this is why there is that shift towards scaling and different transactional capabilities that people are looking to bring onto the network.”
The discussion underscores the growing importance of layer-2 solutions like the Lightning Network, which aim to make Bitcoin practical for everyday transactions by enabling users to transact in satoshis — the smallest unit of Bitcoin — rather than traditional currencies.
Debates over Bitcoin’s direction often center on its philosophical roots. Some purists argue that any modification risks altering the essence of what makes Bitcoin unique.
Others see thoughtful updates as a way to reinforce its role as a global financial system. Spears compares this to interpreting historical texts:
“Reading what Satoshi wrote years ago is like analyzing the words of the Founding Fathers. The world changes, and we have to decide what that means for Bitcoin today.”
The discussion highlights how some proposed upgrades aren’t new but were initially removed as a precaution. Now, with Bitcoin’s maturity, developers are considering reinstating them to improve functionality.
“Bitcoin is in the hands of its users,” Spears emphasizes. “We get to decide what it should be, just as much as those who were there 15 years ago.”
As Bitcoin continues to evolve, The Clear Crypto Podcast cuts through the noise to deliver insightful conversations about where it’s headed next.
To hear the full conversation on The Clear Crypto Podcast, listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!
Market makers’ blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.
The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.
Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.
“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:
“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”
Wintermute with over 31 million FDUSD tokens from Binance right after the depegging occurred. “Assuming they bought $FDUSD near the bottom at $0.90, they would make over $3M when $FDUSD returned to the peg,” added Lookonchain.
The selling patterns of market makers have been closely watched since February’s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple market participants, including market makers.
Reasons for the crypto market crash. Source: Evgeny Gaevoy
However, the crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.
First Digital: “Our stablecoin remains fully backed and solvent”
Despite the insolvency claims, First Digital assured users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.
“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent,” wrote First Digital in an April 3 X post.
Still, some analytics tools have previously highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or “constrained” according to the S&P Global Ratings’ stablecoin stability assessment, shared with Cointelegraph on March 19.
“Our stablecoin stability assessments range from 2 (strong) to 5 (weak) in terms of a stablecoin’s ability to maintain its peg to a fiat currency,” and “the quality of the assets backing the stablecoin is a critical driver of the final assessment,” an S&P Global Ratings spokesperson told Cointelegraph, adding:
“Weaknesses in other areas, including regulation and supervision, governance, transparency, liquidity and redeemability, and track record, contributed to those stablecoins with lower assessments.”
First Digital said it would take legal action against Sun’s false bankruptcy allegations, which led to the stablecoin’s depegging.
Cryptocurrency listings have outperformed the average of traditional stock listings, despite recent community criticism regarding the manipulation potential of token listings on centralized exchanges.
Token listing procedures on centralized cryptocurrency exchanges (CEXs) drew significant controversy after Changpeng “CZ” Zhao, co-founder and former CEO of Binance, called the process flawed after disappointing performances of some token listings.
Despite the criticism, crypto exchanges have outperformed traditional stock exchanges in terms of listings with positive returns on investment (ROI) and average ROI, according to an April 3 CoinMarketCap report shared exclusively with Cointelegraph.
Over the past 180 days, crypto exchange listings had an average return of over 80%, outperforming the largest traditional stock indexes such as the Nasdaq and Dow Jones, as well as Bitcoin (BTC) and Ether (ETH).
CEX listings, top indexes, average ROI. Source: CoinMarketCap
The 80% return refers to the average performance of all listed tokens by the seven major exchanges, including Binance, Bybit, Coinbase, OKX, Bitget, Gate and KuCoin.
Moreover, 68% of crypto exchange listings boasted a positive ROI, outperforming the New York Stock Exchange’s (NYSE) 54% and the Nasdaq’s 51%.
Source: CoinMarketCap
“This data suggests that crypto exchanges have made progress in refining their listing,” the report said.
Cryptocurrencies listed on CEXs generally see high demand from investors as the exchanges provide significant new liquidity that can boost the coins’ price performances after listing.
Token-listing criteria on CEXs started garnering attention in November 2024, after Tron founder Justin Sun claimed that Coinbase allegedly asked for $330 million in total fees to list Tron (TRX), a surprising allegation since Coinbase claims to charge no fees for listing new cryptocurrencies.
Token listing performance still depends on broader market conditions: Binance
Recent investor disappointment with some token listings may stem from historic profit expectations due to the significant upside of numerous CEX-listed tokens.
Still, the returns of a cryptocurrency after listing depend on the wider market appetite, a Binance spokesperson told Cointelegraph, adding:
“Outcomes can vary depending on broader market conditions. As the industry matures, we’re seeing reduced volatility compared to earlier cycles — a shift that reflects greater stability and long-term sustainability in the crypto market.”
“Crypto investors’ expectations for new listings to perform well are understandable and often shaped by the historic success” of CEX listings, added the spokesperson.
Binance, the world’s largest crypto exchange, listed 77 cryptocurrencies throughout 2023 and 2024, with a 0% delisting rate.
Binance announced a community voting mechanism for token listings on March 9, to make the listing process more decentralized.
