NEWS DIGESTπ
Β 1. U.S. Crypto Stocks Plummet Amid Bitcoinβs Decline
On April 7, 2025, U.S.-listed crypto companies experienced significant stock declines following Bitcoinβs drop to its lowest level this year. MicroStrategy fell over 7%, Coinbase dropped 6%, and Robinhood slid 4%, the latter also affected by a Barclays downgrade due to anticipated lower transaction revenue. President Trumpβs new tariffs have heightened global trade tensions, undermining investor confidence and risk appetite.
Β 2. Binanceβs Tax Evasion Trial in Nigeria Adjourned to April 30
A Nigerian court has postponed Binanceβs tax evasion trial to April 30, allowing the Federal Inland Revenue Service time to respond to Binanceβs request to annul an earlier court order. Nigeria accuses Binance of causing $79.5 billion in economic losses and demands $2 billion in back taxes, alleging the company contributed to the countryβs currency instability.
Β 3. Crypto Executives Urge Congress to Permit Interest Payments on Stablecoins
Cryptocurrency executives are lobbying Congress to allow stablecoin issuers to pay interest to token holders. Supporters argue this would benefit consumers by making stablecoins more like bank deposits, while opponents warn it could lead to funds shifting out of the insured banking system, potentially destabilizing financial institutions. The House bill currently prohibits interest payments on stablecoins, while the Senate version is less definitive.
Β 4. Circle Reveals Revenue Growth in U.S. IPO Filing
Circle Internet Group, the issuer of the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange. The company reported revenue of $1.68 billion in the past year, up from $1.45 billion the previous year, with net income from continuing operations decreasing to $157 million from $271.5 million. This marks Circleβs second attempt at going public after a previously terminated $9 billion merger.
