Nikolas Sargeant
The cryptocurrency landscape has experienced notable developments this week, encompassing regulatory actions, corporate strategies, and legal proceedings. From legislative moves on stablecoins to GameStop's significant Bitcoin investment, here are the top five crypto stories from March 30–April 4, 2025.
1. U.S. Lawmakers Advance Stablecoin Legislation Amid Political Tensions
Crypto Executives Lobby for Interest Payments to Token Holders
The U.S. House Financial Services Committee passed the STABLE Act, aiming to regulate dollar-backed stablecoins issued by banks and financial companies. The bill has sparked partisan debates, particularly following the announcement of a new stablecoin by Trump-affiliated World Liberty Financial, raising conflict-of-interest concerns among Democrats. Crypto executives are lobbying Congress to allow stablecoin issuers to pay interest to token holders, arguing it would benefit consumers by treating stablecoins more like bank deposits. Opponents warn this could incentivize consumers to move funds out of the insured banking system, potentially destabilizing financial institutions. The legislation now awaits a full House vote.
2. GameStop Completes $1.5 Billion Offering to Fund Bitcoin Reserve
Video Game Retailer Diversifies Treasury with Cryptocurrency Investment
GameStop announced the completion of a $1.5 billion offering of convertible senior notes, with plans to use the proceeds to purchase Bitcoin for its corporate treasury. This move aligns GameStop with companies like MicroStrategy, which have added Bitcoin to their balance sheets. The offering includes a $1.3 billion main tranche and a $200 million over-allotment option, both exercised in full. The notes have a 0% coupon rate, relying entirely on potential share appreciation and market confidence in the company's future trajectory.
3. Galaxy Digital Settles with New York Attorney General Over LUNA Promotion
$200 Million Settlement Reached Amid Allegations of Market Manipulation
Galaxy Digital and its affiliates agreed to pay $200 million to settle a New York Attorney General's investigation into their involvement with the collapsed cryptocurrency LUNA. The settlement accuses Galaxy of promoting and selling LUNA to the public without disclosing its intent to sell its holdings, violating the Martin Act and the Executive Law. The payment will be made over three years, with Galaxy neither admitting nor denying the allegations.
4. Sam Bankman-Fried Transferred to Oklahoma Prison Facility
Former FTX CEO Relocated Amid Ongoing Legal Proceedings
Sam Bankman-Fried, the convicted founder of FTX, has been transferred from the Metropolitan Detention Center in Brooklyn to a federal transfer facility in Oklahoma City. The move follows an unsanctioned jailhouse interview with Tucker Carlson, part of a bid to seek a pardon from President Trump. Bankman-Fried is currently serving a 25-year sentence for orchestrating multiple fraudulent schemes related to the collapse of FTX.
5. Bitcoin ETF Inflows Surge Amid Market Volatility
Institutional Investors Show Renewed Interest in Cryptocurrency Funds
Despite recent market volatility and a slump in Bitcoin prices to $82,000 following President Trump's tariff announcements, Bitcoin ETFs experienced significant inflows. On April 2, net inflows reached $220 million, with Fidelity's FBTC and Ark Invest's ARKB leading the way, attracting $119 million and $130 million, respectively. This surge suggests that institutional investors are viewing the price dip as a buying opportunity, indicating confidence in Bitcoin's long-term potential.
