Crypto & Blockchain Daily Brief Thursday, May 1, 2025

Telegram, the messaging app, is reportedly planning to launch a decentralized finance (DeFi) project worth $500 million. The project is called "TON" and aims to create a decentralized network for DeFi applications. This move comes after Telegram's failed attempt to launch the TON blockchain project last year due to regulatory issues. The TON project is set to be built on the Free TON blockchain, which is a decentralized network run by a community of developers and users. The $500 million fund will be used to support various DeFi projects on the Free TON network. The fund will be managed by a group of independent developers and will operate under a decentralized governance structure. Telegram's decision to launch a DeFi project comes as the DeFi sector continues to gain popularity in the cryptocurrency space. DeFi applications allow users to access financial services such as lending, borrowing, and trading without the need for traditional financial intermediaries. The launch of the TON project marks Telegram's reentry into the blockchain space after the failed TON blockchain project. The company is looking to leverage the growing interest in DeFi to create a decentralized network that offers a wide range of financial services to users. Overall, Telegram's $500 million DeFi project on the Free TON blockchain is a significant development in the DeFi space and could potentially help drive further innovation and adoption of decentralized finance applications.

Coinbase, a popular cryptocurrency exchange platform, has entered a Supreme Court case to defend its users' privacy rights against the Internal Revenue Service (IRS). The case revolves around the IRS seeking access to user data from Coinbase as part of an investigation into potential tax evasion. Coinbase has argued that complying with the IRS's request could violate the Fourth Amendment rights of its users by allowing the government to access private financial information without a warrant. The case has significant implications for the cryptocurrency industry and the privacy of users who engage in digital asset transactions. If Coinbase is forced to hand over user data without proper legal protections, it could set a concerning precedent for how digital asset exchanges handle user information and cooperate with government agencies. Coinbase's decision to intervene in the case highlights the company's commitment to protecting the privacy and rights of its users. By taking a stand against the IRS's request, Coinbase is signaling its dedication to upholding user confidentiality and maintaining trust within the cryptocurrency community. The outcome of this Supreme Court case could have far-reaching consequences for the regulation and oversight of cryptocurrency transactions, as well as the balance between privacy rights and law enforcement interests. As the case unfolds, it will be closely watched by industry stakeholders, policymakers, and privacy advocates to see how the court navigates the complex issues at play.

Eric Trump, the son of former U.S. President Donald Trump, believes that banks must adopt cryptocurrencies or face extinction. He expressed his views during an interview at the Bitcoin 2022 conference in Miami. According to Eric Trump, traditional banks need to adapt to the changing landscape of the financial industry by embracing cryptocurrencies and blockchain technology. He highlighted the growing popularity and acceptance of digital assets like Bitcoin and Ethereum, emphasizing that banks that fail to incorporate crypto into their services will become irrelevant. Eric Trump also pointed out that the younger generation is more inclined towards using cryptocurrencies and decentralized finance platforms, indicating a shift away from traditional banking systems. Eric Trump's comments come at a time when the adoption of cryptocurrencies is gaining momentum worldwide, with more individuals and institutions exploring digital assets as a viable investment option. He suggested that banks should not ignore this trend and should instead embrace cryptocurrencies to stay competitive in the evolving financial sector. Overall, Eric Trump's message is clear: banks that do not adapt to the rise of cryptocurrencies risk becoming obsolete. By acknowledging the importance of digital assets and blockchain technology, traditional financial institutions can position themselves for long-term success and relevance in the rapidly changing financial landscape.

Nasdaq has filed an application with the U.S. Securities and Exchange Commission (SEC) to list a Dogecoin exchange-traded fund (ETF) created by 21Shares. The ETF would be called "21Shares Dogecoin" and would be listed on the Nasdaq stock exchange under the ticker symbol DOGE. This move by Nasdaq comes as Dogecoin, a cryptocurrency that started as a meme, has gained significant popularity and acceptance in recent times. The proposed ETF would allow investors to gain exposure to Dogecoin without having to directly invest in the cryptocurrency itself. It would track the price of Dogecoin by holding the cryptocurrency and would be backed by 21Shares, a Swiss-based cryptocurrency investment firm. The ETF would be structured similarly to other cryptocurrency ETFs offered by 21Shares, such as the 21Shares Bitcoin ETP and the 21Shares Ethereum ETP. If approved by the SEC, the 21Shares Dogecoin ETF would be the first ETF to track the price of Dogecoin on a major U.S. stock exchange. This move could potentially open up Dogecoin to a wider range of investors who may be interested in gaining exposure to the cryptocurrency through traditional investment vehicles. However, it is important to note that the approval process for ETFs can be lengthy and uncertain, as the SEC closely scrutinizes such products to ensure they meet regulatory requirements and investor protection standards.

Vitalik Buterin, the co-founder of Ethereum, has set ambitious goals for the future of the cryptocurrency. He envisions Ethereum to become a major blockchain platform by 2025, surpassing competitors like Bitcoin. Buterin believes that Ethereum will have a market capitalization of $1 trillion by 2025, which would make it larger than Bitcoin. He also predicts that Ethereum will process 100,000 transactions per second by that time, significantly higher than its current capacity. Buterin's vision for Ethereum includes becoming a platform that can handle a wide range of applications beyond just financial transactions, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and more. He believes that Ethereum's scalability, security, and decentralization will be key factors in its success. To achieve these goals, Buterin emphasizes the need for ongoing developments and upgrades to the Ethereum network. He highlights the importance of upgrades like Ethereum 2.0, which aims to improve scalability and security through the implementation of a proof-of-stake consensus mechanism. In conclusion, Vitalik Buterin is optimistic about Ethereum's future and believes that it has the potential to become a leading blockchain platform by 2025. He envisions Ethereum reaching a market capitalization of $1 trillion, processing 100,000 transactions per second, and supporting a wide range of applications beyond just financial transactions. Achieving these goals will require continued development and upgrades to the Ethereum network.