LIBRA Memecoin Scandal Wipes Out $251M as Insiders Dump Tokens After Milei’s Endorsement

The LIBRA memecoin scandal in Argentina erased $251 million in investor wealth over the weekend, according to Nansen. The token, launched on Solana’s Meteora exchange, skyrocketed to a $4.5 billion market cap after President Javier Milei endorsed it on X. However, insiders quickly offloaded massive amounts, causing a 90% price crash. Over 70% of traders suffered losses, and Milei later deleted his endorsement, claiming he was unaware of the project’s details. The fallout led to political backlash, with opposition figures calling the incident an international embarrassment and threatening impeachment.

SEC Drops Appeal on Crypto Dealer Rule as New Leadership Signals Regulatory Shift

The SEC has voluntarily dismissed its appeal against a ruling that restricted its ability to enforce securities laws on crypto and DeFi users. The lawsuit, filed by the Crypto Freedom Alliance of Texas and the Blockchain Association, challenged the SEC’s “dealer rule,” which required large liquidity providers to comply with federal securities laws. A November 2024 court decision ruled that the SEC overstepped its authority, and the agency’s withdrawal marks a major win for the crypto industry. The move follows leadership changes, with pro-crypto figures Mark T. Uyeda and Paul Atkins steering the SEC toward a more favorable regulatory stance under the “SEC Crypto 2.0” initiative.

👉CHECK OUT OUR PREMIUM SERVICES AND READ OUR TESTIMONIALS

Trump Declares End to Biden’s Crypto Crackdown, Vows to Make US a Blockchain Leader

President Donald Trump announced he has ended what he called Joe Biden’s “war on Bitcoin and crypto,” pledging to position the US as a global leader in digital assets. Speaking at the FII PRIORITY Summit, Trump highlighted executive orders aimed at maintaining leadership in AI and crypto innovation. He criticized the SEC’s regulatory stance, alleging politically motivated indictments against crypto firms, some of which were dropped before the election. Trump also claimed his support for the industry has fueled Bitcoin’s record-breaking price movements, reinforcing his commitment to making the US a hub for crypto growth.

👉CHECK OUT BB TERMINAL

SEC Intensifies Scrutiny on Crypto Staking as Industry Pushes for ETF Integration

The SEC is increasing its focus on crypto staking and may issue new guidance, according to FOX Business journalist Eleanor Terrett. The agency recently met with Jito Labs and Multicoin Capital to explore staking models for crypto exchange-traded products (ETPs). Discussions centered on two approaches: the Services Model, which stakes assets through validator providers while ensuring redemptions, and the LST Model, which involves liquid staking tokens. The industry argues that banning staking in ETPs harms investors and network security. Meanwhile, CBOE BZX Exchange has submitted a proposal to allow staking for the 21Shares Core Ethereum ETF, marking the first such request since spot Ethereum ETFs were approved.