RFK Jr.’s blockchain idea, Ethereum ETF approval in question, Bitcoin’s unlikely bull run

A U.S. presidential candidate is hyped about blockchain technology; Bitcoin’s bull run — post halving — appears doubtful; and regulators are expected to deny spot Ethereum ETF approval. Here’s crypto.news’ weekly recap.

RFK Jr. opines about blockchain

• During an April 21 rally in Michigan, U.S. presidential candidate Robert F. Kennedy Jr. said that putting the U.S. budget on the blockchain would allow Americans to access any budget item at any time.
• Integrating the budget with blockchain technology will significantly increase transparency, he says, adding, “If somebody is spending $16,000 for a toilet seat, everybody’s going to know about it.”
• If the proposal comes to fruition, American taxpayers would be able to track where funds are being spent. The idea was well-received by some corners of the cryptocurrency community, with some claiming it would end corruption.

Standard Chartered doubles down

• Geoff Kendrick, head of digital assets research at Standard Chartered, remains confident about the market’s capacity to recover by reiterating Standard Chartered’s statement from last month with a price prediction of $150,000 by year’s end.
• A skeptical take: Bitcoin’s halving won’t spark a lasting bull run over the next 12 to 18 months, according to analysts at Paris-based Kaiko. Contrary to earlier expectations, the decrease in miners’ rewards from 6.25 BTC to 3.125 BTC may not serve as the primary catalyst for Bitcoin‘s growth, according to a recent research report.
• Miners are also losing money. According to data provided by YCharts, the average transaction fee on the Bitcoin network declined by 28% to about $24.99 between April 22 and April 23.

Spot Ethereum ETF prospects

• The U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on the application, extending the review period by an additional 45 days to June 11.
• Industry heavyweights, including BlackRock, Grayscale, VanEck, Franklin Templeton and ARK Invest, are contenders in the race to secure approval for their own spot in Ether ETFs.
• However, the prospects for these Ethereum-based ETFs gaining approval from the SEC appear to be bleak, with one analyst assessing the likelihood of a spot Ether ETF being approved at about 35%.

Watch your wallets

• Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill were arrested by U.S. authorities for laundering over $100 million.
• Wasabi Wallet developer zkSNACKs is blocking U.S. citizens from accessing its services.
• Phoenix Wallet will also cease operations for U.S. residents starting May 3, removing its app from U.S. app stores.

Legal perspectives

• Custodia Bank filed a notice of appeal on April 26, challenging a lower court’s decision from March denying its attempt to officially join the U.S. banking system.
• Pro-crypto lawyer John Deaton promised to file an amicus brief in support of Coinbase’s motion for an interlocutory appeal.
• The SEC is suing a Bitcoin mining company Geosyn, alleging that the firm engaged in an unregistered securities offering, raising over $5.6 million through deceptive practices.
• And MetaMask developer Consensys is suing the SEC over what it describes as the agency’s illegal attempt to reframe its constitutional authority to include oversight on Ethereum (ETH), crypto’s second-largest decentralized network. 

Bullish and bearish takes

• The spot Bitcoin ETF sector is again in the red zone, experiencing a capital outflow of $217 million on April 25.
• BNY Mellon, the world’s largest custodian bank and the oldest in the U.S., is exposed to BTC ETFs offered by BlackRock and Grayscale, underscoring the growing institutional interest in cryptocurrencies.
• Ethereum co-creator Vitalik Buterin recently highlighted that the proof of work (PoW) design held drawbacks that misaligned with the network’s long-term vision
• Blockchain developer Movement Labs raised $38 million in venture capital; Polychain Capital led the effort. The news comes as VCs continue to express interest in the cryptocurrency sector. In the first quarter, VC volume saw an uptick for the first time since 2022, hovering at around $2.5 billion.