Scenius Sync (Issue # 163)
SEC's Atkins Debuts Project Crypto, Kraken Seeks $500M at $15B Val Ahead of IPO, JPM Partnering with Coinbase To Enable Crypto Purchases, ETH Treasuries & ETH ETFs Are Gobbling Up ETH
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
If you find this newsletter valuable, please subscribe and share The Scenius Sync with your network 💪
Essential News 🗞
SEC Chair Atkins debuts 'Project Crypto' to update rules and regulations, with a focus on onchain
The U.S. SEC launched "Project Crypto," which its chair says will be an initiative to "modernize the securities rules and regulations to enable America’s financial markets to move on-chain." SEC Chairman Paul Atkins announced the launch on Thursday during a speech, and said the project was building off a report released on Wednesday by the President's Working Group. "That is why I am launching Project Crypto and directing the SEC’s policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals to implement the PWG’s recommendations," Atkins said. "Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets." On Wednesday, a report was released detailing how federal agencies plan to approach crypto. The working group is made up of agency heads, including Atkins, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick, among others. "To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an offchain environment to an on-chain one," Atkins said.
Kraken seeks $500M at $15B valuation ahead of rumoured 2026 IPO: Report
Kraken is reportedly set to raise half a billion dollars in funding at a valuation of $15 billion as the American crypto exchange eyes a potential public offering. The Information reported the $500 million funding plan on Tuesday, citing people familiar with the matter, adding that Kraken was last valued at about $11 billion in 2022. Bloomberg reported in March that Kraken was targeting a public debut as early as the first quarter of 2026, citing a more friendly regulatory environment under the Trump administration. The company could be looking for a windfall amid a recent boom in initial public offerings, which has so far netted big money for trading platforms such as eToro and crypto stablecoin issuer Circle Internet Group.
Additional color from the Information here.
Privacy Takes Center Stage in Closing Arguments at Tornado Cash Developer Roman Storm's Trial
Lawyers delivered closing arguments in Roman Storm's criminal trial on Wednesday at a federal courthouse in New York. The jury began deliberations early Wednesday evening, but they quickly wrapped up discussions for the day. Storm faces a maximum sentence of more than 40 years in prison, if convicted on all three charges brought against him.
In related news: Dragonfly exec says US government is considering charges against the venture firm for its early support of Tornado Cash
Algeria Bans All Crypto Activities, Including Ownership and Mining
The Algerian government has expanded the country’s 2018 Financial Law to ban all crypto-related activities in the country. The extended legislation prohibits crypto trading, ownership and mining, with penalties including fines and jail time. The law goes against the global trend of increasing crypto liberalization, with commentators suggesting that blanket bans are challenging to enforce.
Hackers used fake job offer to target CoinDCX employee, steal $44 million: report
Less than two weeks after cybercriminals attacked Indian crypto exchange CoinDCX, police believe they have traced the root cause to a job-bait ploy. Hackers posing as recruiters allegedly lured a CoinDCX software engineer into installing malware on his company laptop and then drained about $44 million in crypto from the exchange, Bengaluru police said. Officers arrested Rahul Agarwal, 30, after investigators determined the attackers used his login credentials to access the firm’s systems and move funds, according to local reports.
Innovation & Adoption 💡📈
JPMorgan to enable crypto purchases via credit cards in Coinbase tie-up
U.S. banking giant JPMorgan partnered with Coinbase on Wednesday to allow customers to fund their wallets using its Chase credit cards and buy cryptocurrency on the exchange starting in fall 2025. Once viewed warily by traditional financial institutions, the digital assets industry has gained enough traction among consumers and investors that large banks are now entering the space. From custody services to card-linked purchases, financial heavyweights are increasingly offering crypto-related products and mulling new use cases for the tokens, signaling how far the once-nascent market has matured. The cryptocurrency market recently touched a $4 trillion valuation and is expected to grow further as regulatory clarity in major markets such as the United States drives broader adoption.
Announcement on Coinbase’s blog here.
Relatedly, Jamie Dimon just gave a thumbs up to stablecoins—but still won’t say anything nice about Bitcoin
Bitfinex-backed Layer 1 Plasma raises $373 million in 10-day token sale
Plasma, the stablecoin-focused Layer 1 blockchain backed by Tether sister company Bitfinex, has secured $373 million in commitments from thousands of investors over a 10-day token sale. The funding is more than seven times the amount the project sought to raise, as it sets out to provide free USDT transfers.
ETH treasuries surpass $10 billion across 64 entities, data shows
The total value of ether treasuries has exceeded $10 billion, reflecting a growing trend of companies incorporating the world's second-largest cryptocurrency into their balance sheets. According to data from StrategicETHReserve, the total value of ETH treasury holdings stands at $10.58 billion as of Thursday, accounting for 64 entities that hold over 100 ETH. This accounts for 2.26% of ETH's total supply, the data showed.
The combined value of $10 billion includes treasuries from publicly traded companies, cryptocurrency exchanges, DeFi protocols, non-profit organizations and federal governments. Currently, the top holder of ether is Bitmine Immersion Tech, which shifted its main focus from bitcoin mining to the accumulation of ether. The company holds 625,000 ETH ($2.42 billion) under its belt, while its chairman, Tom Lee, previously said that it aims to acquire and stake 5% of Ethereum's token supply.
In related news: SharpLink Gaming boosts holdings by $43 million in ETH: onchain analysts & and also: The Ether Machine adds 15,000 ETH for $57 million, surpasses Ethereum Foundation holdings
U.S. spot Ethereum ETFs have matched their record 19-day net inflow streak, adding $5.8 million on Wednesday to a run that totals $5.38 billion. The combined ETFs now hold approximately 5.7 million ETH on behalf of their clients — around 4.7% of ETH’s estimated 120.7 million circulating supply.
Grayscale Launches Trust for Story Protocol to Tap Into $80T Intellectual Property Market
Grayscale has launched a new investment trust that gives accredited investors exposure to the $IP token behind the Story protocol. The Story network transforms intellectual property such as media, likeness, and real-world data into programmable, on-chain assets. The trust is aimed at meeting growing institutional demand for blockchain infrastructure that supports AI-era digital rights and licensing.