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Weekly Blockchain Blog – April 28, 2025

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<a href="#companies">Companies Announce Digital Asset Payment Networks</a>

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<a href="#exchanges">Exchanges Announce Futures Products, New Co. Focuses on BTC Treasury</a>

<a href="#roundtable">SEC Hosts Roundtable on Crypto Custody</a>

<a href="#sec">SEC Enforcement Action Targets Alleged Crypto Fraud Scheme</a>

<a href="#crypto">Crypto Malware Planted in Popular API, ASIC Shuts Down Pig Butchering Cos.</a>

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Companies Announce Digital Asset Payment Networks

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

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The issuer of the USDC stablecoin recently published a white paper outlining its plans to launch “CPN,” a new payments network that aims to “bring[] financial institutions together in a compliant, seamless, and programmable framework to orchestrate global payments in fiat, USDC, and other payment stablecoins.” The white paper “sets forth the design principles of CPN, outlines initial and near-term use cases, and suggests future use cases and growth opportunities.” Among other things, CPN seeks to serve as “the foundation for an ecosystem that eliminates many of the technical complexities and operational hurdles that have slowed mainstream stablecoin adoption to date, including the need for businesses to custody their own stablecoins.”

In other stablecoin news, the issuer of the PYUSD stablecoin recently “introduced rewards for PYUSD, a new loyalty offering that will provide US users the ability to earn 3.7% annually in rewards” on PYUSD held in wallets on certain fintech applications. According to a press release, the new rewards will be available beginning in summer 2025.

Another recent press release announced the launch of Lynq, “a real-time, yield-bearing settlement network powered by a tokenized treasury fund custodied at a special purpose broker-dealer.” According to the press release, “Lynq aims to address the unique challenges of digital asset settlement, including market fragmentation, counterparty risk, and evolving regulatory frameworks, while returning yield to institutional clients.” The press release lists several well-known companies in the digital asset and traditional financial services space that are participating as launch partners of the Lynq network.

For more information, please refer to the following links:

<a href="https://www.circle.com/cpn" target="_blank" rel="noreferrer noopener">A new standard for global money movement</a>

<a href="https://newsroom.paypal-corp.com/2025-04-23-Buy-Hold-Earn-Rewards-PayPal-Unlocks-Rewards-for-Holding-PayPal-USD" target="_blank" rel="noreferrer noopener">Buy. Hold. Earn Rewards. PayPal Unlocks Rewards for Holding PayPal USD</a>

<a href="https://www.businesswire.com/news/home/20250422495825/en/Digital-Asset-Industry-Leaders-to-Launch-Lynq-a-Real-Time-Yield-Bearing-Settlement-Network-for-Institutional-Clients" target="_blank" rel="noreferrer noopener">Digital Asset Industry Leaders to Launch Lynq, a Real-Time, Yield-Bearing Settlement Network for Institutional Clients</a>

Exchanges Announce Futures Products, New Co. Focuses on BTC Treasury

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

A major U.S. cryptocurrency exchange recently announced the launch of five “FX perpetual futures” products: <a href="https://pro.kraken.com/app/trade/futures-eur-usd-perp" target="_blank" rel="noreferrer noopener">EUR/USD</a>, <a href="https://pro.kraken.com/app/trade/futures-gbp-usd-perp" target="_blank" rel="noreferrer noopener">GBP/USD</a>, <a href="https://pro.kraken.com/app/trade/futures-aud-usd-perp" target="_blank" rel="noreferrer noopener">AUD/USD</a>, <a href="https://pro.kraken.com/app/trade/futures-jpy-usd-perp" target="_blank" rel="noreferrer noopener">JPY/USD</a> and <a href="https://pro.kraken.com/app/trade/futures-chf-usd-perp" target="_blank" rel="noreferrer noopener">CHF/USD</a>. According to a company blog post, the new products “are perpetual contracts based on forex market indices, benchmarked to <a href="https://dxfeed.com/market-data/fx/forex-feeds/" target="_blank" rel="noreferrer noopener">DxFeed’s Composite Forex Index</a>.” The blog post further notes that the products “trade without expiry, enabling traders to stay engaged in the forex market, refine strategies and capture opportunities in real time.”

In related news, Bitnomial, a designated contract market regulated by the Commodity Futures Trading Commission, recently announced “the self-certification of the first perpetual futures contracts ever listed on a U.S. exchange.” According to a press release, “Trading begins Monday, April 28, 2025, with the launch of BTC/USD perpetual futures, available initially to institutional participants.” The press release further notes that “[a]dditional contracts for XRP/USD, ETH/USD, SOL/USD, and other tokens and physical commodities are planned to follow.”

A third press release announced the launch of Twenty One Capital Inc., a company that intends to focus on accumulating a Bitcoin treasury with a goal “to accumulate Bitcoin and grow ownership per share, not just track it.” According to a press release, the company will “introduce two key performance metrics, to reflect its Bitcoin-denominated capital structure and Bitcoin-focused mindset”: (1) Bitcoin Per Share (BPS), which represents the amount of Bitcoin each fully diluted share represents, reflecting shareholder ownership in Bitcoin rather than fiat earnings per share, and (2) Bitcoin Return Rate, which represents the rate at which BPS grows over time, denominating the company’s performance in Bitcoin.

In a final notable item, crypto exchange eToro recently announced that it is adding 29 new digital assets to its crypto trading and investment platform. eToro had previously been the subject of a <a href="https://www.sec.gov/newsroom/press-releases/2024-125">consent order</a> that had required it to limit its digital asset offerings to BTC, BCH and ETH.

<a href="https://blog.kraken.com/product/fx-perps/kraken-pro" target="_blank" rel="noreferrer noopener">Introducing FX perpetual futures</a>

<a href="https://www.prnewswire.com/news-releases/bitnomial-exchange-self-certifies-first-ever-us-perpetual-futures-contracts-302435713.html" target="_blank" rel="noreferrer noopener">Bitnomial Exchange Self-Certifies First Ever U.S. Perpetual Futures Contracts</a>

<a href="https://www.businesswire.com/news/home/20250423962305/en/Tether-SoftBank-Group-and-Jack-Mallers-Launch-Twenty-One-a-Bitcoin-native-Company-Through-a-Business-Combination-With-Cantor-Equity-Partners" target="_blank" rel="noreferrer noopener">Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners</a>

<a href="https://www.etoro.com/news-and-analysis/press-releases/etoro-adds-29-new-tokens-to-crypto-offering/" target="_blank" rel="noreferrer noopener">eToro adds 29 new tokens to crypto offering</a>

SEC Hosts Roundtable on Crypto Custody

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

On April 25, the U.S. Securities and Exchange Commission (SEC) hosted the third in its series of roundtables discussing crypto asset regulation. The April 25 roundtable addressed key considerations for crypto custody. The prior two roundtables addressed defining the security status of crypto assets and tailoring regulation for crypto trading. The next two roundtables will take place on May 12 and June 6 and will address, respectively, “Moving Assets Onchain: Where TradFi and DeFi Meet” and “DeFi and the American Spirit.” More information on the SEC’s “Spring Sprint Toward Crypto Clarity” roundtables can be found <a href="https://www.sec.gov/about/crypto-task-force/crypto-task-force-roundtables" target="_blank" rel="noreferrer noopener">here</a>.

<a href="https://www.sec.gov/newsroom/meetings-events/know-your-custodian-key-considerations-crypto-custody" target="_blank" rel="noreferrer noopener">Crypto Task Force Roundtable - Know Your Custodian: Key Considerations for Crypto Custody</a>

<a href="https://www.sec.gov/about/crypto-task-force/crypto-task-force-roundtables" target="_blank" rel="noreferrer noopener">Crypto Task Force Roundtables</a>

SEC Enforcement Action Targets Alleged Crypto Fraud Scheme

By <a href="https://www.bakerlaw.com/professionals/john-e-robertson/">John E. Robertson</a>

A recent press release from the SEC announced charges against Ramil Palafox for violating the anti-fraud and registration provisions of federal securities laws. Palafox, the release states, guaranteed investors high returns from his company’s supposed cryptocurrency trading while using their funds to pay personal expenses. Among other things, the SEC alleges Palafox misappropriated more than $57 million of investor funds.

In other SEC enforcement news, according to recent reports, the commission does not intend to refile its complaint against Hex founder Richard Heart. The SEC originally filed a complaint against Heart for his advertising of three unregistered tokens as “pathway[s] to grandiose wealth for investors.” This original complaint was dismissed when New York District Court Judge Carol Amon held that the SEC had no jurisdiction over Heart, who does not reside in the U.S. 

<a href="https://www.sec.gov/newsroom/press-releases/2025-69" target="_blank" rel="noreferrer noopener">SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme</a>

<a href="https://cointelegraph.com/news/sec-wont-retry-fraud-case-against-hex-richard-heart" target="_blank" rel="noreferrer noopener">SEC says it won’t re-file fraud case against Hex’s Richard Heart</a>

Crypto Malware Planted in Popular API, ASIC Shuts Down Pig Butchering Cos.

According to recent reports, a popular JavaScript API used to interact with the XRP Ledger has been compromised as part of a “software supply chain attack” designed to steal the private keys of crypto users who download the API. The hackers reportedly published the compromised JavaScript API after gaining access to a developer’s “Node Package Manager token.”

In other news, a recent press release by the Australian Securities and Investments Commission (ASIC) announced that ASIC had obtained court orders to shut down 95 companies that were involved in “pig butchering” scams that seek to steal victims’ cryptocurrencies. According to the press release, “Many of the companies were … associated with websites and apps, which ASIC believes may have been involved in facilitating suspected scam activity by tricking consumers into making investments in phoney foreign exchange, digital assets or commodities trading.”

<a href="https://thehackernews.com/2025/04/ripples-xrpljs-npm-package-backdoored.html" target="_blank" rel="noreferrer noopener">Ripple’s xrpl.js npm Package Backdoored to Steal Private Keys in Major Supply Chain Attack</a>

<a href="https://cryptonews.com/news/hacker-tries-to-attack-xrp-ledger-using-developer-access-security-team-stops-it/" target="_blank" rel="noreferrer noopener">Hacker Tries to Attack XRP Ledger Using Developer Access, Security Team Stops It</a>

<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-052mr-asic-warns-of-threat-from-hydra-like-scammers-after-obtaining-court-orders-to-shut-down-95-companies/" target="_blank" rel="noreferrer noopener">ASIC warns of threat from “hydra-like” scammers after obtaining court orders to shut down 95 companies</a>

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