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MetaMask Expands With Solana (SOL) Integration, Paving Way for Multi-Chain Future MetaMask's integration of Solana marks a pivotal moment in blockchain interoperability, signaling a shift towards a multi-chain future in Web3.

Good question. This trial is more interesting that I'd thought it would be. And today while covering it, I also multi-tasked and watched online the Israel - Iran meeting in the UN which I'm banned from entering- it accomplished nothing, so, no, SDNY not boring : )

Aleksei Andriunin, founder and CEO of crypto market maker Gotbit, has been sentenced to eight months in prison for his role in a multi-million-dollar wash trading scheme that inflated trading volumes for various cryptocurrencies. The sentencing was handed down by U.S. District Court Judge Angel Kelley in Boston, following Andriunin’s guilty plea in March 2025 to wire fraud and conspiracy to commit market manipulation. The 26-year-old, a dual citizen of Russia and Portugal, was arrested in Portugal in October 2024 and extradited to the U.S. in February 2025. As part of a plea agreement, Andriunin agreed to forfeit $23 million in stablecoins held in crypto wallets linked to Gotbit. Gotbit Consulting LLC, the firm he founded, was also sentenced to five years’ probation and is required to cease operations. The company admitted to offering wash trading services between 2018 and 2024, manipulating trading volumes to help client tokens appear more active and gain listings on exchanges and CoinMarketCap. Prosecutors said Gotbit used multiple accounts to avoid blockchain detection and received tens of millions of dollars in client payments for these services. Tokens involved in the scheme included Robo Inu and Saitama. Company directors Fedor Kedrov and Qawi Jalili were also indicted. Gotbit is the third crypto market maker charged in relation to illegal trading practices, following actions against MyTrade and CLS Global, according to the Justice Department. The Securities and Exchange Commission has filed a separate civil enforcement action against Gotbit for securities law violations. As part of his sentence, Andriunin will also serve one year of supervised release and is barred from crypto-related activity during that period.

With just $31 million in stablecoins against $356 million in total value locked, Cardano’s founder has proposed unprecedented treasury diversification into Bitcoin and native dollar-pegged assets to boost the network’s decentralized finance and stablecoin ecosystem. On June 12, Cardano co-founder Charles Hoskinson proposed the idea in a YouTube video of swapping $100 million worth of Cardano ( ADA ) tokens for Bitcoin ( BTC ) and native stablecoins USDM and USDA to strengthen the ecosystem. Hoskinson framed the treasury overhaul as a strategic bet on Cardano’s future as a multi-asset financial ecosystem. Drawing inspiration from sovereign wealth funds in Norway and Abu Dhabi, he argued that converting a portion of ADA’s treasury into yield-generating assets would unlock liquidity and signal serious confidence to institutional players. In his remarks, Hoskinson addressed the stark disparity between Cardano’s treasury composition and its decentralized finance ambitions. His argument stemmed from what he termed Cardano’s “stablecoin drought”, a glaring imbalance that’s stifling development. “We have a treasury with about $1.5 billion of ADA, and yet there’s only about $30 million of stablecoins in the entire Cardano ecosystem,” he said. “That’s a problem.” For context, while Ethereum boasts $190 in stablecoins for every $100 of TVL, Cardano lags far behind with just $9. “This isn’t just lagging behind; it’s choking our ecosystem,” Hoskinson argued. According to him, the proposed conversion aims to boost stablecoin reserves by targeting a 33% to 40% stablecoin-to-TVL ratio and to prime Bitcoin-focused decentralized finance by allocating $25 million to $50 million to Bitcoin to attract yield-seeking holders. Hoskinson also believes the move could improve the chances of Cardano-native stablecoins being listed on tier-two and tier-three exchanges. While some traders on X voiced concern that liquidating $100 million in ADA would crash the market, Hoskinson dismissed the skepticism with a chuckle, claiming, “ADA’s liquidity can swallow this without a 1% price blip.” He emphasized that the proposed treasury shift wouldn’t be a reckless exchange dump but a carefully managed operation using time-weighted average price algorithms and over-the-counter desks, the same tools institutional players use to quietly shift nine-figure positions. “This isn’t some meme coin we’re talking about,” he stressed. Whether the move turns Cardano into a decentralized finance powerhouse or backfires depends largely on timing and sentiment management.

Coinbase is raising red flags about the financial health of publicly traded crypto vehicles, cautioning that debt-related obligations could soon force some firms to liquidate their crypto holdings. In a report from Coinbase, the firm emphasized concerns around refinancing risks and loan-to-value ratios, but said most large firms still have options to avoid liquidation. “The risk of forced selling pressure arises because many of these PTCVs have issued convertible bonds to raise cheap money to buy various crypto assets,” the report read. The report continued to say that if crypto prices fall and companies can’t refinance their debts, they may be forced to sell their crypto holdings, triggering broader market liquidations. Coinbase highlighted that while loan-to-value ratios are manageable, the ability to refinance is crucial, and capital structures in private transit capital vehicles are inconsistent and hard to monitor. Despite these risks, Coinbase remains cautiously optimistic, especially as corporate accumulation of crypto assets continues. The firm sees room for growth in the second half of 2025, as more traditional companies take interest in on-balance sheet crypto strategies. On the regulatory front, Coinbase anticipates that 2H25 will be transformative for the U.S. digital asset industry. A shift away from “regulation by enforcement” under the previous administration has created momentum for new legislation. The STABLE and GENIUS Acts— pending in the Senate—could be reconciled into a single bill and signed by President Trump before the August 4 Congressional recess. These bills would introduce consumer protections, reserve rules, and AML compliance requirements for stablecoin issuers. Coinbase also flagged the potential impact of the Digital Asset Market Clarity Act, which aims to define the regulatory roles of the SEC and CFTC. If passed, the bill could establish a dual framework for distinguishing between “digital commodities” and “investment contract assets.” Meanwhile, the SEC is reviewing about 80 ETF applications, including multi-asset index funds, staking-enabled products, and single-name altcoin ETFs . Decisions on several proposals are expected between July and October. Coinbase concluded that while forced selling and yield risks persist, Bitcoin ( BTC ) remains well-positioned and only select altcoins may outperform based on project-specific fundamentals.