According to the latest filing in the Harper Vs IRS case, the US government argued that the individual has no right to block the IRS from accessing his crypto records. While the user alleged that the IRS unlawfully accessed his private financial information, the government is urging the Supreme Court to rule in favor of the IRS. US Government Sides with IRS in Coinbase User’s Privacy Case US Solicitor General D. John Sauer argued in a May 30 filing that James Harper, a Coinbase user, lacks Fourth Amendment protection for his financial records stored with the exchange. The government claims Harper voluntarily shared his data with Coinbase, and the IRS followed proper procedures, like judicially approved summons, to obtain it. The filing also referenced Coinbase’s own privacy policy, which notified users that their information might be disclosed to law enforcement agencies. “The IRS may ‘examine any books, papers, records, or… Read More at Coingape.com
Etheruem price retraced below the $1,700 mark on Tuesday, April 22, as bulls struggled to contain an initial 3% rally.
Galaxy Digital pivots to Solana amid Ethereum headwinds
Galaxy Digital has exchanged roughly $106 million worth of Ethereum (ETH) for Solana (SOL), according to blockchain data analytics platform, Lookonchain.
The trades occurred over the past two weeks on Binance, suggesting a significant portfolio reshuffle away from Ethereum.
This move comes as ETH price fell below $1,700 on Tuesday, after intially rallying to a new monthly peak of $1,725 around noon CET.
The firm’s transactions reflect a broader shift in institutional sentiment. Market data shows decreasing Ethereum holdings among large entities, reinforcing the narrative that confidence in ETH may be waning. Galaxy’s portfolio’s reshuffling coincides with a continued decline in Ethereum’s decentralized exchange volumes.
Ethereum dominance declines as scalability challenges persist
Ethereum’s market dominance has dropped to under 7%, marking its lowest point in years. Analysts cite ongoing scalability issues, high gas fees, and lagging Layer 2 adoption as contributors to its weakened position in the crypto ecosystem.
Ethereum market dominance (ETH.D) has plunged 63% since June 2024 | ETHUSD | Source: TradingView
While Ethereum continues to lead in developer activity and protocol TVL, competitors like Solana are gaining traction due to faster transaction speeds and growing ecosystem support. Galaxy Digital’s decision to increase its exposure to SOL could signal broader adoption shifts within institutional portfolios.
Ethereum Price Forecast Today: ETH Faces Resistance Near $1,725, Pullback Towards $1,600 Could Follow
Ethereum price forecast today shows a strong intraday surge, closing at $1,701 after tapping a high of $1,725. However, the move stalls just beneath the upper Bollinger Band at $1,672, suggesting overextension.
The wide Bollinger Bands reflect heightened volatility, and the current candlestick piercing the upper band hints at a short-term overbought condition. Price may retrace toward the midline around $1,607, or further to the lower band near $1,542 if selling pressure intensifies.
Ethereum Price Forecast | ETHUSD
Momentum indicators lend additional insight. The MACD histogram has flipped bullish, and the MACD line has crossed above the signal line, indicating short-term upside momentum. Yet, this follows an extended bearish cycle through early April, and the MACD reading remains below zero—an indication that the broader trend still lacks strength.
If Ethereum sustains above $1,725, a breakout toward $1,800 is possible. However, a failure to close above that level would confirm a resistance rejection. In that case, expect sellers to target $1,600 in the near term, especially if market volumes fail to confirm the breakout.
Governor Katie Hobbs has vetoed a bill that aimed to let Arizona invest retirement funds in crypto assets like Bitcoin. The Senate Bill 1025 proposed adding virtual currency to the portfolio of the Arizona State Retirement System.
Hobbs rejected the policy earlier today, saying it puts “untested assets” into a program known for stable results.
In a letter to Senate President Warren Petersen, Hobbs said the state’s retirement system is one of the strongest in the country. She argued that crypto remains too risky and that retirement funds should not be used to test new markets.
Bitcoin Reserve Blocked as Governor Weighs Investment Risks
Senate Bill 1025 was one of the first efforts in the US to bring digital assets into public pension programs. Lawmakers in Arizona framed the bill as a forward-looking step, and they believed crypto could help diversify investment returns.
However, Governor Hobbs disagreed. She said the fund’s current strength comes from careful planning and tested investments. And so her decision now blocks any crypto exposure in the state’s pension accounts.
Public Investment Continues to Remain Out of Crypto’s Reach
Supporters of the bill have been arguing that adding Bitcoin and other digital assets could future-proof public funds. However, the opponents opine that the bill lacked proper risk models and oversight. The veto gives momentum to the cautious approach adopted by several state governments to manage public funds.
The bill would have led Arizona in public adoption of crypto assets, but that path now seems uncertain. Crypto assets will stay out of state-backed retirement portfolios unless lawmakers revise the proposal or rally enough votes to override the veto.
Arizona’s Crypto Bill Had Earlier Gained National Attention
Just days before the veto, Arizona lawmakers passed two bills that would have allowed the state to invest up to 10 percent of public funds in Bitcoin. Senate Bill 1025 and its counterpart, SB1373, passed both chambers and placed Arizona ahead of other states weighing similar moves.
Some supporters saw the bill as a strategic way to hedge public funds against inflation. The veto now closes the door on what could have been the first state-level Bitcoin reserve in the country.
The pending bill, SB1373, would allow the state to reserve up to 10% of Arizona’s rainy-day funds in digital assets like Bitcoin. This bill is yet to reach a final vote. Several other US states like Oklahoma, Montana, South Dakota and Wyoming have also been pursuing similar efforts, but to no avail as yet.
In a world where crypto firms often clash with regulators, Ripple is choosing a different path, one that’s quietly reshaping the future of global finance. Ripple’s $1.25 billion deal to acquire Hidden Road isn’t just about expanding services, it’s a strategic bet on Abu Dhabi’s rise as a global crypto and fintech hub. As Ripple plan to open Hidden Road’s new office in Abu Dhabi.
Why Office In Abu Dhabi?
Hidden Road, a digital and traditional asset brokerage firm, is expanding its global footprint by launching an office in Abu Dhabi. This move isn’t just another overseas branch, it’s a strategic leap into the Middle East, a region increasingly open to crypto innovation.
It’s not just about favorable regulations or tax incentives. Abu Dhabi is building a serious financial ecosystem that understands innovation. Ripple’s move to plant Hidden Road’s new office here shows where the real action might be heading next.
With James Stickland, a well-known name in crypto finance, and the UAE CEO at Hidden Road said that the firm is gearing up to serve institutional clients with prime brokerage and clearing services.
Ripple isn’t alone. Circle, the company behind USDC, is also moving in. That’s not a coincidence—it’s a sign of a growing shift. Big crypto firms are finding more than just licenses in Abu Dhabi, they’re finding opportunity.
Ripple’s Bigger Vision: Building Global Infrastructure
This development comes shortly after Ripple struck a deal to acquire Hidden Road in what’s shaping up to be one of the biggest mergers in the digital asset space. Ripple’s bigger aim is to turn Hidden Road into the world’s top non-bank prime broker.
Abu Dhabi’s regulators are already on board, having granted Hidden Road initial approval. Once the final green light arrives, the company will be able to fully operate and serve large investors in the UAE.
Interestingly, insiders suggest a member of the Abu Dhabi royal family might join the board of the local entity once approval is secured—signaling strong local confidence in the project.
From Crypto Rebels to Global Infrastructure Players
This move represents a larger evolution in crypto. Ripple isn’t just fighting lawsuits anymore, it’s building infrastructure.
Ripple, led by CEO Brad Garlinghouse, plans to invest more fund into Hidden Road, helping it expand services not only in the UAE but also in the U.S., where it recently received approval to operate as a broker-dealer.
Backed by Ripple and strong regulatory support, Hidden Road is becoming a key player in global crypto services for big investors.
The post Ripple Backs Global Expansion as Hidden Road Sets Foot in Abu Dhabi appeared first on Coinpedia Fintech News
In a world where crypto firms often clash with regulators, Ripple is choosing a different path, one that’s quietly reshaping the future of global finance. Ripple’s $1.25 billion deal to acquire Hidden Road isn’t just about expanding services, it’s a strategic bet on Abu Dhabi’s rise as a global crypto and fintech hub. As Ripple …
