Alex Mashinsky, the co-founder of defunct crypto lender platform Celsius Network, was sentenced to a 12-year jail term on May 8. This sentence follows a series of legal proceedings that followed his guilty plea last December over his firm’s collapse. Specifically, Alex Mashinky was sentenced for misappropriating customers’ funds and manipulating the CEL token.
Alex Mashinsky Sentence: Another Precedence Set
It is worth noting that the Celsius Network Founder pled guilty to one count of committing commodities fraud and another count of committing securities fraud. The lending platform collapsed in 2022 and filed for bankruptcy shortly after the Terra Luna crash in May 2022.
The fall from that Terra collapse has affected many other entities, including crypto exchange FTX. As reported earlier by CoinGape, the DOJ recommended a 20-year sentence for the crypto pioneer. The 12-year sentence marks a considerable leniency for Alex Mashinky.
This is a breaking news, please check back updates!!!
Senator Elizabeth Warren is concerned that political interference is driving the SEC’s latest crypto decisions. Paul Atkins, the newly appointed Chairman of the SEC, has promised to prioritize clear and transparent regulatory frameworks for the crypto industry.
His pledge marks a significant shift in direction for the agency following years of controversy.
Paul Atkins Charts New Course for Crypto Regulation at SEC
During an April 25 roundtable organized by the SEC’s crypto task force, Atkins stressed the urgent need for transparent rules to support innovation and responsible growth.
“This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system. I expect hug benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation. Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins stated.
Meanwhile, Atkins openly criticized the SEC’s previous leadership under former Chairman Gary Gensler. He stated that a lack of clear policy stifled industry development and pushed key players to the edge.
Now, Atkins has vowed to correct past missteps. He committed to working closely with Congress and President Donald Trump to create a regulatory structure that fits the unique characteristics of digital assets.
Early signs of this shift are already visible, with the SEC beginning to dismiss several enforcement actions initiated during the previous administration. The Commission has also established a dedicated crypto task force to collaborate with industry stakeholders on shaping future policy.
US Lawmaker Raises Alarms Over Potential Political Interference
While Atkins seeks to reset the SEC’s approach to crypto oversight, concerns are mounting over the agency’s independence.
The senator expressed particular concern that Trump could personally benefit from products requiring SEC approval, describing the situation as an unprecedented ethical risk.
“The President has attempted to assert his dominance over decision-making at independent agencies like the SEC through executive orders and firings, putting further pressure on the Commission to fall in line,” the lawmaker stated.
She emphasized that pending legislation may soon give the Federal Reserve and the Office of the Comptroller of the Currency more oversight powers. Trump reportedly seeks greater control over these two agencies.
Given these risks, Warren requested detailed records from the SEC, including internal assessments and communications with the White House.
She stressed that these measures are necessary to safeguard decision-making and maintain the credibility of financial markets.
A lot happened this week in crypto, marking developments expected to continue shaping the industry. Important headlines came from administrative decisions, ecosystem developments, and analysts probing the market outlook.
In case you missed it, the following is a roundup of some of the most important developments in the crypto market this week.
XRP Lawsuit’s Jay Clayton Became New SDNY Attorney
“Trump’s former SEC Chair Jay Clayton has taken his position as interim US attorney for the Southern District of New York. He will serve for up to four months until confirmed by the Senate or appointed by Manhattan federal judges,” former Fox Business reporter Eleanor Terrett reported.
The move came as Democratic leaders in the Senate reportedly hinted at blocking Clayton’s nomination. Trump’s move to install him as interim could see Clayton avoid the Senate confirmation process.
Clayton is the legal expert who initially filed the longstanding legal action between the SEC and Ripple. As it happened, Clayton filed the lawsuit on December 22, 2020, and resigned the next day in what will be remembered as a “parting shot” for the agency.
Pi Network Pioneer Frustration Over Ambiguous Roadmap
Another crypto incident this week concerned Pi Network pioneers. As BeInCrypto reported, the controversial project released its Mainnet Migration Roadmap. However, it failed to impress pioneers as it lacked key details.
Specifically, several gaps sparked concerns, including failing to disclose how many Pioneers remain in the queue. Similarly, it was unable to show the network’s daily migration capacity. The absence of these figures makes it impossible for users to predict when their migration will occur.
Further, opaque criteria for node rewards and the UI’s “Transferable Balance” underestimating actual migrated amounts raised flags. Pi Network also offers no audit or error‑resolution process for users who spot mismatches in their historical mining data, exacerbating the fears.
“I thought we were mining all of these PI coins this whole time? I thought the security circles were the Consensus Mechanism. It kinda seems to me like there isn’t a blockchain, and never was one. What kind of “Blockchain protocol” would “Require” all tokens to be minted at genesis?” one community member wrote.
Pi Network (PI) price performance. Source: CoinGecko
Data on Coingecko shows PI coin was trading for $0.6539 as of this writing, up by a modest 1.1% in the last 24 hours.
Bitcoin Cycle Unfolds Noticeably Different From Previous Ones
More interestingly, BeInCrypto reported a concerning shift: this cycle is unfolding remarkably differently than the past ones post-halving.
In previous cycles, BTC price tended to rally aggressively months after the Bitcoin halving. The post-halving period saw strong upward momentum and parabolic price action.
This trend was largely driven by retail enthusiasm and speculative demand, which proved most pronounced from 2012 to 2016 and 2016 to 2020.
Things are happening differently in the current cycle. Instead of accelerating after the halving, the price surge began in October and December 2024, driven by Bitcoin ETF (exchange-traded funds) hype. This was followed by consolidation in January 2025 and a correction in late February.
PancakeSwap Announces CAKE Tokenomics Date
This week in crypto, PancakeSwap announced the official date for its CAKE tokenomics, April 23. As BeInCrypto reported, key changes included the removal of veCAKE, staking, and revenue sharing, with 5.3 million CAKE to be burned annually to curb supply.
However, there was also controversy as Cakepie DAO pushed back against veCAKE removal. Several developers and community members believe CAKE Tokenomics 3.0 will benefit the project in the long term.
“At its core, CAKE Tokenomics 3.0 defends true value and protects CAKE holders by strengthening long-term fundamentals—such as aggressively cutting emissions to accelerate deflation and sustainably grow value,” Chef Philip said.
Meanwhile, others voiced strong concerns on X (Twitter), criticizing the decision to eliminate veCAKE. Among them was Cakepie DAO, one of the largest veCAKE holders, who called it non-transparent and potentially damaging to projects built around that model.
Against this backdrop, PancakeSwap resorted to a $1.5 million CAKE compensation plan.
“PancakeSwap is willing to provide 1.5M USD in CAKE to CakePie DAO primarily used to compensate CKP Holders if CakePie DAO enables mCAKE holders to redeem 1:1 back to CAKE and opens the redemption page in a timely manner if the proposal passes. Detailed plans will be announced once the mirror proposal on CakePie is completed,” the Head Chef of PancakeSwap wrote.
Data on CoinGecko shows Pancake’s CAKE was trading for $2.12 as of this writing, up by nearly 10% in the last 24 hours.
Zora Airdrop and Token Launch Announcement
Adding to the list of the many events that happened this week in crypto, Zora Network announced that it would airdrop 1 billion ZORA tokens (10% of the total supply) on April 23. The tokens would reward early platform users across two snapshot periods.
As it happened, the crypto airdrop happened in style, sparking confusion as it lacked an official checker or claim site. Users were required to go to the contract address and check their allocations.
Speaking to BeInCrypto, Jesse Pollak, the creator of the Base blockchain, said that one must not understand anything about crypto or the underlying infrastructure before posting on Zora. He also defended the value of content coins, emphasizing their potential for creators despite volatility.
Ripple (XRP) price rebounded to $2.59 Tuesday, fueled by $5.5B open interest and SEC Chair, Paul Atkins signalling softer crypto regulation.
Paul Atkins Signals Softer Crypto Regulation, XRP Traders React Positively
Ripple (XRP) gained 1.5% Tuesday to trade near $2.47 after hitting intra-day highs of $2.59, marking a rebound from Monday’s decline. The dip followed a suspension of the US GENIUS act, under congressional scrutiny of potential conflicts of interest involving Ripple-affiliated entities and Donald Trump’s crypto reserve executive order.
Concerns had centered around Dubai-based USD1’s explosive $2 billion valuation, in which Trump-linked investors allegedly held undisclosed stakes.
Ripple’s lobbying ties to the executive order had cast further uncertainty over XRP’s regulatory status, just days after it secured a $50 million final settlement in it long-running case against the US SEC.
Ripple (XRP) Price Action, May 13, 2025 | Source: Coingecko
However, Tuesday’s speech by SEC Chair Paul Atkins, appointed under Trump, sparked a positive shift in market sentiment.
Atkins emphasized a “collaborative, innovation-forward” approach to crypto regulation, suggesting a lighter compliance burden for compliant firms. Traders responded with renewed optimism, driving XRP’s recovery from a $2.35 low.
The signal of softer regulatory stance from the Trump’s newly appointed SEC chair, helped restore confidence among retail and institutional holders alike.
XRP Open Interest Hits $5.5 Billion, Bolstering Bullish Thesis
According to Coinglass data, XRP’s open interest surged 2.7% to $5.49 billion Tuesday, signaling traders are re-entering leveraged positions in anticipation of upward price action.
The increase aligns closely with the spot price rebound, reinforcing the view that capital is rotating back into XRP.
Despite a 43.76% drop in daily derivatives volume to $10.71 billion, the rise in open interest suggests fresh capital inflows despite replacing recent liquidations.
Notably, Binance’s top trader long/short ratio hit 3.00, while the broader long/short ratio (accounts) on OKX reached 2.13, both strongly favouring longs.
Options volume also declined 51.15% to just $2,220, and options open interest dropped 4.45% to under $1 million, perpetual and futures markets remain highly active.
Traders are clearly rotating out of shorter-dated, hedged plays and into more directional long bets.
Across major exchanges like Binance and OKX, long/short ratios among both average and top traders consistently exceed 2.0, a rare alignment that signals shared directional confidence in upside expectations.
What’s Next?
If open interest continues rising alongside positive regulatory messaging, XRP could retest $2.70 near-term resistance. Expectations of softer regulations under Paul Atkins and ETF altcoin verdicts expected in June, could propel a run toward $3.00.
XRP Price Forecast Today: Eyes on $2.70 as Momentum Builds Above Key Averages
XRP continues to demonstrate a strong technical setup as bullish sentiment strengthens above key moving averages and volatility bands.
Currently trading at $2.5664, XRP has broken above all three simple moving averages (SMA 50 at $2.2359, SMA 100 at $2.2320, and SMA 150 at $2.1709), a structure that signals a clear bullish shift in trend direction.
XRP Price Forecast Today
More so, Ripple price is currently holding comfortably above the midline of the Keltner Channel (KC) at $2.3614 and is approaching the upper band at $2.5718, suggesting a breakout continuation may be imminent.
The bullish body candles forming above the KC midline reinforce upward momentum, supported by a rising BBP (Bollinger Band %B) indicator, which currently reads 0.2885.
Based on these key indicators, XRP price forecast today points to a short-term target of $2.70, contingent on the ability to close decisively above the KC upper band resistance.
However, should XRP fail to sustain above $2.57, a temporary retracement toward the 50-SMA near $2.23 cannot be ruled out.
