Gemini filed for an IPO, following in the footsteps of Circle’s recent successes. Nonetheless, this move has caused skepticism in the community as some KOLs wonder if this IPO is a bubble indicator.
The company has shown interest in an IPO for several months, and Cameron Winklevoss recently teased big future developments in a public appearance.
Still, this Gemini IPO is not necessarily a huge surprise; the firm teased such a development for months. At the recent Bitcoin Conference, Cameron Winklevoss described bold plans for his firm and the crypto industry as a whole. An IPO would certainly fit the bill. Nonetheless, some influential community members wonder if this is oversaturating the market:
“Oh boy, here comes the next one already. So we have Bitcoin Treasury companies and IPOs this cycle. Doubt Gemini is a good investment, but neither is Circle, and look what they’re valued at. Bubble forming,” WhalePanda claimed via social media.
In other words, some KOLs believe that Gemini’s IPO might represent a market top indicator. The firm has made some advancements recently, but an IPO doesn’t necessarily signal strong fundamentals. Whatever happens, it’s still in the early stages.
Several interesting developments happened this week in crypto, cutting across diverse ecosystems. Key highlights, however, centered on Bitcoin (BTC) and XRP ecosystems.
In case you missed it, here is a roundup of the top stories this week in crypto.
Bitcoin Tests $97,000
Starting the list of what happened this week in crypto, Bitcoin tested the $97,000 milestone for the first time since February 2025. However, as of this writing, the pioneer crypto pulled back shortly after and was trading for $96,731.
Another key highlight this week in crypto concerned speculation of a possible collaboration between the Sui blockchain and Pokémon. Amidst these talks, the SUI price soared over 60% within the week.
These rumors sparked after a privacy policy update for Pokémon HOME featured Parasol Technologies, LLC, as a new developer. Parasol Technologies is a Web3 gaming infrastructure company that Sui’s developer, Mysten Labs, acquired in March 2025.
Nevertheless, changes in one of the circulating documents quelled the speculation, clarifying what had been a key driver for the SUI price this week.
“The official Sui Foundation blog confirmed (and removed) Pokémon NFTs. They seem to be developing a cloud infrastructure that uses blockchain technology to address bugs, hacks, and duping while enabling transfers between compatible games—something that is already possible with Pokémon Home,” another user highlighted.
Nevertheless, the correction did not quell speculation that Parasol may be involved in developing new features for Pokémon.
The SUI price has fallen almost 3% in the last 24 hours. As of this writing, it was trading for $3.47.
ProShares XRP ETF Rumors
Adding to the list of speculation this week in crypto, rumors spread that the US SEC (Securities and Exchange Commission) had approved a ProShares XRP ETF (exchange-traded fund).
However, BeInCrypto shut down these claims, articulating that the approval was for ProShares’ Leveraged and Short XRP Futures ETFs. ETF analyst James Seyffart also provided further clarity, deeming the allegations false.
“UPDATE: A lot of people posting/reporting that ProShares will be launching XRP ETFs on April 30th. We have confirmed that this is not the case. We do not have a confirmed launch date yet but we believe they will launch — and likely launch in the short or possibly medium term,” Seyffart explained.
ProShares launched three futures-based ETFs: the Ultra XRP ETF, the Short XRP ETF, and the Ultra Short XRP ETF. This development followed the launch of Teucrium’s 2x Long Daily XRP ETF in early April.
ProShares’ XRP Futures ETF Sparked Optimism
Meanwhile, the approval of ProShares XRP futures ETF sparked optimism, inspiring sentiment that a spot XRP ETF would be next.
According to forecasts by industry expert Armando Pantoja, the move could lead to substantial capital inflow into the altcoin.
“A spot XRP ETF could be next, unlocking real demand and sending prices soaring. $100 billion+ could soon flood into XRP,” he wrote.
Pantoja recognized that the approval marked a significant turning point for the industry, expanding XRP’s investor base.
The approval cleared the runway for the XRP ETF, granting Ripple’s token a regulated and accessible avenue for major financial players to engage.
“Futures ETF = first domino. Spot ETF = the tipping point. XRP’s long-term setup just got way stronger,” Pantoja remarked.
Another analyst was more measured amid heightened optimism, noting that the futures ETF was not the game-changer many might expect.
“It’s not the silver bullet that will trigger mass adoption or massive price action. The real catalyst will come when a Spot XRP ETF gets approved. Real tokens. Real demand. Real market impact,” John Squire posted.
SEC Delays XRP ETF Decision
To add to the list of developments in the XRP ecosystem this week in crypto, the US SEC delayed its decision on a prospective XRP ETF until June 17.
Before this news broke, crypto market participants awaited the final decision of XRP, Dogecoin (DOGE), and Ethereum staking ETFs. However, these were all put off.
“These dates are all intermediate and we will likely see final decisions on a lot of the crypto ETPs in Q4. For the XRP spot ETF, [I am] eyeing mid-October, around the 18th, as a final decision deadline. It’s possible the SEC won’t take all that time to make its decision, but a lot will hinge on how actively they engage on the applications,” Seyffart explained.
For now, over 70 active ETF proposals await the securities regulator’s verdict. XRP ETF’s June deadline is not final, but the commission could still enact further delays until mid-October.
Meanwhile, data from Polymarket shows that bettors see a 34% chance that the financial instrument will be approved by July 31.
Authorities in Hong Kong have arrested 12 individuals tied to a cross-border criminal syndicate. The group allegedly laundered over $15 million through cryptocurrencies and hundreds of fraudulent bank accounts.
The Hong Kong Police Force (HKPF) announced that the suspects—nine men and three women aged between 20 and 40—were apprehended during coordinated raids across various districts.
Hong Kong Uncovers Crypto Syndicate Running 550 Shell Accounts
According to a South China Morning Post report, the syndicate allegedly funneled over HK$118 million ($15 million). The funds moved through more than 550 fraudulent bank accounts and virtual asset platforms.
Investigators revealed that the suspects obtained or rented personal details and bank accounts from locals and mainland residents to facilitate their scheme.
During the raids, police confiscated over HK$1.05 million ($134,000) in cash, 560 ATM cards, multiple mobile phones, and numerous financial documents.
Police say the group targeted individuals from mainland China. They helped these individuals open shell accounts in both conventional and digital banks in Hong Kong.
“The syndicate had established an operational base in a flat in Mong Kok since mid-2024. Mainland recruits were housed in this location and awaited instructions to process illicit funds as they flowed into the shell accounts,” Chief Inspector Lo Yuen-shan said.
Once the funds entered these accounts, they were moved through virtual asset exchanges to conceal their origins. The suspects have been formally charged with conspiracy to commit money laundering.
In October 2024, the Hong Kong police reportedly dismantled a similar cross-border operation. The syndicate had defrauded victims of over HK$360 million ($46 million) through romance and pig butchering scams.
That group had recruited university graduates with tech backgrounds and collaborated with foreign cybercriminals to build fake investment platforms.
In a recent meeting with Qatari officials, Hong Kong lawmaker Johnny Ng emphasized the city’s potential to lead in Web3 and crypto innovation.
Ng highlighted Hong Kong’s “one country, two systems” model, its legal infrastructure, and international talent pool as key advantages. He said these are crucial for driving global expansion and supporting enterprise growth.
“I believe that Hong Kong’s ‘one country, two systems,’ combined with its professional services, international talent, and robust legal framework, will undoubtedly accelerate its role in connecting globally, while also assisting mainland and local enterprises in rapidly expanding overseas,” He said.
Mark Uyeda, Acting Chair of the US Securities and Exchange Commission (SEC), has encouraged crypto industry participants to offer input on a proposed framework. The initiative is designed to ease regulatory pressure on digital asset trading.
Speaking at the SEC’s April 11 Crypto Task Force roundtable, Uyeda highlighted the growing disconnect between current regulations and the realities of blockchain innovation.
SEC Considers Federal Licensing Model to Streamline Crypto Compliance
Uyeda likened the evolution of crypto markets to the early days of US securities trading, which began under a buttonwood tree in New York City.
He argued that early brokers created rules that suited the needs of their time. In the same way, modern regulators must now consider frameworks that align with the distinct structure of crypto platforms.
Unlike traditional exchanges, crypto trading systems often combine custody, execution, and clearing into one platform. Blockchain technology makes this integration possible.
Uyeda pointed out that this setup can improve transparency, efficiency, and trading speed. He also highlighted benefits like 24/7 trading through smart contracts and streamlined collateral management via tokenization.
“Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said.
Still, Uyeda acknowledged that the architects of US securities laws never anticipated blockchain technology or decentralized systems. As a result, compliance challenges have emerged as many tokenized securities remain unregistered and ineligible for national exchanges.
Besides that, existing rules, such as the order protection rule, are also difficult to apply in hybrid trading environments where assets move between on-chain and off-chain systems.
Uyeda also criticized the current patchwork of state-by-state licensing requirements, which create barriers for crypto firms aiming to operate nationwide.
To address these gaps, Uyeda proposed a conditional relief framework that could support experimentation while maintaining investor protections. He also suggested that a unified federal licensing model under the SEC could simplify compliance and enhance market consistency.
“Under an accommodating federal regulatory framework, some market participants would likely prefer to offer trading in both tokenized securities and non-security crypto assets under a single SEC license rather than offer trading solely in non-security crypto assets under fifty different state licenses,” Uyeda said.
Nonetheless, he invited industry experts to recommend specific areas where such relief would unlock practical use cases without undermining market integrity.
Uyeda’s remarks signal the SEC’s growing awareness that digital asset regulation must evolve. While long-term reform may take time, the proposed relief framework could create room for innovation without compromising market safeguards
