US Treasury Secretary Scott Bessent has again opposed the idea of a Central Bank Digital Currency (CBDC). He stated that he would not favor a move by the Federal Reserve to create one, calling it a sign of weakness.
Scott Bessent Opposes The Fed Creating A CBDC
While testifying before the House appropriations subcommittee, the US Treasury Secretary spoke against the idea of the Fed creating a digital currency. He called it a sign of weakness, noting that digital assets belong in the private sector.
This isn’t the first time that Scott Bessent has spoken against creating a CBDC. During his nomination hearing, he remarked that digital currencies are for countries with no other investment alternatives. The US Secretary also noted that countries like China have considered creating one, but there was no need for the US to create one.
US President Donald Trump has also shown that he doesn’t support the Fed creating a CBDC. Following his inauguration in January, the President signed an executive order prohibiting agencies from working towards establishing and issuing central bank digital currencies.
So far, Jerome Powell and the Fed have shown no indication of creating a CBDC, which Scott Bessent opposes. Instead, the Fed Chair has only called for stablecoin regulations to manage these cryptocurrencies as their use cases increase.
As Coingape reported, the US Senate will likely vote on the stablecoin bill before May 26. If passed, it would become the first major crypto regulation in the US. The US House is still deliberating on its version of the stablecoin legislation at the committee level, with key members like Rep Maxine Waters objecting to the bill.
Meanwhile, the crypto community is still waiting for Scott Bessent and the US Treasury to release their report on the proposed US Strategic Bitcoin Reserve. The Treasury is meant to outline a comprehensive plan for managing this reserve using the seized assets.
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.
The Pi Network community just got some exciting news — and it could mean big things for the future of Pi. A new app called Fruity Pi was recently approved by the Pi Core Team. But what’s even more interesting is who made it. The app was created by The Article 19 Group Inc., a top game and digital content developer based in Montreal.
Why Is This a Big Deal?
Because this company isn’t a small-time player. Their client list includes famous global brands like Disney, Nintendo, Adobe, Nickelodeon, MTV, Viacom, HP, and Unilever. This shows that serious, experienced developers are now stepping into the Pi Ecosystem.
Pi Network has always said it wants to build a place where developers can make games and apps that accept Pi for in-app purchases. And with a company like The Article 19 Group getting involved, that dream is starting to look very real.
Is it the Fruity Pi App or the company behind the app?
The Fruity Pi App, deployed in the Pi Ecosystem and approved by the Pi Core Team, was developed by The Article 19 Group Inc.
This could help increase the real use of Pi and possibly even raise its future value. If more big developers follow their lead, the Pi Ecosystem could grow faster than expected.
Also, with the Consensus 2025 conference coming up in Toronto, the Pi Core Team seems to be speeding up approvals for more DApps and services. Fruity Pi’s recent approval with a purple check mark is a good sign of things moving in the right direction.
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The post Is This the Game-Changer Pi Network Needed? appeared first on Coinpedia Fintech News
The Pi Network community just got some exciting news — and it could mean big things for the future of Pi. A new app called Fruity Pi was recently approved by the Pi Core Team. But what’s even more interesting is who made it. The app was created by The Article 19 Group Inc., a …
