Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
UAE Authority Clarifies No Golden Visa Issuance For Crypto Investors
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have issued a joint statement denying reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.
Recent posts on X have fueled misinformation, with some claiming that crypto stakes as low as $100,000 could secure a 10-year visa. This news comes as The Open Network (TON) announced 10-year Golden Visas to applicants who stake $100,000 worth of TON for three years and pay a one-time $35,000 processing fee.
Notably, VARA also clarified that TON is neither licensed nor regulated by VARA.
Elon Musk Forms New US Political Party That Will Embrace Bitcoin
Elon Musk says he is launching a new political party, weeks after dramatically falling out with US President Donald Trump.
The billionaire announced on his social media platform X that he had established the America Party, billing it as a challenge to the two-party system of Republicans and Democrats.
Additionally, a user asked whether the America Party would support Bitcoin, Musk confirmed it would and voiced his skepticism toward fiat currency, calling it ‘hopeless.’
Truth Social Files S-1 For Crypto Blue Chip ETF, Trust Assets Include BTC, ETH, SOL, XRP, And CRO
Trump Media & Technology Group, the parent company of Truth Social, has submitted an SEC filing for a new “Crypto Blue Chip ETF,” which allocates approximately 70% to Bitcoin, 15% to Ethereum, 8% to Solana, 5% to Cronos, and 2% to XRP.
If approved, the fund would trade on NYSE Arca and make it easier for retail and institutional investors to access a diversified portfolio of leading cryptocurrencies.
The SEC has acknowledged the application, starting the regulatory review process. This development places Truth Social among other players seeking approval for crypto ETFs in a competitive market.
US Government Drops Appeal In Tornado Cash Lawsuit
The US Treasury Department has withdrawn its legal appeal involving the Ethereum mixer Tornado Cash, effectively closing a significant sanctions enforcement case.
This decision followed the Office of Foreign Assets Control’s (OFAC) removal of Tornado Cash from its sanctions list, marking a notable shift in the government’s policy toward decentralized financial technologies.
The Eleventh Circuit Court approved the motion to dismiss the case, which was jointly filed by both parties following OFAC’s policy reversal. The court’s action erases prior rulings without the need for further hearings, highlighting the complexity and evolving nature of regulating blockchain technologies.
OFAC had originally blacklisted Tornado Cash in 2022, citing national security concerns. However, in March 2025, the Treasury reversed its position due to legal and technological complexities.
This dismissal underscores the challenges in enforcing sanctions against decentralized protocols and the need for a more nuanced approach to regulating cryptocurrencies.
Jack Dorsey Releases Bitchat, A Messaging App That Works Without The Internet
Twitter co-founder Jack Dorsey has announced a new decentralized messaging app called Bitchat.
It is a peer-to-peer public domain messaging project that operates over Bluetooth Low Energy (BLE) mesh networks.
Bitchat is said to offer a more secure method of messaging, protected by end-to-end encryption.
Notably, the app does not require an internet connection, an account, or even a phone number to function.
Tether Invests In Blockchain Forensics Firm Crystal Intelligence To Fight Crypto Crime
Stablecoin giant Tether has invested in Crystal Intelligence, a blockchain forensics firm, to bolster efforts in tracking and combating crypto-related crime, signaling a push for legitimacy and compliance.
Tether’s stake in Crystal Intelligence aims to enhance tools for tracing illicit transactions on the blockchain. This move aligns with the growing regulatory scrutiny and the need to improve the crypto space’s reputation.
Crystal’s expertise could help Tether freeze illicit funds, as seen in recent collaborations with law enforcement. This partnership reflects a growing trend among cryptocurrency firms to invest in security and establish trust.
Metaplanet plans to utilize its substantial Bitcoin stash as collateral to acquire cash-generating businesses, including a digital bank, in a strategic pivot dubbed a “Bitcoin gold rush.”
The company aims to borrow against its 15,555 BTC holdings, worth over $1.6 billion, to fund acquisitions. CEO Simon Gerovich is pursuing revenue streams through this innovative crypto-financing approach.
A potential digital bank acquisition in Japan marks the second phase of Metaplanet’s Bitcoin strategy. This move could redefine how crypto reserves fuel traditional business expansion, blending fintech with digital assets.
BNY Mellon Will Have Custody Of Ripple’s New Stablecoin As Institutional Interest In Crypto Swells
Ripple has named BNY Mellon as the primary custodian for reserves backing its new enterprise-grade stablecoin, RLUSD.
The partnership brings together two financial heavyweights aiming to drive stablecoin adoption in traditional markets.
Notably, Ripple seeks to position RLUSD as a trusted digital dollar for global institutional finance. On the other hand, BNY Mellon’s involvement signals growing interest from established banks in stablecoin infrastructure.
Together, the firms intend to merge regulatory compliance with operational scale in the digital asset space.
BNY Mellon will take charge of managing RLUSD’s reserves, leveraging its deep experience in custody services. Ripple said the bank will help ensure operational transparency and compliance by offering secure and efficient custody infrastructure.
Emirates, Dubai Duty Free, and Crypto.com have inked a Memorandum of Understanding (MoU) to integrate digital payment solutions for travelers, signaling a push towards crypto-friendly travel and commerce options.
The collaboration aims to explore advanced payment systems, potentially transforming how transactions are handled in travel.
While specifics remain unclear, the move aligns with Dubai’s crypto-forward stance and could set a precedent for blockchain-based solutions in aviation and retail sectors.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!
