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Pump.fun weekly revenue drops 66% after livestream controversy

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Pump.fun, a popular cryptocurrency-themed livestreaming platform, reported a staggering 66% decline in revenue following a backlash over controversial practices and transparency issues. The company revealed the sharp downturn in its latest financial update, attributing the losses to waning user trust and a significant drop in viewer engagement. The platform, known for its high-energy trading sessions and influencer collaborations, has faced mounting criticism for allegedly promoting speculative trading behavior.

The backlash intensified after allegations surfaced that the platform enabled dubious trading practices, including coordinated pump-and-dump schemes. These accusations, coupled with growing calls for regulatory scrutiny, have driven many users to abandon the platform. Industry experts suggest that Pump & Fun’s business model, reliant on user participation and sponsorships, is particularly vulnerable to shifts in public sentiment and regulatory pressure.

In response, Pump.fun has announced measures to regain user trust, including stricter content guidelines, increased transparency in partnerships, and a commitment to educating users about responsible trading. While the company aims to rebuild its reputation, analysts warn that the damage to its brand and credibility could have long-term implications. The platform’s ability to bounce back may hinge on its efforts to align with emerging industry standards and address user concerns effectively.

The incident underscores the risks associated with crypto-focused entertainment platforms, where unregulated activities can quickly lead to public backlash and financial losses. As the crypto market matures, users and regulators alike are demanding greater accountability from companies operating in the space. Pump & Fun’s experience serves as a cautionary tale for similar platforms navigating the intersection of entertainment and high-stakes financial speculation.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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