South Dakota lawmakers have effectively blocked a bill that would have permitted the state to invest in Bitcoin. During a House Commerce and Energy Committee meeting, legislators voted to defer House Bill 1202 to the 41st day of the session, a procedural move that ensures its failure since the legislative session only lasts 40 days. The bill, introduced by Representative Logan Manhart, sought to amend the state’s public funds classification to allow up to 10% investment in Bitcoin.

Despite the setback, Manhart has stated that he plans to reintroduce the bill in 2026. South Dakota’s attempt follows similar initiatives in other states, including North Dakota, Montana, and Wyoming, which also failed to pass Bitcoin reserve bills. However, states like Florida, Arizona, and Kentucky are still considering legislation related to Bitcoin investments. These efforts reflect a broader trend among U.S. states exploring digital assets as part of their financial strategies.

The push for state-level Bitcoin reserves gained momentum following U.S. President Donald Trump’s proposal to establish a national Bitcoin stockpile. In a recent executive order, Trump suggested forming a working group to study the feasibility of such a reserve. However, legal challenges have emerged regarding the constitutionality of many of his executive actions, casting uncertainty over their implementation.

With the SEC recently closing investigations into some crypto firms, regulatory sentiment in the U.S. appears to be shifting. While South Dakota’s bill failed, the broader discussion on Bitcoin as a state-held asset continues across the country. The increasing interest from lawmakers indicates that digital assets could still play a role in state-level financial strategies in the coming years.

A crypto analyst has expressed strong bullish sentiment on Ethereum (ETH), citing a highly favorable risk-reward ratio. The analysis highlights that ETH is only 18% above its 200-week exponential moving average (EMA), a level historically associated with price rebounds. The potential upside for ETH is estimated at 200%, with a worst-case drawdown of just 20%. Additionally, technical indicators, including an ascending channel and a liquidity cluster above $4,000, suggest that the price could be gearing up for a significant breakout.

Further on-chain data from Glassnode supports this outlook, revealing strong accumulation at key price levels. Investors have been purchasing ETH heavily around $2,632, with a larger cluster at $3,150, indicating confidence in further price appreciation. This trend suggests that rather than exiting positions, market participants are averaging down, reinforcing the bullish narrative.

Meanwhile, analysts point to Ethereum’s increasing buy pressure compared to Bitcoin. On-chain data from CryptoQuant shows ETH’s taker buy-sell ratio rising while BTC’s declines, signaling stronger buying momentum for ETH. Historically, such trends have allowed ETH to outperform Bitcoin in the short term. However, technical risks remain, with a need to maintain support above $2,600 to avoid a shift in market sentiment.

Despite short-term volatility, ETH’s overall market structure appears robust, with analysts predicting new highs in the coming months. The current accumulation phase and liquidity positioning indicate that Ethereum may see a significant upward move if key resistance levels are broken. However, investors remain cautious, monitoring broader market conditions and potential bearish signals.

Nigeria has filed an $81.5 billion lawsuit against Binance, accusing the crypto exchange of causing economic instability and failing to pay taxes. The country’s Federal Inland Revenue Service (FIRS) claims Binance has outstanding tax obligations from 2022 and 2023, along with a 26.75% interest on back taxes. This legal action follows Nigeria’s crackdown on crypto trading platforms amid concerns over the local currency’s depreciation.

Earlier, Nigerian authorities detained two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, on charges of tax evasion and money laundering. However, the government later dropped the cases against them, instead shifting focus to pursuing legal action against Binance itself. The exchange has faced increasing scrutiny in Nigeria as regulators attempt to control digital asset-related financial risks.

Meanwhile, Coinbase is also dealing with legal challenges as a shareholder lawsuit accuses the company of misleading investors about bankruptcy risks. The complaint, filed by investor Wenduo Guo, alleges Coinbase failed to disclose that customer funds might be classified as part of its bankruptcy estate, leaving retail investors vulnerable as unsecured creditors. The lawsuit also claims Coinbase engaged in undisclosed trading activities to mitigate declining crypto prices.

In a separate development, the U.S. Securities and Exchange Commission (SEC) has approved the first yield-bearing stablecoin, signaling regulatory acceptance of interest-generating digital assets. As global regulatory oversight tightens, crypto firms continue to face legal battles and shifting compliance requirements in multiple jurisdictions.