[News Brief] Apr 22, morning | SEC Chair Paul Atkins Reaffirms 'Project Crypto' and Plans Digital Asset Classification Framework

SEC Chair Paul Atkins Reaffirms 'Project Crypto' and Plans Digital Asset Classification Framework

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins recently reaffirmed the push for 'Project Crypto' and said the SEC will work with the U.S. Commodity Futures Trading Commission (CFTC) to create a classification framework for digital assets.

According to Odaily, Chair Atkins said the SEC plans to clarify the standards for determining which tokens qualify as securities and introduce an 'innovation exemption' to support on-chain trading of tokenized securities.

The market sees these steps as a signal that the SEC is moving away from its previous 'regulation by enforcement' approach toward clearer rulemaking. As a result, expectations for institutional capital inflows are rising, with some forecasts suggesting bitcoin could regain the $80,000 level.

Bitcoin is currently trading at around $77,586. The market is also closely watching for additional comments Atkins may make at the Bitcoin 2026 event in late April.

BlackRock IBIT Options Open Interest Surpasses Deribit Bitcoin Options Market for the First Time

Open interest (OI) in options tied to BlackRock's spot bitcoin ETF, IBIT, has surpassed the bitcoin options market on crypto derivatives platform Deribit for the first time. Analysts say this reflects growing long-term bullish positioning in regulated U.S. markets and accelerating institutionalization of bitcoin.

According to Odaily, BlackRock IBIT options open interest reached $27.61 billion on Friday, exceeding Deribit's bitcoin options market, which stood at $26.9 billion.

Based on Volmex data, IBIT call option investors are pricing in a near-term bitcoin target of around $109,709. That is roughly 41% above the price at the time, approximately $77,400.

By contrast, the main concentration of bets on Deribit was around $106,000. IBIT options also have an average maturity about two months longer than Deribit's, suggesting investors in regulated U.S. markets are expressing a longer time horizon and stronger bullish expectations.

U.S. spot bitcoin ETFs have already emerged as a key channel for institutional capital inflows. CoinDesk said the expansion of the IBIT options market shows that demand for bitcoin exposure is spreading beyond spot ETFs into derivatives.

Trump Pledges to Push Key Crypto Legislation Forward

President Trump said he will ensure key cryptocurrency legislation moves forward without being derailed by banking lobby groups. The remarks are seen as potentially strengthening momentum for legislation on stablecoins and a broader digital asset regulatory framework.

According to PANews, citing CoinDesk, Trump made the comments at a private event at Mar-a-Lago in Florida for holders of his meme coin. He said the White House would not allow banking lobby groups to undermine the Digital Asset Market Clarity Act (CLARITY Act).

Trump said the crypto industry has already become mainstream and that the United States is a leader in the sector. He added that traditional banks should not obstruct the adoption of stablecoins or the establishment of a crypto regulatory framework.

Attendees at the event included Tether CEO Paolo Ardoino, ARK Invest CEO Cathie Wood, and Anchorage Digital CEO Nathan McCauley, among other industry figures.

U.S. banking groups have previously opposed stablecoins, arguing that their reward structures could negatively affect the traditional deposit business. That opposition has contributed to delays in deliberations on the CLARITY Act, and Trump's public support is seen as potentially boosting the bill's prospects.

Aave Launches 'DeFi United' Recovery Fund to Restore rsETH Collateral to 100%

Aave has launched a dedicated recovery fund aimed at fully restoring rsETH collateral.

According to panewslab.com, Aave officially announced the establishment of the recovery fund, called 'DeFi United,' together with ecosystem partners and service providers. The initiative is intended to resolve the bad debt crisis related to rsETH triggered by a KelpDAO cross-chain vulnerability.

Aave said the plan has been integrated into Aave DAO and Arbitrum chain governance votes, as well as protocol design and implementation procedures. It also said technical recovery measures are being developed through coordination with KelpDAO and LayerZero.

The top priorities are currently protecting affected users and stabilizing the DeFi ecosystem. Major protocols including Lido, ether.fi, and Ethena have already joined the recovery effort, and more than 13,500 ETH has been committed so far.

Aave said final recovery details, user guidance, and major timelines will be announced later through official channels.

Aave-Led 'DeFi United' Relief Plan Raises More Than 100,000 ETH

Odaily reported that Aave launched the 'DeFi United' relief plan on April 18 in response to the rsETH incident.

The initiative, led by Aave founder Stani Kulechov, is structured as a public fundraising campaign that accepts ETH contributions from the community.

According to the latest figures, DeFi United has raised more than 100,000 ETH. In dollar terms, that is more than $232 million, with over 85,000 participating addresses.

The plan was introduced following the rsETH-related incident that occurred on April 18.

Aave, ether.fi, Kelp DAO, LayerZero, and Compound Ask Arbitrum DAO to Release Frozen ETH

Major DeFi protocols including Aave, ether.fi, Kelp DAO, LayerZero, and Compound have proposed that Arbitrum DAO release ETH frozen after the rsETH incident.

According to the report, if approved, the funds would be transferred to 'DeFi United,' a joint inter-protocol recovery initiative, and used to restore rsETH collateral and compensate affected users for losses.

The proposal follows the freezing of ETH by the Arbitrum Security Council after the rsETH incident on April 18. The Arbitrum community is currently reviewing the proposal and gathering feedback.

Dormant Wallet Buys $17 Million Worth of ETH Over Two Days

A wallet that had been dormant for 1.6 years reportedly spent $7 million to buy 3,017 ETH.

According to Odaily, on-chain analytics account Onchain Lens said the wallet purchased ETH at an average price of $2,320. Over the past two days, the wallet accumulated a total of 7,300 ETH, worth about $17 million, and speculation has emerged that it could continue buying.

While the transaction is being classified as whale-level accumulation, the report is based on on-chain observations.

U.S. DOJ Sentences Crypto Theft Ring Member to 70 Months in Prison Over $263 Million Scheme

The U.S. Department of Justice (DOJ) said Evan Tangeman, a 22-year-old man from California who participated in a criminal organization that stole about $263 million in cryptocurrency through social engineering and home invasions, has been sentenced to 70 months in prison and three years of supervised release.

According to Odaily, Tangeman admitted to helping launder at least $3.5 million in illicit proceeds linked to the organization. Prosecutors also said he destroyed evidence after the arrest of his accomplices.

Authorities said the organization spent millions of dollars in criminal proceeds on nightclub expenses, Lamborghinis, Rolex watches, and other luxury goods.

The U.S. Attorney's Office for the District of Columbia described the case as organized crime driven by excessive greed. The ruling comes as industry estimates show crypto-related fraud and hacking losses reached $482 million in the first quarter of 2026.

Hong Kong Police Bust Cross-Border Phone Scam Using Virtual Assets and Gold

Hong Kong police have uncovered a cross-border phone scam involving virtual assets and gold, according to Odaily.

Police said the criminal group impersonated mainland Chinese authorities and approached mainland Chinese students studying in the U.K. and Australia. The victims were falsely told they were involved in money laundering or other criminal cases and were asked to cooperate with an investigation. They were then sent to jewelry stores in Hong Kong and instructed to purchase gold granules multiple times, with each transaction kept below HK$120,000 to avoid store reporting requirements.

Group members then collected the gold and moved it elsewhere, later melting it into gold bars or converting it into cash and virtual assets, according to the report.

Police have so far identified seven related cases involving total losses of about HK$7 million. The largest single case involved losses of HK$1.6 million.

Authorities said the case shows how criminal groups are using both gold and virtual assets to evade fund tracing, and they warned the public to remain alert to similar scams.

Trump: 'Bitcoin Will Become Mainstream'

President Trump said that bitcoin 'will become mainstream.'

According to a video shared by source account @pete_rizzo_, Trump directly mentioned bitcoin's potential for mass adoption. As a public remark from the sitting U.S. president, the statement is seen as potentially boosting expectations for broader institutional and mainstream adoption of bitcoin.

Trump has previously shown a pro-digital asset stance, and the latest comment is being interpreted as further support for expectations of expanding bitcoin adoption.