Crypto today: What happened?

Coinbase’s lobbying group has asked lawmakers to accelerate the CLARITY ACT, which will transfer crypto regulatory authority to the Commodity Futures Trading Commission. Coin Center has lost their appeal in the US against Treasury Department regarding Tornado Cash. LetsBonk launched memecoins, and doubled pump. On Monday, fun generated $1.04million in daily revenue.

Crypto lobby Coinbase urges Congress back major crypto legislation

Coinbase’s lobbying group, as well as 65 cryptocurrency firms. has urged US House lawmakers Next week, they will be meeting to discuss a bill that outlines the regulation of crypto-currencies.

The aforementioned is a letter sent on Monday, Stand With Crypto and 65 crypto advocacy groups and firms asked House lawmakers to back the Digital Asset Market Clarity Act — better known as the CLARITY Act.

“We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy the U.S. risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology,” I said.

CLARITY defines the role of the Commodity Futures Trading Commission and Securities and Exchange Commission when it comes to policing cryptocurrency. The CLARITY Act gives the CFTC the majority of jurisdiction in crypto, while the Securities and Exchange Commission has the remaining portion. SEC would regulate Products such as cryptocurrency-related securities

Coin Center and US Treasury lose appeal against Tornado Cash

Eleventh Circuit Court of Appeals of US Court of Appeals has dismissed an appeal Coin Center, a crypto-nonprofit advocacy group, has filed a complaint against US Treasury Department’s Office of Foreign Assets Control over the 2022 sanctions it imposed on Tornado Cash.

The appellate court, in a filing on Thursday, granted a request to vacate the lower court’s ruling. It then remanded the case with the instructions to dismiss it as part of an agreement with Coin Center. According to court rulings, Coin Center’s lawsuit against Treasury’s Office of Foreign Assets Control would be effectively concluded by the dismissal.

OFAC will add multiple Tornado Cash wallet addresses to its sanctioned list in 2022. Coin Center filed a lawsuit Alleging that Treasury Department “exceeded [its] statutory authority” In addition to the lawsuits, there have been other suits filed, such as one by six Tornado Cash customers backed up by cryptocurrency exchange Coinbase.

On Monday’s news, the price of Tornado Cash native token (TORN), briefly soared to $10.55 before falling back to $9.47.

“This is the official end to our court battle over the statutory authority behind the [Tornado Cash] sanctions,” said Coin Center’s executive director Peter Van Valkenburgh, in a post on Monday X. “The government was not interested in moving forward and defending their dangerously overbroad interpretation of sanctions laws.”

LetsBonk Flips PumpFun In 24-Hour Revenue: DefiLlama

Solana memecoin launchpad LetsBonk surpassed rival Pump.fun in 24-hour revenueDefiLlama, a platform for decentralized financing (DeFi), has aggregated data. 

DefiLlama’s latest figures show LetsBonk’s $1.04m in revenue over the last 24h nearly doubled Pump.fun’s revenues of $533.412. LetsBonk’s surge in revenue marked an unusual shift in the Solana mecoin industry, where Pump.fun had traditionally held top position. 

Both platforms have simplified tools that allow for the creation and trading of memecoins. LetsBonk is gaining popularity due to Bonk’s support.BONKCommunity of the memecoin cryptocurrency and social campaigns. 

CoinGecko reports that BONK has more than 430 000 followers. shows The memecoin is ranked No. 58 in terms of market capitalization. It has a value of almost $1.8 billion. By market capitalization, the 58th most valuable crypto coin is memecoin.

LetsBonk’s launchpad for memecoins was launched on the 25th of April. The protocol was dubbed a by its team. “self-serving launchpad for memecoins” It aims at addressing what developers call predatory practices that occur in the space.