RFK Jr.'s blockchain idea, Ethereum ETF approval in doubt, Bitcoin's unlikely bull run

An American presidential candidate is excited about blockchain technology; bitcoin Bull Run (After Halving) Looks Doubtful; and regulators are expected to deny timely approval of the ethereum ETF. Here is the weekly summary from crypto.news.

RFK Jr. gives his opinion on blockchain

• During an April 21 rally in Michigan, US presidential candidate Robert F. Kennedy Jr. said that putting the US budget on the blockchain would allow Americans to access any budget item at any time.
• Integrating the budget with blockchain technology will significantly increase transparency, he says, adding: “If someone spends $16,000 on a toilet seat, everyone will know.”
• If the proposal comes to fruition, American taxpayers would be able to track where funds are spent. The idea was welcomed by some corners of the cryptocurrency community, with some claiming it would end corruption.

Standard Chartered doubles down

• Geoff Kendrick, head of digital asset research at Standard Chartered, remains confident in the market's ability to recover by reiterating Standard Chartered's statement last month with a price prediction of $150,000 by the end of the year.
• A skeptical view: bitcoin's halving will not spark a lasting bull run over the next 12 to 18 months, according to analysts at Paris-based Kaiko. Contrary to previous expectations, the decline in miner rewards from 6.25 btc to 3.125 btc may not serve as the main catalyst for bitcoin growth, according to a recent research report.
• Miners are also losing money. According to data provided by YCharts, the average transaction fee on the bitcoin network decreased by 28% to approximately $24.99 between April 22 and 23.

Spot ethereum ETF Prospects

• The United States Securities and Exchange Commission (SEC) announced a delay in its decision on the application, extending the review period an additional 45 days until June 11.
• Industry heavyweights including BlackRock, Grayscale, VanEck, Franklin Templeton and ARK Invest are contenders in the race to secure approval for their own place in Ether ETFs.
• However, the prospects for these ethereum-based ETFs gaining SEC approval appear to be bleak, with one analyst assessing the likelihood of a spot Ether ETF being approved at around 35%.

Take care of your wallets

• Samourai Wallet founders Keonne Rodríguez and William Lonergan Hill were arrested by US authorities for laundering more than $100 million.
• Wasabi Wallet developer zkSNACKs is blocking US citizens from accessing its services.
• Phoenix Wallet will also stop operating for US residents starting May 3, removing its app from US app stores.

Legal perspectives

• Custodia Bank filed an appeal brief on April 26, challenging a lower court's March decision denying its attempt to officially join the U.S. banking system.
• Pro-cryptocurrency attorney John Deaton promised to file an amicus brief in support of Coinbase's motion for an interlocutory appeal.
• The SEC is suing Geosyn, a bitcoin mining company, alleging that the company conducted an unregistered securities offering, raising more than $5.6 million through deceptive practices.
• And MetaMask developer Consensys is suing the SEC over what it describes as the agency's illegal attempt to reframe its constitutional authority to include oversight of ethereum (eth), the second-largest decentralized cryptocurrency network.

Bullish and Bearish Takes

• The bitcoin ETF spot sector is back in the red zone, experiencing a capital outflow of $217 million on April 25.
• BNY Mellon, the world's largest custodian bank and the oldest in the US, has exposure to btc ETFs offered by BlackRock and Grayscale, underscoring growing institutional interest in cryptocurrencies.
• ethereum co-creator Vitalik Buterin recently highlighted that the proof-of-work (PoW) design had drawbacks that did not align with the network's long-term vision.
• Blockchain developer Movement Labs raised $38 million in venture capital; Polychain Capital led the effort. The news comes as venture capitalists continue to express interest in the cryptocurrency sector. In the first quarter, venture capital volume saw a rebound for the first time since 2022, hovering around $2.5 billion.