This week’s major developments in the crypto world include President Trump’s executive order to establish a Strategic Bitcoin Reserve, El Salvador’s defiance of the IMF’s Bitcoin restrictions, and ongoing struggles for cryptocurrency ETFs.

Trump Signs Executive Order for Bitcoin Reserve

President Donald Trump issued an executive order creating a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The reserve will accumulate Bitcoin through federal asset forfeitures, and according to White House crypto czar David Sacks, it “will not cost taxpayers a dime.” This order was signed ahead of the White House crypto summit, attended by key industry figures.

However, not everyone supports the move. Solana co-founder Anatoly Yakovenko voiced skepticism, arguing that government involvement in crypto reserves could undermine decentralization.

Regulatory Wins for Crypto Firms

Three major crypto companies benefited from eased regulatory pressure this week:

• The SEC dropped its lawsuit against Kraken, allowing the exchange to explore a potential IPO.

• The SEC dropped its lawsuit against Coinbase, also

• A three-year SEC investigation into NFT firm Yuga Labs ended with regulators concluding that NFTs are not securities.

• Cumberland DRW, the crypto trading arm of DRW, had its SEC charges dismissed.

El Salvador Pushes Forward with Bitcoin, Ignoring IMF Restrictions

El Salvador’s President Nayib Bukele reaffirmed that the country will continue acquiring Bitcoin, despite the IMF’s restrictions in its $3.5 billion loan agreement. The IMF had claimed that El Salvador’s public sector was prohibited from accumulating Bitcoin, but Bukele remains committed to his Bitcoin strategy.

ETF Struggles and New Filings

• Bitwise filed an S-1 registration for an Aptos spot ETF, moving forward after its initial Delaware filing.

• Ethereum ETFs continue to see massive outflows, shedding $455 million in the last two weeks. Net inflows stand at $2.7 billion, far below Bitcoin’s $37 billion.

• Volatility Shares submitted applications for three XRP ETFs, including a spot ETF, a 2x leveraged ETF, and a -1x inverse ETF.

Major Crypto Transactions and Developments

• Mt. Gox moved 11,834 BTC (~$1.07 billion) from its wallet, possibly as part of creditor repayments.

• Tether froze $28 million USDT held by Russian exchange Garantex, which has been sanctioned by the EU for alleged links to criminal organizations.

• Ethereum developers postponed the Pectra upgrade after encountering issues in test implementations.

State-Level Crypto Initiatives

• Texas Senate passed SB 21, allowing the state to invest public funds in Bitcoin.

• Canary registered a Sui ETF, continuing its push for new crypto investment products, including ETFs for Hedera, Litecoin, XRP, and Solana.

Crypto Firms Eyeing IPOs and Investment Rounds

• Gemini confidentially filed for an IPO, working with Goldman Sachs and Citigroup.

• Flowdesk raised $52 million in Series B funding, with BlackRock leading the investment.

Security and Sports Developments

• The theft of 283 million XRP from Ripple co-founder Chris Larsen’s accounts was linked to a 2022 LastPass password manager breach.

• FIFA President Gianni Infantino suggested the organization may launch its own cryptocurrency token.

This week highlighted increasing government involvement in Bitcoin, regulatory shifts favoring crypto firms, and ongoing struggles for Ethereum ETFs, while El Salvador and Texas continue pushing forward with Bitcoin adoption.