From FLOG to FWOG: Crypto Twitter Rallies Behind Artist After Meme Coin Dumps

The Crypto Council for Innovation and the Proof of Stake Alliance are urging the SEC to clarify that crypto staking is not subject to securities regulations. Staking involves users locking up tokens to secure blockchain networks and earn rewards, not as an investment scheme. The coalition, supported by major companies, seeks regulatory support for innovation in the staking industry.

The North Carolina House of Representatives passed the "Digital Assets Investment Act," allowing the State Treasurer to invest in digital assets and explore incorporating them into state employee retirement plans. A feasibility study on establishing a state-run reserve for seized crypto assets is also proposed.

Metaplanet Inc. is establishing a wholly owned subsidiary in Florida to raise $250 million for its Bitcoin treasury strategy. The Tokyo-listed investment firm aims to expand access to U.S. institutional investors and operate 24/7 across time zones.

ProCap Acquisition Corp., led by Anthony Pompliano, aims to raise $200 million through an IPO on Nasdaq under the ticker “PCAPU.” The SPAC plans to target businesses in financial services, fintech, and digital assets, leveraging Pompliano's influence and expertise.

Robinhood's revenue surged 50% in Q1, reaching $927 million, with earnings per share at 37 cents, surpassing estimates. The company's net income rose by 114% to $336 million, driven by a 100% increase in crypto revenue.

The latest version of Flappy Bird on the Epic Games Store for Android does not include any crypto elements, despite previous plans for a token linked to the Telegram version. The game maintains its classic tap-to-flap gameplay and introduces a new quest mode in a Web2-only release.

Galaxy Digital Holdings plans to list on the Nasdaq Global Select Market next month, aiming to increase visibility to U.S. investors and provide greater liquidity for shareholders. The move follows a push by U.S. federal regulators and policymakers towards a more crypto-friendly stance.

Ubisoft has launched the Decentralized Verification Network (DVN) to secure digital asset transfers across various blockchain platforms, collaborating with LayerZero for interoperability. The DVN aims to enhance security and scalability for Ubisoft's gaming platform, ensuring seamless asset transfer across chains.

Ripple reportedly made a multi-billion-dollar offer to acquire Circle, the issuer of USDC stablecoin, but it was rejected as too low. Circle recently filed paperwork with the SEC to go public.

According to blockchain security firm Immunefi, hackers and fraudsters have caused over $1.7 billion in losses to crypto users this year, a 14% increase from 2024. DeFi networks are particularly vulnerable, with recent incidents including a $92.4 million theft in April.