OVERVIEW

Gensler In Trouble, XRP’s on the Double, 18 States Ready to Rumble 🥊

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

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New In Three Sentences
Crypto News 📰

💰 Senator Lummis Wants to Swap Fed Gold for Bitcoin—Yes, Really

Wyoming’s Senator Cynthia Lummis, has proposed selling off a chunk of the Federal Reserve's gold stash to buy up a million Bitcoins for a national BTC reserve. According to her plan, this 5% BTC reserve would supposedly not affect the federal budget—just swap out some gold bars for digital coins and wait for Bitcoin’s value to, ideally, make a dent in the national debt. CoinPedia.

🐿️ Meme Coin Trader Turns $16 into $3 Million Thanks to Peanut the Squirrel

In what can only be described as a crypto miracle, a trader tossed $16 at a Solana-based meme coin, Peanut the Squirrel (PNUT), and walked away with a cool $3 million in just two weeks. The token, based on an actual pet squirrel that went viral after a tragic encounter with NY authorities, skyrocketed in value as outrage and Elon Musk tweets added fuel to the fire. Eight years in the crypto space, and I have yet to be one of those overnight millionaires, dominant. Decrypt.

📈 Pennsylvania Wants Its Own Bitcoin Reserve, Because Why Not?

Following Trump’s latest pitch for a national Bitcoin reserve, Pennsylvania’s House dropped its own bill to stack BTC in the state’s treasury. They’re looking to hedge against inflation and diversify beyond typical assets like cash and bonds, with a plan to let up to 10% of their $7 billion budget ride the Bitcoin roller coaster. If the bill clears, Pennsylvania will be the first state to go full crypto on its balance sheet—setting a precedent for other states to consider adding some digital gold to their rainy-day funds. Fox Business.

Big News
Gensler Out? The SEC Just Got Smacked with a Double Dose of Reality 🥊 

In the span of a couple of hours this afternoon, crypto social media saw two major stories pop up involving Gary Gensler and the SEC. 👋 

The first spark? Observant folks noticed some cryptic lines in Gensler’s latest speech transcript on the SEC’s site, which led to immediate speculation that he might be on his way out.

If true, that would mean the end of the SEC’s relentless crusade against crypto under Gensler’s watch—a cause for celebration among investors who are sick of seeing the SEC’s hammer come down on the industry. XRP jumped up +15% to $0.80.

Lawsuit from 18 States: The Real Power Move

Then came the heavy hitter. Fox Businesses Eleanor Terrett posted on X that Eighteen states filed a lawsuit against the SEC, accusing it of constitutional overreach and meddling in state affairs.

They’re calling the SEC’s approach a “regulation by enforcement” crusade against crypto, claiming it’s crushed states’ rights to manage their own economies while overstepping federal boundaries.

Double Whammy

Gensler’s impending resignation might be happening sooner than people thought, though. He probably wants to get out before he get’s a phone call with Trump’s voice saying: “You’re fired.” 🟥 

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