Weekly Wrap-Up: New SEC Chair, US DOJ Shuts Down Crypto Crime Unit, and Miner Import Overcharges

Paul Atkins has been appointed as the head of the SEC, the U.S. Department of Justice has shut down its cryptocurrency crime unit, U.S. miners overpaid for imported equipment, and other notable events unfolded during the past week.

Bitcoin began the week at $78,000. The downward trend from Sunday, April 6, continued into the week, with prices plummeting below $75,000 on Monday morning.

In just 24 hours, the value of the cryptocurrency dropped nearly 10%. XRP lost around 21%, while Dogecoin fell approximately 19%. Ethereum couldn’t maintain the $1,500 mark, decreasing by about 18%. The total market capitalization of cryptocurrencies fell by around 12.5%, reaching $2.46 trillion, with Bitcoin’s dominance surpassing 60%.

Shortly after, the price rebounded to $80,000 amid rumors of a planned 90-day tariff pause by U.S. President Donald Trump.

On April 7, the volume of coins sold at a loss amounted to 36,000 BTC (over $2.7 billion).

By the night of April 9, the price of Bitcoin dropped to its lowest level of the year, dipping below $75,000. The trigger for this decline was the implementation of Trump’s «liberating» tariffs.

Washington imposed tariffs of 10% and above on foreign goods, with rates against China reaching an unprecedented 104% after Beijing refused to negotiate.

Ethereum briefly dropped to its lowest level since March 2023, falling below $1,400. The ETH/BTC ratio fell to 0.01855, a level not seen since December 2019.

Swyftx’s chief analyst, Paul Hundal, estimated the cryptocurrency market’s downturn since early February at $1.2 trillion.

Later that same day, Bitcoin’s price recovered to $78,000; however, in response to U.S. tariffs, Beijing retaliated by increasing tariffs on American goods from 34% to 84%. Consequently, the digital gold price retreated to $76,000.

By April 10, Bitcoin’s price surged past $81,000 following the U.S. President’s announcement of a temporary tariff reduction for certain countries while increasing rates on Chinese imports. The S&P 500 and NASDAQ indices saw gains of 9.52% and 12.16%, respectively.

The release of U.S. consumer price index data triggered a brief spike in Bitcoin’s price to $82,500. However, the quotations fell back to $81,000, reducing the daily growth rate to 4.3%.

From April 11 to 12, Bitcoin continued its upward trend. Following the announcement of exemptions for semiconductors and certain tech products from the «reciprocal tariffs,» the price surged above $85,500—a local peak during the new tariffs’ implementation.

At the time of writing, the price stands around $84,400, reflecting an 8.2% weekly increase.

Ethereum started the week at $1,500 after a decrease from $1,800 over the previous weekend.

On April 9, its price hit a local peak of $1,675 but retraced to $1,500 the next day.

The following two days showed positive momentum, with Ethereum climbing back to $1,650 on April 12.

Currently, the price hovers around $1,600, marking a 6.7% weekly increase.

Throughout the week, all other assets in the top 10 by market capitalization also showed growth.

The highest gains were recorded by SOL (12.6%), TRX (5.4%), and XRP (4.3%).

On April 9, the U.S. Senate voted to confirm Paul Atkins as the head of the Securities and Exchange Commission (SEC). A total of 52 senators supported the nomination, while 44 opposed it, with four abstentions.

President Donald Trump appointed Atkins to the SEC chair position in December 2024, and many in the cryptocurrency sector viewed him as a suitable choice given his industry experience.

Atkins served as an SEC commissioner from 2002 to 2008 and later founded the consulting firm Patomak Global Partners, which has worked with cryptocurrency exchanges and DeFi projects.

At the end of March, the Senate’s banking committee approved Atkins’ nomination. Ahead of the hearings, it was revealed that he has stakes in three cryptocurrency companies: Securitize, Anchorage Digital, and Off the Chain Capital.

During the discussions, some Democratic senators criticized Atkins for his connections to the collapsed exchange FTX.

Republican Senator Tim Scott expressed hope during the hearings that under Atkins’ leadership, the SEC would “return to its core mission and ensure that our markets remain the envy of the world.”

The former SEC head, Gary Gensler, resigned on January 20 and has since returned to being a professor at the Sloan School of Management at the Massachusetts Institute of Technology.

Media reports indicated that the U.S. Department of Justice had dissolved its National Cryptocurrency Enforcement Team (NCET).

This decision aligns with President Donald Trump’s directive aimed at simplifying the regulation of digital assets.

The NCET was established in 2021 under the Biden administration and conducted significant investigations involving crypto, including cases against the mixer Tornado Cash and the hacking of the Mango Markets protocol. The group was also responsible for matters concerning the theft of digital assets by North Korean hackers.

Under new guidelines, the DOJ will no longer pursue actions against cryptocurrency exchanges, mixers, or offline wallets, instead focusing on fraudsters utilizing digital assets and those who cause real harm to investors.

American senators labeled the closure of the unit as a «gross mistake.» A group of politicians, including Elizabeth Warren, Richard Durbin, Mazie Hirono, Sheldon Whitehouse, Christopher Coons, and Richard Blumenthal, sent a letter to Attorney General Todd Blanch expressing their concerns.

They argued that the decision creates a «systemic vulnerability in the digital asset sector» which could be exploited by drug traffickers, terrorists, fraudsters, and adversaries. The main tool used by these individuals is mixers, according to the legislators.

The letter also mentioned cryptocurrency projects linked to U.S. President Donald Trump’s family, suggesting a “potential connection” between them and the department’s decisions.

Senators demanded a briefing to clarify the Justice Department’s decisions by May 1.

Authorities in several U.S. states have proposed initiatives to integrate Bitcoin into their financial systems.

The North Carolina House of Representatives introduced a bill allowing cryptocurrencies for transactions such as tax payments.

*“Digital assets are recognized as a valid medium of exchange in North Carolina. Transactions cannot be rejected or contest their legality solely based on the use of cryptocurrencies,”* the document states.

The Digital Assets Freedom Act outlines the criteria that assets must meet to qualify for this status:

The document emphasizes decentralization: digital assets must be launched fairly, without pre-mining, insider distributions, or centralized control, and must not depend on a single entity or a small group of stakeholders for operation and governance.

Specific examples of cryptocurrencies meeting these standards are not provided.

On April 10, the New Hampshire House of Representatives passed a Bitcoin Reserve (SBR) bill with a vote of 192 in favor and 179 against.

If approved by the Senate and the governor, the measure would allow the treasurer to direct up to 5% of the general and other permissible funds toward investments in precious metals and certain digital assets.

The bill also sets out the rules for their custody.

By the end of 2024, the total assets under management (AUM) of New Hampshire’s general fund were $3.6 billion.

The bill specifies that investment in cryptocurrencies is limited to those with a market capitalization exceeding $500 billion, a criterion currently met only by Bitcoin.

New Hampshire is now the fourth U.S. state where the SBR bill has passed one of the two chambers of Congress.

Arizona leads the race among states to adopt SBR.

Additionally, on April 10, the Florida House of Representatives’ Insurance and Banking Committee unanimously approved a SBR bill. This document must first clear three committees before reaching the House floor.

As April 9 approached, major U.S. Bitcoin miners had **chartered flights for $2–3.5 million** in Southeast Asia, significantly exceeding normal prices, as they hurried to import ordered ASIC miners before Trump’s «liberating» tariffs took effect. The rush was specifically tied to the equipment export, with factories working overtime to fulfill the orders.

On April 2, Trump announced new tariffs for trading partners that took effect on April 5, starting at a minimum of 10% for all countries.

As of April 9, «reciprocal tariffs» were imposed on several U.S. partners. Specifically, rates were increased for Malaysia (24%), Thailand (36%), Indonesia (32%), Taiwan (32%), with the rate for China ultimately reaching 104%.

The first three jurisdictions house assembly plants for major miner manufacturers such as Bitmain, MicroBT, Canaan, Bitdeer, and Auradine. Taiwan’s TSMC provides the majority of the chips used in these installations.

In 2023, MicroBT opened a miner manufacturing facility in the U.S. Bitmain similarly **announced** its plans to do so in January of this year. However, these facilities cover only a small portion of the required volumes.

In 2024, American miners imported equipment valued at over $2.3 billion. During the first quarter of this year, the figure exceeded $860 million. The U.S. share of Bitcoin’s hash rate accounts for 35–40%.

Experts estimate that due to tariffs, the prices of ASIC miners could increase by 22–36%.

According to the **Hashrate Index**, the prices of rigs with energy consumption rates up to 19 J/TH have decreased over the past year. The cost of the latest Antminer S21 series from Bitmain is approximately $3,400.

In his first public interview, BestChange creator Denis Malkov discussed which coins are popular among exchange users, whether the service relays information to authorities, and how to operate within the confines of Russia’s ban on cryptocurrency advertising.

The timeline of the Hyperliquid incident was also examined, showcasing industry leaders’ reactions, competitor actions, and essential defensive measures taken by the project’s management that raised questions about decentralization principles.

A discussion took place with HAPI’s crypto-security implementation expert Irakliy Dizenko regarding the Bybit hack, the prospects of regulation in the DeFi sector, and general attack patterns.

The traditional digest compiled the key cybersecurity events over the past week.