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  • Ethereum Price Could Soar to This Level if it Matched Gold’s Market Cap

    Ethereum Price Could Soar to This Level if it Matched Gold’s Market Cap

    A cryptocurrency analyst has released a new report from Etherealize, a prominent crypto research firm, outlining a potential price trajectory for Ethereum if its market capitalization were to match that of gold. The analyst believes that beyond price performance, the Ethereum network could evolve into a global settlement layer, further cementing its position within the crypto space. These developments suggest a strong bullish outlook for the cryptocurrency, even amidst recent market volatility and price declines.

    Digital Oil, a pseudonymous analyst and investor, is making a long-term case, arguing that the Ethereum network and its native asset, ETH, are poised to capture significant market share. As the second-largest cryptocurrency by market capitalization and the foundation of decentralized finance, the analyst stated that Ethereum possesses vast potential.

    Ethereum Price Target Based on Gold’s Market Cap

    Digital Oil referenced an analysis report by Etherealize, which describes ETH as a productive store of value that surpasses gold, while Ethereum itself is seen as the settlement layer for the future of global finance. This suggests the blockchain network could become central to global financial transactions.

    The report, titled “The Bull Case for Ethereum: Digital Oil, Store of Value, and Global Reserve Asset for the Digital Economy,” was produced by Etherealize to help institutional investors understand ETH’s role in the evolving digital economy. Based on the analysis, Etherealize projects a long-term price target of $250,000 for ETH, representing a more than 11,400% increase from current levels. This valuation would place the cryptocurrency’s market capitalization, currently at $256.78 billion, on par with gold’s market valuation of $32 trillion. Etherealize suggests 2045 as a potential timeframe for this milestone. The research firm acknowledged that widespread adoption, which is needed to catalyze this growth, could change that date depending on its pace.

    Despite the uncertainty surrounding timing, Digital Oil supports Etherealize’s bullish outlook for Ethereum, stating that the projected shift is inevitable and could occur soon. The analyst has urged investors and traders to prepare for the long-term growth of ETH and the Ethereum network.

    Analyst Sees Potential for ETH to Exceed $3,000

    Focusing on Ethereum’s short-term price outlook, crypto analyst Ted Pillows has projected on X that the cryptocurrency could rally toward the $2,250 zone, with a possible extension above $3,000 if bullish momentum continues. At the time of writing, ETH is trading above $2,100.

    After a series of price declines, the analyst suggested that ETH is attempting to reclaim $2,150 and break through previous resistance levels. Pillows cautions that if Ethereum faces another rejection before reaching that resistance area, it could lead to a steep correction toward $2,000, representing a decline of more than 5% from current levels.

  • Malware Targets Software Pipelines: Understanding Shai-Hulud

    Malware Targets Software Pipelines: Understanding Shai-Hulud

    Malware Campaign Targets Software Supply Chains

    A malware campaign dubbed “Shai-Hulud” is spreading through the software pipelines used by developers to build and distribute code, raising concerns about the reliance on automated systems with minimal human oversight.

    Researchers have linked the Shai-Hulud malware campaign to approximately 320 package entries across Node Package Manager (NPM) and PyPI, two major online repositories used by developers to download and share JavaScript and Python software packages. These affected packages collectively account for over 518 million monthly downloads.

    “Shai-Hulud is significant because it exposes a problem we cannot fully patch away: modern software is built by running other people’s code,” said Jeff Williams, CTO of the California-based security firm Contrast Security. “Developers do not merely ‘download’ libraries. They install them, build with them, test with them, deploy with them, and eventually execute them. And if you run a malicious library, it can do almost anything you can do.”

    Williams added that advances in artificial intelligence complicate the threat, comparing Shai-Hulud to making a computer a double-agent.

    “The scary part is the leverage. If an attacker compromises one obscure package, they do not just get that package,” Williams said. “They get a path into every downstream project that trusts it. Then they can steal more tokens, publish more poisoned packages, and repeat the cycle. The software supply chain is not a chain anymore—it’s a propagation network.”

    Recent Incidents and Impact

    Earlier this month, Microsoft Threat Intelligence disclosed that attackers inserted malicious code into a Mistral AI software package distributed through PyPI. The malware downloaded an additional file designed to resemble Hugging Face’s widely used Transformers library to blend into machine-learning development environments. Mistral later stated that an affected developer device was involved but that there was “no indication that Mistral infrastructure was compromised.”

    Two days later, OpenAI confirmed that malware tied to the same campaign infected two employee devices, giving attackers access to a limited number of internal code repositories. The company found no evidence that customer data, production systems, or intellectual property were compromised.

    Named after the giant sandworms in Frank Herbert’s “Dune,” researchers traced earlier versions of the malware back to September 2023 and cybercriminals known as TeamPCP. However, the campaign gained wider attention after a major May 11 attack targeting TanStack, a widely used open-source JavaScript framework used in web and cloud applications.

    Growing Threat to Software Supply Chains

    Shai-Hulud is part of a growing trend of supply-chain attacks where hackers compromise trusted software tools or services used by other companies. Instead of directly targeting victims, attackers use these trusted systems to spread malicious code or gain access to developer environments.

    Researchers say the attacks poison shared build caches, causing future software releases to quietly incorporate the malicious code. To a developer downloading the packages, everything appears normal because the software comes from trusted sources, carries valid signatures, and passes security checks. This is what makes the attack so concerning.

    On Sunday, cybersecurity firm OX Security reported that new malicious packages mimicking the original malware were already stealing cloud and crypto wallet credentials, SSH keys, and environment variables. Some variants also attempted to turn infected machines into DDoS botnets.

    “One incriminating evidence that this is a different actor from TeamPCP is that the Shai-Hulud malware code is an almost exact copy of the leaked source code, with no obfuscation techniques, which make the final version visually different from the original,” OX Security wrote. “In our breakdown, we show the side by side comparison of the chalk-template Shai-Hulud version with the original source code leak, showing that they are the same.”

    Broader Implications

    The emergence of Shai-Hulud coincides with the increasing reliance of modern software developers on automated platforms like GitHub Actions. Simultaneously, supply-chain attacks targeting open-source infrastructure have become more common as attackers focus on developer tooling and automated publishing systems rather than end-user systems directly.

    “[Shai-Hulud] is a reminder that [systems, applications, and products] attack surface now extends well beyond traditional application layers and into the open-source packages that power modern development and deployment workflows,” said Joris Van De Vis, Director of Security Research at the Netherlands-based cybersecurity firm SecurityBridge.

    On Tuesday, GitHub announced it was investigating unauthorized access to its internal repositories after TeamPCP claimed responsibility for stealing roughly 4,000 private repos and offering the data for sale on a cybercrime forum for at least $50,000.

    According to Van De Vis, Shai-Hulud also demonstrates how attacks targeting trusted software automation can quickly spread from developer tools into enterprise systems that companies rely on for critical operations.

    “When trusted npm dependencies can be weaponized to steal credentials from [Cloud Application Programming] and [Multi-Target Application] environments, the risk is no longer just a developer laptop issue, it becomes a direct path toward productive SAP systems, which is why organizations need tighter dependency controls, exact version pinning, and stronger publishing safeguards,” Van De Vis said.

  • GitHub Internal Repos Breached; Binance CEO Calls for Immediate Key Rotation

    GitHub Internal Repos Breached; Binance CEO Calls for Immediate Key Rotation

    GitHub Repositories Breached, Prompting Security Concerns

    Hackers gained access to GitHub’s internal repositories earlier today by exploiting an employee’s computer through a compromised VS Code extension.

    Following the incident, reports surfaced that a threat actor using the alias TeamPCP is allegedly selling approximately 4,000 of GitHub’s private repositories on a cybercriminal forum, with a minimum asking price of $50,000.

    GitHub confirmed the breach via posts on its X account, detailing the information available at the time. According to the platform, the attacker gained access to its internal repository through a malicious VS Code extension loaded onto an employee’s device.

    GitHub stated that it promptly removed the malicious software from the infected machine upon discovering the attack. Crucially, the company emphasized that there is currently no evidence that customer data held outside its internal systems, including individual users’ enterprises, organizations, or repositories, was accessed.

    The hosting service also confirmed it quickly rotated credentials, prioritizing the most critical secrets. It will also examine logs to identify any additional activity and will provide further details after the investigation concludes.

    Alleged Sale of Stolen Data

    Meanwhile, French researcher Sébastien Latombe highlighted a listing on a criminal message board by the threat actor TeamPCP, claiming responsibility for the hack. The listing mentions repositories related to GitHub Actions, GitHub Enterprise, GitHub Copilot, Azure, CodeQL, billing, and authentication services.

    TeamPCP is reportedly seeking a single buyer for the stolen data, rather than a ransom from GitHub, with a minimum asking price of $50,000.

    However, neither GitHub nor Microsoft has officially confirmed the content of the forum listing. Claims made on cybercriminal sites should be treated with caution, as the data provided may be outdated or exaggerated to inflate its perceived value.

    Industry Response and Broader Security Concerns

    The online reaction to the breach was swift. Binance co-founder Changpeng Zhao (CZ) urged crypto developers to review and change their API keys if they are present in their code, even in private repositories.

    Responses highlighted a widespread industry problem. Topaz DEX founder Aaron Shames called it “bad practice to have API keys in any repo, private or not,” while acknowledging the warning.

    Others pointed out that managing hundreds of keys across projects is not a simple task for developers.

    Digital artist Tuteth_ wrote, “This entire practice of key storage needs an update.”

    Security commentator Dhanush Nehru added, “No one knows what all permissions each VS Code extension owns. The cybersecurity threat landscape is scary.”

    The timing of this incident has heightened existing concerns about crypto security, following multiple high-profile hacks this month, including an attack on Echo Protocol, where hackers minted $76.7 million worth of eBTC.

    That incident followed multimillion-dollar attacks on THORChain and the Verus-Ethereum Bridge.

    These events have reignited discussions about code verification and software supply chain vulnerabilities, with Vitalik Buterin suggesting that formal verification, aided by AI, can enhance software security by mathematically proving its behavior.

  • Fairshake PAC Celebrates Primary Wins

    Fairshake PAC Celebrates Primary Wins

    On Tuesday, the cryptocurrency political action committee (PAC) Fairshake declared victory, claiming that six of its favored congressional candidates – backed by over $20 million in industry funding – had won primary races across the country.

    Crypto’s Role Questioned

    However, questions remain about whether cryptocurrency played a decisive role in the previous night’s elections.

    Fairshake, primarily funded by Coinbase, Andreessen Horowitz, and Ripple, supported five Republican candidates and one Democrat in Tuesday’s midterm primaries. Notably, all five Republican candidates had also received endorsements from former President Donald Trump.

    The election results underscored Trump’s continued influence over the Republican base, even as his approval ratings decline among the broader electorate. In Kentucky, Trump-backed challenger Ed Gallrein, a retired Navy SEAL, defeated Rep. Thomas Massie (R-KY), a well-regarded lawmaker who had drawn the former president’s ire for advocating the release of the Jeffrey Epstein files and criticizing the U.S.’s ongoing involvement in the war with Iran.

    “Do not ever doubt President Trump and his political power,” said Steven Cheung, the White House’s director of communications, following the results. “Fuck around, find out.”

    Tuesday’s primaries were widely viewed as a test of Trump’s sway over engaged Republican primary voters, and in that regard, the former president appeared to secure a decisive victory.

    In a statement, Fairshake celebrated the victories of its endorsed candidates as “a clear victory for pro-crypto leaders.”

    “This powerful bipartisan mandate is being heard across America from Georgia to Alabama to Kentucky,” a Fairshake spokesperson said.

    However, every Republican primary winner supported by the crypto PAC – Alabama Senate candidate Barry Moore, Kentucky Senate candidate Andy Barr, and Georgia congressional candidates Houston Gaines, Jim Kingston, and Clay Fuller – had previously received Trump’s endorsement.

    The sole Democratic congressional candidate backed by Fairshake on Tuesday, Georgia’s Jasmine Clark, was previously in a tight race with Rep. David Scott, an incumbent who had served in the House for over 20 years. However, Scott passed away last month at the age of 80.

    Limited Crypto Influence?

    Further suggesting a limited influence of crypto in Tuesday’s races, Fairshake did not run any advertisements on the subject of digital assets.

    A source familiar with the campaigns supported by Fairshake, however, emphasized that the super PAC spent millions of dollars on ads highlighting Trump’s endorsements, a factor they argued had a significant impact.

    “Trump’s endorsement obviously matters a ton, but it also needs to be communicated to voters,” the source said.

    Fairshake’s nearly $200 million spending on the 2026 midterms comes as special interest spending on U.S. elections reaches all-time highs. The high-profile defeat of Massie, a Trump critic, marked the most expensive House primary in American history, with total ad spending exceeding $32 million for a district with a population under 800,000.

    Pro-Israel super PACs, which have sought to unseat Massie for years, made the single largest contribution to that sum. Unlike the crypto PAC, ads run by pro-Israel PACs in the Massie race actually mentioned Israel.

  • Analyst Forecasts XRP’s Fate as Exchange Supply Dwindles

    Analyst Forecasts XRP’s Fate as Exchange Supply Dwindles

    XRP Supply Dynamics Spark Debate Amidst Potential Market Shift

    The supply mechanism of XRP is a subject of considerable debate within the cryptocurrency market. Recent on-chain data indicates a decline in XRP exchange reserves, prompting speculation about potential price movements. One cryptocurrency analyst on X has linked this structural shift to a series of events that could drive XRP’s price to unprecedented levels.

    Potential for a Liquidity Crisis

    Crypto analyst DelCrxpto has proposed a scenario where heightened demand for XRP could outstrip the available supply on exchanges, potentially forcing a restructuring of liquidity around Ripple’s XRP reserves. The fundamental principle is that when demand surpasses supply, prices must adjust. This could lead to a situation where exchanges struggle to procure sufficient spot supply to meet the needs of buyers, institutions, and liquidity providers.

    The analyst suggests that exchanges could eventually exhaust their XRP supply, leading to a surge in demand and potentially destabilizing the entire XRP supply ecosystem. However, this squeeze could also prompt the market to develop new liquidity channels through derivative contracts.

    DelCrxpto further predicts that Ripple might intervene by deploying portions of its XRP reserve as a liquidity pool and issuing XRP derivative contracts to exchanges. These exchanges would then sell the contracts at market price, allowing Ripple to generate yield from the structure.

    Supply Dynamics Under Scrutiny

    The circulating supply of XRP is a key factor in evaluating the likelihood of exchanges running out of the cryptocurrency. According to CoinMarketCap, the circulating supply of XRP is approximately 61.82 billion. However, the critical question is the amount of that supply that is readily available for immediate sale on exchanges.

    Recent on-chain data suggests a tightening of XRP’s liquid supply. For example, the amount of XRP held on Binance has decreased from roughly 3.05 billion tokens to below 2.75 billion in less than a year, bringing the exchange’s XRP reserves near multi-year lows.

    This decline in wallet balances has coincided with an increase in XRP holders. The number of wallet addresses holding at least 10,000 XRP has reached a new all-time high of 332,000, indicating that larger holders are accumulating positions despite XRP’s price volatility.

    Whale activity also provides insights. Data indicates that XRP’s largest holders have reduced the rate at which they send tokens to crypto exchanges. The 30-day cumulative whale inflow indicator has fallen below 736 million XRP, its lowest level since November 2021.

  • Zcash Surges 90% in a Month: Is This Sustainable?

    Zcash Surges 90% in a Month: Is This Sustainable?

    Major altcoins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), have experienced declines over the past 30 days, mirroring the market’s overall bearish trend. However, Zcash (ZEC) has bucked this trend, recording a price increase of approximately 90% during the same period.

    Zcash’s Recent Surge

    The privacy coin ZEC gained significant attention late last year when its price surged from around $50 to over $700 within two months. While the entire crypto market was booming at that time, Zcash’s recent surge appears more unexpected. Earlier this month, the token’s valuation briefly surpassed $630 before settling around its current price of $585, according to CoinGecko data. Its market capitalization neared $10 billion, positioning ZEC as the 14th-largest cryptocurrency, surpassing Cardano (ADA) and Bitcoin Cash (BCH). The overall uptrend in privacy coins, with Monero (XMR) and Dash (DASH) also showing gains, may have contributed to Zcash’s rise.

    Market Sentiment and Technical Analysis

    Crypto social media platforms are buzzing with users anticipating further gains for ZEC. For example, CryptoJack suggested the asset has broken out of a descending channel, indicating a potential upward move. Sjuul | AltCryptoGems and JAVON MARKS also shared their perspectives, with the former noting a “bullish” outlook due to a potential bull flag breakout, and the latter forecasting a possible rise above $700.

    Despite these bullish predictions, ZEC’s Relative Strength Index (RSI) suggests a potential near-term cooling off. The RSI, a technical analysis tool ranging from 0 to 100, indicates that readings above 70 signal an overbought condition, potentially leading to a pullback. ZEC’s RSI briefly exceeded 80 but is now around 66.

    Analyst Perspectives

    Some analysts anticipate a correction. Altcoin Sherpa, for instance, expressed interest in buying if the price drops to $470 or lower.

  • Hyperliquid ETFs Drive HYPE Toward Record Highs

    Hyperliquid ETFs Drive HYPE Toward Record Highs

    Market analyst Aletheia released a report on Wednesday analyzing the first six days of trading for Hyperliquid ETFs launched by 21Shares and Bitwise. The report examines early inflows across major crypto assets and what these movements may indicate for future demand.

    Initial Trading Performance

    Aletheia’s analysis, adjusted for market capitalization, revealed that the Hyperliquid ETFs generated more inflows than Bitcoin (BTC) on three of the first six trading days. The comparison also showed strength against Ethereum (ETH), with Hyperliquid’s ETF products logging higher inflows than Ethereum on five out of six days.

    The Solana (SOL) spot exchange-traded fund sector presented a different picture. According to the report, Solana recorded higher market-cap-adjusted flows than Hyperliquid on four of the first six trading days. However, on Tuesday, Hyperliquid spot ETFs experienced significantly stronger inflows than their competitors. The analyst cautioned that it is premature to determine whether this surge signals a sustained trend or a short-term increase in demand that may stabilize in the coming days.

    Hyperliquid Nears Bull Run Highs

    Beyond the raw inflow data, the report highlights another factor: the Hyperliquid spot ETFs are competing with the Assistance Fund – the platform’s economic structure for token buybacks – in terms of market buying pressure. In the initial six trading days, the ETFs purchased 2.5 times more HYPE than the Assistance Fund bought and burned. The “burning” aspect is significant, as it differs from a simple accumulation mechanism. Aletheia argues that, considering buying pressure and market impact, the ETFs are clearly contributing to the momentum.

    The combined effect of ETF-driven activity and rising token demand has pushed Hyperliquid close to its current price peak of $59, reached during last year’s bull run. Data from CoinGecko shows the altcoin trading at $51.88 at the time of writing, up 33% over the past week. At this level, the token is only 12% below its current record, potentially allowing for a “discovery” phase if ETF-related inflows continue to grow.

  • Zcash (ZEC) Technicals Improve, Holding Above Key Resistance

    Zcash (ZEC) Technicals Improve, Holding Above Key Resistance

    Zcash Technical Strength Builds After Breakout

    The technical structure of Zcash (ZEC) continues to strengthen after surpassing a key macro resistance level that had previously capped price action for an extended period. Following a successful breakout above a long-standing descending trendline, the asset has maintained its position above key levels that previously acted as strong resistance throughout the broader downtrend. This move signals a potential shift in momentum as bullish pressure gradually returns to the chart.

    How Zcash Momentum Continues Building After Technical Breakout

    Zcash is demonstrating signs of renewed technical strength after completing a significant compound breakout above both a long-standing descending trendline and the critical $540 macro resistance zone. Technical analyst Ardi noted on X that the asset has also closed above the previous lower high near $560 for the first time since the broader shift in market structure.

    This level now becomes a critical pivot point, determining whether ZEC can hold its reclaimed level as support and build momentum toward the next major resistance region between $590 and $600. However, if ZEC fails to maintain this structure, the price could quickly revert back toward the $540 level as the next key support zone. Ardi highlighted that the cleanest risk setup and reward remain at the extremes, either a confirmed breakout above $640 highs or a retest into $540 support with a clear invalidation below. The current range of ZEC is likely to remain choppy, with price action lacking clear direction between key levels. Ardi advises that with further consolidation still possible before a decisive breakout, the more strategic approach is to avoid chasing price in the middle of the range. Instead, the better trade structure is to position longs at support.

    Will Zcash Rally Gains Strength Following Clean Breakout Confirmation

    Zcash has continued to strengthen technically after successfully confirming a breakout from a well-defined daily bull flag continuation pattern, signaling a sustained upside bullish continuation momentum following weeks of consolidation. According to a post on X from an analyst known as Team LAMBO, the setup move inside the premium from the $510 breakout zone toward $560 has already delivered nearly 20% expansion from the previously identified local bottom, reinforcing growing optimism around the ZEC higher timeframe structure. Despite this move, the broader structure still appears incomplete. As long as the price holds above the breakout region, the bullish bias will remain intact, with momentum favoring further upside. From a higher timeframe (HTF) perspective, the next key expansion targets are positioned around $625, followed by the $680 resistance zone, where a significant pool of liquidity is expected to be situated.

  • Analyst: XRP Price Discovery Will Be “Biblical”

    Analyst: XRP Price Discovery Will Be “Biblical”

    A recent analysis suggests that structural shifts within the global financial system could trigger a significant market repricing for XRP. Crypto analyst Pumpius posits that a pattern of institutional alignment involving Ripple technology, central banks, and emerging digital infrastructure could set the stage for a historic price discovery phase.

    XRP Catalysts Emerging From Global Financial Infrastructure

    The analyst’s thesis centers on developments within the Bank for International Settlements (BIS). On May 12, the BIS appointed central bank governors from Italy, Brazil, Australia, and Japan to several key leadership positions. These appointments include Fabio Panetta of the Bank of Italy, Gabriel Galípolo of the Central Bank of Brazil, Michele Bullock of the Reserve Bank of Australia, and Kazuo Ueda of the Bank of Japan.

    According to the analyst, the significance lies in how these regions already interact with Ripple’s technology. For example, Italian banking giant Intesa Sanpaolo has implemented Ripple custody infrastructure, while financial institutions in Brazil have explored Ripple-powered payment services as the country develops digital asset licensing frameworks. Japan maintains close ties with Ripple through the partnership between SBI Holdings and Ripple, which has supported payment pilots and helped classify XRP as a financial asset within the Japanese market. Australia is also involved through digital asset research programs such as Project Acacia, while Ripple continues to pursue licenses across multiple jurisdictions.

    Pumpius further highlighted BIS-led cross-border interoperability initiatives that include both SWIFT and Ripple, as well as experiments such as Project Nexus and the multi-CBDC initiative known as mBridge. In the analyst’s view, these developments collectively form the structural catalysts that could boost XRP’s role in global payment infrastructure and, consequently, its price.

    Price Discovery Narrative Gains Momentum

    Beyond institutional positioning, the analyst argues that the next phase of XRP adoption could be driven by new technological layers forming around the XRP Ledger. Among the developments highlighted is Ripple’s work on zero-knowledge proof capabilities designed to support tokenization and privacy-focused financial infrastructure. One emerging project within this ecosystem is DNA Protocol, which has conducted zero-knowledge proof transactions on the XRP Ledger. The initiative aims to anchor sensitive biological or genomic data onto blockchain networks, potentially creating a compliance and identity layer for financial systems.

    The analyst suggests that this type of infrastructure could enable institutions to verify identity and regulatory requirements without exposing private data, effectively linking payments, digital identity, and compliance within a single blockchain framework. He also referenced remarks from Japanese commentator Yuto Kanzaki, who indicated that a close associate had recently assumed a highly influential role at the Bank for International Settlements.

    In summary, the analyst outlines a pattern: Ripple built banking partnerships, central banks began testing the technology, and global financial bodies started involving blockchain firms in policy discussions. If these trends lead to real cross-border payment flows on XRPL infrastructure, XRP could become the liquidity layer linking financial institutions, potentially triggering the price discovery he predicts.

  • South Carolina Bans CBDCs, Safeguards Crypto Users and Miners

    South Carolina Bans CBDCs, Safeguards Crypto Users and Miners

    Individuals, businesses, and Bitcoin miners in South Carolina now have legal protections for the use, custody, and mining of digital assets, following the signing of a new bill by Governor Henry McMaster.

    Key Provisions of the Bill

    Originally introduced in January 2025, Bill 163 also prohibits the state from using any central bank digital currency (CBDC), often referred to as a “digital dollar,” and from participating in any CBDC trials.

    The bill states that individuals and businesses cannot be prevented from accepting digital assets for legal goods or services, nor can they be restricted from using self-hosted or hardware wallets to maintain self-custody of their digital assets.

    Furthermore, the legislation prevents restrictions on digital asset mining businesses operating in industrial zones, provided they adhere to general sound pollution limits and do not overburden the electrical grid. The bill also clarifies that miners, node operators, and blockchain software developers are exempt from money transmitter licensing requirements.

    Legislative Process

    The Senate passed the bill in April 2025, after which it was referred to the House Labor, Commerce and Industry Committee in May. The committee issued a favorable report nearly a year later, in April. A House vote in early May resulted in 110 “yeas” and 1 “nay.”

    Related Legislation

    This crypto-friendly legislation is not the only such bill considered by the state’s general assembly. Last year, a South Carolina representative introduced the Strategic Digital Assets Reserve Act, also known as House Bill 4256.

    That bill proposed allowing the state treasurer to allocate up to 10% of certain public funds into Bitcoin, based on the general assembly’s finding that “inflation has eroded the purchasing power of assets held in state funds managed by the State Treasurer, as well as state retirement funds.”

    The bill was referred to the Committee on Ways and Means in March 2025, but has not been updated since.

    A representative for South Carolina Governor Henry McMaster did not immediately respond to a request for comment.