Here’s what happened in crypto today
Today in crypto, Galaxy Digital gets US approval to redomicile ahead of a planned Nasdaq listing. German authorities seize $38M in assets tied to the Bybit hack and SEC Commissioner Crenshaw criticizes the agency’s Ripple settlement.
Galaxy Digital approved for US domicile, clearing way for Nasdaq listing
Galaxy Digital has been approved by the US Securities and Exchange Commission (SEC) to redomicile in the United States, setting the stage for the crypto investment company’s listing on the Nasdaq stock exchange.
Galaxy anticipates listing on the Nasdaq, a tech-focused US stock exchange, by the middle of May, pending approval from the Toronto Stock Exchange, on which the company is already listed, and shareholder approval at a special shareholders meeting on May 9.
Shareholders at the meeting must approve redomiciling Galaxy Digital in the US state of Delaware, known for its business-friendly regulations, before the process can move forward, according to an announcement from the company.
Galaxy obtained SEC approval for a Nasdaq listing in April this year, and once the company obtains the other necessary approvals, it will trade on the Nasdaq under the GLXY ticker symbol.
The company is the latest crypto firm to announce an imminent stock market listing, as institutional interest in digital assets grows and crypto matures as an asset class that increasingly interacts with traditional financial markets.
Germany seizes $38 million in crypto from Bybit hack-linked eXch exchange
German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.
The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.
The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.
In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.
The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.
“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.
SEC’s Crenshaw slams Ripple settlement, warns of “regulatory vacuum”
A crypto-skeptical commissioner at the US Securities and Exchange Commission has blasted her agency over its settlement letter that could finally end the Ripple legal saga.
The SEC and Ripple filed a joint settlement letter in a New York court asking for the August 2024 injunction against Ripple to be dissolved and $75 million of the $125 million in civil penalties held in escrow to be returned to the crypto firm, according to a May 8 statement from the SEC.
SEC Commissioner Caroline Crenshaw blasted the pending deal in a May 8 statement, saying it would damage the regulators’ ability to keep crypto firms in line and undermine the court’s ruling.
“This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws,” she said.
“In the meantime, the settlement joins a line of dismissals that collectively erode the credibility of our lawyers in court who are being asked to take legal positions today contrary to the ones taken just months ago.”