Former U.S. President Donald Trump has voiced robust support for the cryptocurrency industry via his social media platform, Truth Social, and signaled his enthusiasm for the cryptocurrency industry’s potential and his commitment to U.S. leadership in the sector.

The nonprofit organization supporting the decentralized exchange protocol Uniswap has revealed it held $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter of the year, while unveiling plans for a critical governance vote.

Delaware's Supreme Court has revived a lawsuit brought by cryptocurrency custodian BitGo against financial services firm Galaxy Digital over their failed $1.2 billion merger agreement.

Top stories in the Crypto Roundup today:

• U.S. Presidential Candidate Donald Trump Vows to Support Crypto Industry
• Uniswap Foundation Reveals 730,000 UNI Holdings Ahead of Fee Mechanism Vote
• Delaware Supreme Court Revives BitGo’s $100 Million Lawsuit Against Galaxy Digital

U.S. Presidential Candidate Donald Trump Vows to Support Crypto Industry

Former U.S. President Donald Trump has voiced robust support for the cryptocurrency industry via his social media platform, Truth Social, and signaled his enthusiasm for the cryptocurrency industry’s potential and his commitment to U.S. leadership in the sector.

In his post, Trump assured his followers that under his leadership, the crypto sector would flourish and accused President Joe Biden’s administration of attempting to stifle the industry.

Later on, at the Libertarian National Convention in Washington, D.C., Trump continued his critique of Biden’s cryptocurrency approach and pledged to safeguard the future of crypto and Bitcoin in the U.S. He said he would oppose a central bank digital currency and support the right to self-custody of digital assets.

Earlier this week, Trump’s campaign unveiled a fundraising page allowing cryptocurrency donations through the Coinbase Commerce platform, in an initiative that represents the first instance of a major party presidential nominee accepting crypto donations.

The presidential candidate has also called to commute “on day one” Ross Ulbricht, the sentence of the founder of the now defunct darknet marketplace Silk Road, who is serving a life sentence after being convicted in 2015 of running the darknet marketplace.

The Silk Road was one of the first marketplaces allowing users to buy and sell products using the flagship cryptocurrency Bitcoin, with most of the products on it being illicit drugs. It ran from 2011 to 2013 before being shut down.

Uniswap Foundation Reveals 730,000 UNI Holdings Ahead of Fee Mechanism Vote

The nonprofit organization supporting the decentralized exchange protocol Uniswap has revealed it held $41.41 million in fiat and stablecoins and 730,000 UNI tokens as of the end of the first quarter of the year, while unveiling plans for a critical governance vote.

According to an announcement form the Uniswap Foundation, on May 31 there’ll be an on-chain vote concerning a proposal to establish a new fee mechanism for Uniswap v3 liquidity pools, in a major step toward the implementation of autnonomous fee collection and distribution.

If approved, control of the UniswapV3Factory contract would shift to a dedicated V3FactoryOwner contract, but fees wouldn’t yet be activated and would be addressed in a future proposal.

Traditionally, Uniswap's fee revenue has been directed entirely towards liquidity providers who contribute assets to the platform. The new proposal seeks to distribute fees among UNI token holders who actively participate in governance by staking or delegating their tokens.

Notably, the Uniswap Foundation reiterated its commitment to implementing the fee switch despite a recent Wells notice from the U.S. Securities and Exchange Commission (SEC).

Issued in April, the SEC's notice alleges that Uniswap functions as an unregistered securities exchange and broker, potentially violating securities laws. Uniswap Labs, the primary developer behind the protocol, maintains that the SEC lacks jurisdiction due to the decentralized nature of Uniswap.

The SEC has been investigating Uniswap Labs since 2021, and the decentralized exchange has previously delisted certain tokens in response to mounting regulatory pressure.

Delaware Supreme Court Revives BitGo’s $100 Million Lawsuit Against Galaxy Digital

Delaware's Supreme Court has revived a lawsuit brought by cryptocurrency custodian BitGo against financial services firm Galaxy Digital over their failed $1.2 billion merger agreement.

BitGo initially filed suit in August 2022, alleging that Galaxy deliberately backed out of the deal after suffering significant financial losses during a cryptocurrency market downturn, breaching a May 2021 merger agreement after it couldn’t afford the $1.2 billion price tag.

The lawsuit sought $100 million in damages for the alleged breach. Galaxy, however, countered that the collapse of the deal stemmed from BitGo's failure to deliver necessary audited financial statements in a timely manner.

The initial ruling in June 2023 seemed to favor Galaxy as Delaware Chancery Court Vice Chancellor J. Travis Laster sided with the firm, stating they had a “valid basis” to terminate the agreement due to "non-compliant" financial documents provided by BitGo.

However, BitGo appealed the decision, and the Delaware Supreme Court fiound that the definition of "financial statements" within the merger agreement was ambiguous and both parties presented “reasonable interpretations” of acceptable documentation, reversing the ruling.

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