"Trump-Backed DeFi Protocol Shifts Crypto Assets to Coinbase; New CFPB Chair Appointed; Crypto Market Crashes Linked to Traditional Finance Events; Kraken Acquires MiFID License; Russia Plans Crypto Mining Registry"

World Liberty Financial, a decentralized finance protocol backed by former U.S. President Donald Trump, has transferred a significant portion of its crypto assets, including substantial amounts of Ether (ETH) and Wrapped Bitcoin (WBTC), to Coinbase. The movement involves initial test transactions and subsequent larger transfers, primarily to Coinbase Prime and hot wallets. This shift aligns with typical pre-sale exchange transfers, as the protocol is also receiving small amounts of ETH in numerous transactions from newly created or inactive addresses.

The transfer of these assets, particularly ETH, which constituted World Liberty Financial's largest treasury asset, suggests a strategic shift in the protocol's approach to crypto asset management. Coinbase, a leading cryptocurrency exchange, offers a range of services, including custody, trading, and staking, which could potentially benefit World Liberty Financial's crypto portfolio. However, the exact reasons behind the transfer remain unclear, and the protocol has not yet provided an official statement on the matter.

In other news, Scott Bessent, the recently confirmed U.S. Treasury Secretary, has been appointed as the acting chair of the Consumer Financial Protection Bureau (CFPB) by President Donald Trump. Bessent, known for his positive stance on crypto, will lead the CFPB as it continues to develop rules that may impact the crypto industry, including efforts to curb crypto fraud. This appointment follows the dismissal of former CFPB Chair Rohit Chopra and occurs amid discussions on the role of the CFPB under Trump's administration.

Meanwhile, Wintermute CEO Evgeny Gaevoy has stated that recent crypto market crashes, including a significant $2.24 billion liquidation, were triggered by external traditional finance events, such as new tariffs imposed by U.S. President Donald Trump. Gaevoy emphasized the connection between global economic actions and the crypto market dynamics, urging traders to consider these broader impacts.

Kraken, a major cryptocurrency exchange, has acquired a Markets in Financial Instruments Directive (MiFID) license through the purchase of a Cypriot Investment Firm, approved by the Cyprus Securities and Exchange Commission (CySEC). This license allows Kraken to offer fully compliant and regulated derivatives products to advanced crypto traders in selected EU markets, as part of its European expansion strategy.

In other developments, Russia plans to establish a mandatory registry for all crypto mining equipment to control mining activities, particularly in areas where mining is banned. The Federal