Three years ago, a group of TikTokers joined NBCUniversal’s new initiative aimed at transforming social media influencers into the next generation of TV show creators.  Now, four of these creators are set to launch their original series on Peacock.  According to The Hollywood Reporter, the shows set to premiere are “The Warehouse Phase,” developed by […]
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A previously unreported document distributed by senior US State Department official Darren Beattie reveals a sweeping effort to uncover all communications between the staff of a small government office focused on online disinformation and a lengthy list of public and private figures—many of whom are longtime targets of the political right. 

The document, originally shared in person with roughly a dozen State Department employees in early March, requested staff emails and other records with or about a host of individuals and organizations that track or write about foreign disinformation—including Atlantic journalist Anne Applebaum, former US cybersecurity official Christopher Krebs, and the Stanford Internet Observatory—or have criticized President Donald Trump and his allies, such as the conservative anti-Trump commentator Bill Kristol. 

The document also seeks all staff communications that merely reference Trump or people in his orbit, like Alex Jones, Glenn Greenwald, and Robert F. Kennedy Jr. In addition, it directs a search of communications for a long list of keywords, including “Pepe the Frog,” “incel,” “q-anon,” “Black Lives Matter,” “great replacement theory,” “far-right,” and “infodemic.”

For several people who received or saw the document, the broad requests for unredacted information felt like a “witch hunt,” one official says—one that could put the privacy and security of numerous individuals and organizations at risk. 

Beattie, whom Trump appointed in February to be the acting undersecretary for public diplomacy, told State Department officials that his goal in seeking these records was a “Twitter files”-like release of internal State Department documents “to rebuild trust with the American public,” according to a State Department employee who heard the remarks. (Beattie was referring to the internal Twitter documents that were released after Elon Musk bought the platform, in an attempt to prove that the company had previously silenced conservatives. While the effort provided more detail on the challenges and mistakes Twitter had already admitted to, it failed to produce a smoking gun.)

“What would be the innocent reason for doing that?” Bill Kristol

The document, dated March 11, 2025, focuses specifically on records and communications from the Counter Foreign Information Manipulation and Interference (R/FIMI) Hub, a small office in the State Department’s Office of Public Diplomacy that tracked and countered foreign disinformation campaigns; it was created after the Global Engagement Center (GEC), which had the same mission, shut down at the end of 2024. MIT Technology Review broke the news earlier this month that R/FIMI would be shuttered. 

Some R/FIMI staff were at the meeting where the document was initially shared, as were State Department lawyers and staff from the department’s Bureau of Administration, who are responsible for conducting searches to fulfill public records requests. 

Also included among the nearly 60 individuals and organizations caught up in Beattie’s information dragnet are Bill Gates; the open-source journalism outlet Bellingcat; former FBI special agent Clint Watts; Nancy Faeser, the German interior minister; Daniel Fried, a career State Department official and former US ambassador to Poland; Renée DiResta, an expert in online disinformation who led research at Stanford Internet Observatory; and Nina Jankowicz, a disinformation researcher who briefly led the Disinformation Governance Board at the US Department of Homeland Security.

Have more information on this story or a tip for something else that we should report? Using a non-work device, reach the reporter on Signal at eileenguo.15 or tips@technologyreview.com.

When told of their inclusion in the records request, multiple people expressed alarm that such a list exists at all in an American institution. “When I was in government I’d never done anything like that,” Kristol, a former chief of staff to Vice President Dan Quayle, says. “What would be the innocent reason for doing that?”

Fried echoes this sentiment. “I spent 40 years in the State Department, and you didn’t collect names or demand email records,” says Fried. “I’ve never heard of such a thing”—at least not in the American context, he clarifies. It did remind him of Eastern European “Communist Party minder[s] watching over the untrusted bureaucracy.” 

He adds: “It also approaches the compilation of an enemies list.” 

Targeting the “censorship industrial complex”

Both GEC and R/FIMI, its pared-down successor office, focused on tracking and countering foreign disinformation efforts from Russia, China, and Iran, among others, but GEC was frequently accused—and was even sued—by conservative critics who claimed that it enabled censorship of conservative Americans’ views. A judge threw out one of those claims against GEC in 2022 (while finding that other parts of the Biden administration did exert undue pressure on tech platforms). 

Beattie has also personally promoted these views. Before joining the State Department, he started Revolver News, a website that espouses far-right talking points that often gain traction in certain conservative circles. Among the ideas promoted in Revolver News is that GEC was part of a “censorship industrial complex” aimed at suppressing American conservative voices, even though GEC’s mission was foreign disinformation. This idea has taken hold more broadly; the House Foreign Affairs Committee held a hearing titled the “Censorship-Industrial Complex: The Need for First Amendment Safeguards at the State Department,” on April 1 focused on GEC. 

Most people on the list appear to have focused at some point on tracking or challenging disinformation broadly, or on countering specific false claims, including those related to the 2020 election. A few of the individuals appear primarily to be critics of Trump, Beattie, or others in the right-wing media ecosystem. Many have been the subject of Trump’s public grievances for years. (Trump called Krebs, for instance, a “significant bad-faith actor” in an executive order targeting him earlier this month.)   

Beattie specifically asked for “all documents, emails, correspondence, or other records of communications amongst/between employees, contractors, subcontractors or consultants at the GEC or R/FIMI” since 2017 with all the named individuals, as well as communications that merely referenced them. He sought communications that referenced any of the listed organizations.  

Finally, he sought a list of additional unredacted agency records—including all GEC grants and contracts, as well as subgrants, which are particularly sensitive due to the risks of retaliation to subgrantees, who often work in local journalism, fact-checking, or pro-democracy organizations under repressive regimes. It also asked for “all documents mentioning” the Election Integrity Partnership, a research collaboration between academics and tech companies that has been a target of right-wing criticism

Several State Department staffers call the records requests “unusual” and “improper” in their scope. MIT Technology Review spoke to three people who had personally seen the document, as well as two others who were aware of it; we agreed to allow them to speak anonymously due to their fears of retaliation. 

While they acknowledge that previous political appointees have, on occasion, made information requests through the records management system, Beattie’s request was something wholly different. 

Never had “an incoming political appointee” sought to “search through seven years’ worth of all staff emails to see whether anything negative had been said about his friends,” says one staffer. 

Another staffer calls it a “pet project” for Beattie. 

Selective transparency

Beattie delivered the request, which he framed as a “transparency” initiative, to the State Department officials in a conference room at its Washington, D.C., headquarters on a Tuesday afternoon in early March, in the form of an 11-page packet titled, “SO [Senior Official] Beattie Inquiry for GEC/R/FIMI Records.” The documents were printed out, rather than emailed.

Labeled “sensitive but unclassified,” the document lays out Beattie’s requests in 12 separate, but sometimes repetitive, bullet points. In total, he sought communications about 16 organizations, including Harvard’s Berkman Klein Center and the US Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), as well as with and about 39 individuals. 

Notably, this includes several journalists: In addition to Bellingcat and Applebaum, the document also asks for communications with NBC News senior reporter Brandy Zadrozny. 

Press-freedom advocates expressed alarm about the inclusion of journalists on the list, as well as the possibility of their communications being released to the public, which goes “considerably well beyond the scope of what … leak investigations in the past have typically focused on,” says Grayson Clary, a staff attorney at the Reporters Committee for Freedom of the Press. Rather, the effort seems like “a tactic designed to … make it much harder for journalists to strike up those source relationships in the first instance.”

Beattie also requested a search for communications that mentioned Trump and more than a dozen other prominent right-leaning figures. In addition to Jones, Greenwald, and “RFK Jr.,” the list includes “Don Jr.,” Elon Musk, Joe Rogan, Charlie Kirk, Marine Le Pen, “Bolsonaro” (which could cover either Jair Bolsonaro, the former Brazilian president, or his son Eduardo, who is seeking political asylum in the US), and Beattie himself. It also asked for a search for 32 right-wing buzzwords related to abortion, immigration, election denial, and January 6, suggesting a determined effort to find State Department staff who even just discussed such matters. 

(Staffers say they doubt that Beattie will find much, unless, one says, it’s “previous [FOIA] queries from people like Beattie” or discussions about “some Russian or PRC [Chinese] narrative that includes some of this stuff.”)

Multiple sources say State Department employees raised alarms internally about the records requests. They worried about the sensitivity and impropriety of the broad scope of the information requested, particularly because records would be unredacted, as well as about how the search would be conducted: through the eRecords file management system, which makes it easy for administrative staff to search through and retrieve State Department employees’ emails, typically in response to FOIA requests. 

This felt, they say, like a powerful misuse of the public records system—or as Jankowicz, the disinformation researcher and former DHS official, put it, “weaponizing the access [Beattie] has to internal communications in order to upend people’s lives.”

“It stank to high heaven,” one staffer says. “This could be used for retaliation. This could be used for any kind of improper purposes, and our oversight committees should be informed of this.”

Another employee expressed concerns about the request for information on the agency’s subgrantees—who were often on the ground in repressive countries and whose information was closely guarded and not shared digitally, unlike the public lists of contractors and grantees typically available on websites like Grants.gov or USAspending.gov. “Making it known that [they] took money from the United States would put a target on them,” this individual explains. “We kept that information very secure. We wouldn’t even email subgrant names back and forth.”

Several people familiar with the matter say that by early April, Beattie had received many of the documents he’d requested, retrieved through eRecords, as well as a list of grantees. One source says the more sensitive list of subgrantees was not shared.  

Neither the State Department nor Beattie responded to requests for comment. A CISA spokesperson emailed, “We do not comment on intergovernmental documents and would refer you back to the State Department.” We reached out to all individuals whose communications were requested and are named here; many declined to comment on the record.

A “chilling effect”

Five weeks after Beattie made his requests for information, the State Department shut down R/FIMI. 

An hour after staff members were informed, US Secretary of State Marco Rubio published a blog post announcing the news on the Federalist, one of the outlets that sued the GEC over allegations of censorship. He then discussed in an interview with the influential right-wing Internet personality Mike Benz plans for Beattie to lead a “transparency effort.”  

“What we have to do now—and Darren will be big involved in that as well—is sort of document what happened … because I think people who were harmed deserve to know that, and be able to prove that they were harmed,” Rubio told Benz.

This is what Beattie—and Benz—have long called for. Many of the names and keywords he included in his request reflect conspiracy theories and grievances promoted by Revolver News—which Beattie founded after being fired from his job as a speechwriter during the first Trump administration when CNN reported that he had spoken at a conference with white nationalists. 

Ultimately, the State Department staffers say they fear that a selective disclosure of documents, taken out of context, could be distorted to fit any kind of narrative Beattie, Rubio, or others create. 

Weaponizing any speech they consider to be critical by deeming it disinformation is not only ironic, says Jankowicz—it will also have “chilling effects” on anyone who conducts disinformation research, and it will result in “less oversight and transparency over tech platforms, over adversarial activities, over, frankly, people who are legitimately trying to disenfranchise US voters.” 

That, she warns, “is something we should all be alarmed about.”

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This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

A long-abandoned US nuclear technology is making a comeback in China

China has once again beat everyone else to a clean energy milestone—its new nuclear reactor is reportedly one of the first to use thorium instead of uranium as a fuel and the first of its kind that can be refueled while it’s running.

It’s an interesting (if decidedly experimental) development out of a country that’s edging toward becoming the world leader in nuclear energy. China has now surpassed France in terms of generation, though not capacity; it still lags behind the US in both categories. But one recurring theme in media coverage about the reactor struck me, because it’s so familiar: This technology was invented decades ago, and then abandoned.

And this one research reactor in China running with an alternative fuel says a lot about this moment for nuclear energy technology: Many groups are looking into the past for technologies, with a new appetite for building them. Read the full story.

—Casey Crownhart

This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.

Love or immortality: A short story

In this short fiction story from the latest edition of our print magazine, writer Alexandra Chang imagines what might happen to a couple’s relationship when one person wants to live life to the fullest, while another wants to live forever. Read the full story and if you aren’t already a subscriber, sign up now to get the next edition of the print magazine.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 RFK Jr wants to change how new vaccines are tested
Medical experts are concerned the shift will curtail access to the jabs. (WP $)
+ He has also overseen the closure of a long-running diabetes study. (New Yorker $)
+ America’s public health crisis is worsening. (The Atlantic $)

2 Sam Altman’s biometric World project has launched in the US
It’s been dogged by privacy and security concerns in other countries. (FT $)
+ It bills its Orb devices as powerful identity-verification tools. (Bloomberg $)
+ In fact, it’s partnering with Match Group to verify users are who they say they are. (Wired $)
+ How the company recruited its first half a million test users. (MIT Technology Review)

3 Tesla was reportedly looking for a new CEO 
A rough few months allegedly pushed the firm to search for Elon Musk’s successor. (WSJ $)
+ But the company was quick to deny the report. (The Guardian)
+ Meanwhile, Musk has insisted he’ll continue working on DOGE. (Semafor)

4 A judge has ordered Apple to loosen its grip on the App Store
The ruling spells the end of a five-year antitrust case. (NYT $)
+ As a result, Fortnite will return to the US iOS App Store. (Variety $)

5 Climate change is worsening our eye health
Common eye disorders are linked with heat and higher UV exposure. (Knowable Magazine)

6 Instagram’s AI chatbots are claiming to be licensed therapists
And will happily make up qualifications. (404 Media)
+ But the first trial of generative AI therapy shows it might help with depression. (MIT Technology Review)

7 US drug overdoses are finally declining
But the Trump administration threatens to undo that progress. (Vox)
+ How the federal government is tracking changes in the supply of street drugs. (MIT Technology Review)

8 Young Brazilians dream of becoming social media stars
But TikTok is being investigated for monetizing them when they don’t have the right to work. (Rest of World)
+ Meet the wannabe kidfluencers struggling for stardom. (MIT Technology Review)

9 Duolingo has launched 148 AI-powered language courses
Just days after announcing its plans to replace human workers. (TechCrunch)

10 The BBC created a deepfake of Agatha Christie
49 years after her death, the crime author is teaching online writing classes. (The Verge)
+ An AI startup made a hyperrealistic deepfake of me that’s so good it’s scary. (MIT Technology Review)

Quote of the day

“The sacrifice to research is immense.” 

—Gigi Kwik Gronvall, a senior scholar at the Johns Hopkins Center for Health Security, explains the consequences of the Trump administration’s decision to force a health department focused on studying deadly infectious diseases to cease operating to Wired.

One more thing

The flawed logic of rushing out extreme climate solutions

Early in 2022, entrepreneur Luke Iseman says, he released a pair of sulfur dioxide–filled weather balloons from Mexico’s Baja California peninsula, in the hope that they’d burst miles above Earth.

It was a trivial act in itself, effectively a tiny, DIY act of solar geoengineering, the controversial proposal that the world could counteract climate change by releasing particles that reflect more sunlight back into space.

Entrepreneurs like Iseman invoke the stark dangers of climate change to explain why they do what they do—even if they don’t know how effective their interventions are. But experts say that urgency doesn’t create a social license to ignore the underlying dangers or leapfrog the scientific process. Read the full story.

—James Temple

We can still have nice things

A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.)

+ The oldest woman in the world, 115-year old Ethel May Caterham, is the last known surviving subject of Edward VII.
+ Great news for axolotl lovers: a captive-bred group of the little amphibians can thrive in the wild.
+ Thor Pedersen spent almost a decade travelling the world without flying.
+ The fifth annual European Gull Screeching Championship did not disappoint.

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China has once again beat everyone else to a clean energy milestone—its new nuclear reactor is reportedly one of the first to use thorium instead of uranium as a fuel and the first of its kind that can be refueled while it’s running.

It’s an interesting (if decidedly experimental) development out of a country that’s edging toward becoming the world leader in nuclear energy. China has now surpassed France in terms of generation, though not capacity; it still lags behind the US in both categories. But one recurring theme in media coverage about the reactor struck me, because it’s so familiar: This technology was invented decades ago, and then abandoned.

You can basically copy and paste that line into countless stories about today’s advanced reactor technology. Molten-salt cooling systems? Invented in the mid-20th century but never commercialized. Same for several alternative fuels, like TRISO. And, of course, there’s thorium.

This one research reactor in China running with an alternative fuel says a lot about this moment for nuclear energy technology: Many groups are looking into the past for technologies, with a new appetite for building them.

First, it’s important to note that China is the hot spot for nuclear energy right now. While the US still has the most operational reactors in the world, China is catching up quickly. The country is building reactors at a remarkable clip and currently has more reactors under construction than any other country by far. Just this week, China approved 10 new reactors, totaling over $27 billion in investment.

China is also leading the way for some advanced reactor technologies (that category includes basically anything that deviates from the standard blueprint of what’s on the grid today: large reactors that use enriched uranium for fuel and high-pressure water to keep the reactor cool). High-temperature reactors that use gas as a coolant are one major area of focus for China—a few reactors that use this technology have recently started up, and more are in the planning stages or under construction.

Now, Chinese state media is reporting that scientists in the country reached a milestone with a thorium-based reactor. The reactor came online in June 2024, but researchers say it recently went through refueling without shutting down. (Conventional reactors generally need to be stopped to replenish the fuel supply.) The project’s lead scientists shared the results during a closed meeting at the Chinese Academy of Sciences.

I’ll emphasize here that this isn’t some massive power plant: This reactor is tiny. It generates just two megawatts of heat—less than the research reactor on MIT’s campus, which rings in at six megawatts. (To be fair, MIT’s is one of the largest university research reactors in the US, but still … it’s small.)

Regardless, progress is progress for thorium reactors, as the world has been entirely focused on uranium for the last 50 years or so.

Much of the original research on thorium came out of the US, which pumped resources into all sorts of different reactor technologies in the 1950s and ’60s. A reactor at Oak Ridge National Laboratory in Tennessee that ran in the 1960s used Uranium-233 fuel (which can be generated when thorium is bombarded with radiation).

Eventually, though, the world more or less settled on a blueprint for nuclear reactors, focusing on those that use Uranium-238 as fuel and are cooled by water at a high pressure. One reason for the focus on uranium for energy tech? The research could also be applied to nuclear weapons.

But now there’s a renewed interest in alternative nuclear technologies, and the thorium-fueled reactor is just one of several examples. A prominent one we’ve covered before: Kairos Power is building reactors that use molten salt as a coolant for small nuclear reactors, also a technology invented and developed in the 1950s and ’60s before being abandoned. 

Another old-but-new concept is using high-temperature gas to cool reactors, as X-energy is aiming to do in its proposed power station at a chemical plant in Texas. (That reactor will be able to be refueled while it’s running, like the new thorium reactor.) 

Some problems from decades ago that contributed to technologies being abandoned will still need to be dealt with today. In the case of molten-salt reactors, for example, it can be tricky to find materials that can withstand the corrosive properties of super-hot salt. For thorium reactors, the process of transforming thorium into U-233 fuel has historically been one of the hurdles. 

But as early progress shows, the archives could provide fodder for new commercial reactors, and revisiting these old ideas could give the nuclear industry a much-needed boost. 

This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.

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Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko

About one in four crypto tokens launched since 2021 have failed in the first quarter of this year amid a crypto market downturn and token creation becoming easier than ever, says crypto data platform CoinGecko.

Since 2021, nearly 7 million cryptocurrencies have been listed on CoinGecko’s token tracking tool GeckoTerminal, and over half, or 3.7 million tokens, “have since stopped trading and are considered failed,” CoinGecko research analyst Shaun Paul Lee said in an April 30 report.

“Alarmingly, the first quarter of 2025 alone saw the collapse of 1.8 million tokens,” he added, which is “the highest number of failures recorded in a single year.” It also comprises just under half of all failures and represents a quarter of all tokens launched since 2021.

CoinGecko recorded tokens with at least one trade before going defunct and only Pump.fun tokens that graduated, or completed the token creation platform’s bonding curve.

Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko
There are more crypto tokens than ever, but many are failing to survive in the long term. Source: CoinGecko

Lee linked the recent token die-off to “broader market turbulence” after Donald Trump’s inauguration in January, which saw Bitcoin (BTC) hit a peak high but was followed by a sharp downturn in the crypto market.

More crypto tokens used to survive 

Last year saw the second-highest number of token failures at 1.3 million, and in comparison, Lee said that the three previous years had a much lower attrition rate.

Lee attributed the ballooning number of tokens and their failures to the token creation tool Pump.fun, “which simplified the process of creating tokens, leading to a flood of memecoins and low-effort projects entering the market.”

Pump.fun went online in January 2024. CoinGecko’s report shows that last year had the largest number of new crypto tokens with over 3 million launched, compared to 2023, which saw just over 835,000.

“Before the launch of Pump.fun in 2024, cryptocurrency failures numbered in the low six digits. Project failures between 2021 and 2023 made up just 12.6% of all cryptocurrency failures over the past five years,” Lee said.

Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko
Prior to 2024, crypto token failure rates were relatively low. Source: CoinGecko 

Pump.fun’s graduation rate, where token trading moves off the site, has never been particularly high, with roughly 98% of tokens failing. 

The platform’s best-performing week so far was in November 2024, when 1.67% of memecoins moved on to the open market.

Related: AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko

CoinGecko founder Bobby Ong said in a March 6 report that memecoin investor interest appears to have cooled after a series of bad launches, noting the fallout from the Libra (LIBRA) token launch.

Pump.fun had a weekly trading volume high after the launch of Trump’s memecoin on Jan. 18, but both crypto and stock markets were hit with extreme volatility starting in March following Trump’s threats of sweeping tariffs.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

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XRP traders predict new all-time highs as ETF approval odds rise to 85%

Key takeaways:

  • XRP ETF approval odds rise to 85% following a SEC leadership change.

  • Analysts predict XRP could rise to new all-time highs again in 2025.

XRP price dropped by 5% over the past 24 hours as US GDP data showed a shrinking economy.

However, a strengthening market structure and investors’ growing hope for a spot XRP ETF approval in the United States suggest that the altcoin might revisit its April peak at $2.36 in the short term. 

XRP traders predict new all-time highs as ETF approval odds rise to 85%
XRP/USD daily chart. Source: Cointelegraph/TradingView

Technical charts currently show XRP (XRP) trading within a falling wedge pattern. A “falling wedge” is a bullish reversal chart pattern that comprises two converging trend lines that connect lower lows and lower highs. This convergence indicates weakening downward momentum. 

The pattern will resolve when the price breaks above the upper trendline at $2.40, and if this happens, buyers could target $3.74 next, representing a 71% increase from the current price.

XRP traders predict new all-time highs as ETF approval odds rise to 85%
XRP/USD daily chart. Source: Cointelegraph/TradingView

The relative strength index (RSI) is above the midline, indicating that the market conditions still favor the upside.

However, to sustain the ongoing recovery, XRP price has to first hold the support at $2.20 and then overcome the resistance between $2.80 and $3.00.

Several analysts remain optimistic about the altcoin’s ability to rebound to all-time highs, with popular trader Dark Defender saying that the ongoing correction is part of an Elliott Wave pattern that will eventually see “XRP continue its climb to the top.”

Fellow trader Allincrypto believes XRP is “heading to $19.27” based on a breakout from a falling wedge pattern.

“Where we are pulling back is textbook perfect, and we had highlighted a falling wedge that was present on XRP that ultimately was just going for a continuation to $19.27.”

Related: What are XRP futures and how to invest in them?

Approval odds for an XRP ETF approval in 2025 rise

Bloomberg senior ETF analysts said that the five spot XRP ETFs, including Grayscale, 21Shares, WisdomTree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approval after the change in leadership at the US Securities and Exchange Commission (SEC).

This is a significant improvement from their prediction over two months ago that set the chances of an XRP approval in 2025 at 65%.

XRP traders predict new all-time highs as ETF approval odds rise to 85%
Source: Eric Balchunas

Similarly, the betting odds for an XRP ETF approval by Dec. 31 now stand at 80% on Polymarket. Over the past week, the probability of approval has swung 17% in favor of the bullish masses, which was around 63% on April 23.

XRP traders predict new all-time highs as ETF approval odds rise to 85%
XRP ETF approval odds on Polymarket. Source: Polymarket

Meanwhile, on April 29, the SEC postponed its decision on Franklin Templeton’s spot XRP ETF, setting a new review deadline on June 17.

The approval of these ETFs could unlock institutional capital, amplifying demand for the XRP. While approval timelines remain unclear, they would mark a step toward mainstream adoption for XRP.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Robinhood beats Q1 estimates despite revenue, crypto trading dip

Trading platform Robinhood has still managed to beat Wall Street estimates as its first-quarter revenues fell and its crypto trading volume cooled from a record high in Q4.

Robinhood’s Q1 results shared on April 30 show revenues fell 8.6% from the previous quarter to $927 million, topping Zacks analyst estimates by 3.16%.

The company’s crypto revenue plummeted nearly 30% quarter-on-quarter to $252 million from the firm’s record-setting Q4 2024.  

The drop could be partly attributed to the Trump administration’s tariffs, which triggered an 18% fall in the crypto market cap over the quarter.

Crypto trading volume on Robinhood also fell 35% over Q1 compared to the fourth quarter of 2024, which the firm attributed to a 10% drop in customer trades placed and a 27% fall in average notional volume per trade.

Robinhood CEO Vladimir Tenev said on an earnings call that crypto trading volumes would continue to fluctuate but the firm is more focused on capturing as much market share as possible.

Despite the fall from last quarter, Robinhood’s crypto revenue rose 100% from the same quarter a year ago, while trading volumes jumped 28% over the same period.

Robinhood beats Q1 estimates despite revenue, crypto trading dip
Robinhood’s quarterly revenues by segment since Q1 2023. Source: Robinhood

The firm also added $500 million to its now $1.5 billion buyback authorization program, aimed at boosting shareholder value and confidence in the firm’s financial health. The company has bought back $667 million worth of shares so far.

Shares in Robinhood (HOOD) rose 1.51% in after-hours trading on April 30 to $49.85 since the firm disclosed its Q1 results, Google Finance data shows. 

Tenev said Robinhood’s $200 million acquisition of Bitstamp crypto exchange is still looking likely to receive regulatory approval in the middle of 2025, which would enable it to serve institutional investors in the US.

Regulatory pressure also eased for Robinhood in Q1 after the Securities and Exchange Commission closed its investigation into the firm’s crypto business on Feb. 21.

Crypto tokenization remains a key focus for Robinhood

Tenev said Robinhood is still exploring integrating crypto tokenization into the company’s services.

Tokenizing private equities is a “huge unlock” for both individuals and companies that can solve a lot of problems in secondary market transactions, he said.

Related: Ripple $4B-$5B bid to purchase Circle rejected — Report

“I think that will unlock a ton of economic value for the crypto industry in the US,” Tenev said. 

The Robinhood CEO previously said crypto tokenization could let investors buy tokenized shares in big-name private firms like OpenAI and SpaceX within minutes.

“That’s been kind of our primary policy objective in Washington when it comes to crypto,” Tenev said.

Magazine: ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

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