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Pi rallies more than 30% after Kraken announces listing

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Pi rallies more than 30% after Kraken announces listing

Pi Network’s PI token led the market higher on Friday, according to CoinGecko data, rising 30% during Asia’s morning hours, after crypto exchange Kraken said it would list the asset.

Pi Network is a mobile-first cryptocurrency project that replaces traditional proof-of-work mining with a phone-based trust graph, where users tap a mobile app daily to “mine” tokens and form identity-verified security circles that feed into a consensus system derived from the Stellar protocol.

The project launched its externally connected mainnet in February 2025 after operating for years in a closed ecosystem, saying it had about 19 million KYC-verified users and roughly 10 million accounts migrated to the chain.

Pi Network is currently listed on OKX, Gate, and Bitget, as well as some smaller exchanges.

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In February 2025, Bybit CEO Ben Zhou publicly refused to list Pi Network’s token and called the project a scam, citing a 2023 warning from Chinese police alleging that Pi Network targeted elderly users, collected personal information, and caused some victims to lose pension savings.

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Crypto World

Bitcoiner Group to Fight Bitcoin’s Treatment as ‘Toxic Asset’

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Bitcoiner Group to Fight Bitcoin’s Treatment as ‘Toxic Asset’

The Bitcoin Policy Institute (BPI) says it will push the US Federal Reserve to change how Bitcoin is treated, as the central bank is set to issue rules on how banks should implement international guidelines for asset risk weighting.

“BPI will be reviewing this proposal closely and submitting a public comment to ensure that US regulators get Bitcoin’s treatment right,” Bitcoin Policy Institute managing director Conner Brown said in an X post on Wednesday. 

It comes just a day after the Fed announced it will issue a proposal for public comment on how US banks should implement risk-weighting guidance, which determines how risky different assets are on a bank’s balance sheet, from the Basel Committee on Banking Supervision.

Brown said Bitcoin (BTC) is “treated as a toxic asset under the Basel framework, a global standard for banking regulations.

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Source: Conner Brown

He added it carries a 1,250% risk weighting, which was “harsher than virtually all other asset classes.” 

“More efficient regulation” is the aim: Fed

Federal Reserve vice chair for supervision Michelle Boman said on Thursday that the agency will be proposing rules in the coming weeks to implement the final phase of Basel in the US.

Bowman said that the aim is “more efficient regulation and banks that are better [positioned] to support economic growth, while preserving safety and soundness.” 

The 1,250% capital requirement means that banks must back any Bitcoin on their balance sheets at a 1:1 ratio with approved collateral, making holding the cryptocurrency more costly than other asset classes. 

Cash, physical gold and government debt carry a 0% risk weight under the Basel framework.

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“The most punitive classification”: Bitcoin Policy Institute

Brown said in a blog post last month that the treatment of Bitcoin is the “most punitive classification” in the Basel Committee’s capital framework and a “category error.”

Related: Bitcoin hugs $70K range as March Fed rate cut odds fall below 1%

In 2021, the Basel Committee proposed placing crypto in its high-risk Group 2 set of assets. Group 2 holdings were restricted to under 1% of the value of their Group 1 holdings.

“This risk weighting makes it extremely difficult for banks to provide financial services to Bitcoiners and Bitcoin companies,” Brown said.

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