Coinbase urges crypto policy in Australia
Australia’s upcoming federal election could determine the future of digital asset policy in the country, according to Coinbase, which is urging voters to support candidates who prioritize crypto legislation.
In a blog post Monday, John O’Loghlen, Coinbase’s APAC Managing Director, warned that Australia’s crypto regulatory framework remains “frustratingly vague and underdeveloped” despite high adoption. “It’s now 2025, and we still don’t have clear rules to support innovation, protect consumers, and attract long-term investment,” he wrote.
Coinbase outlined five key priorities for the next government: establishing a crypto taskforce, tackling debanking, enabling stablecoin use, clarifying tax treatment, and supporting Web3 startups.
The statement comes amid a tight election campaign, with Australians set to vote on May 3. While housing and healthcare dominate headlines, Coinbase is pushing for crypto to enter the policy debate, warning that inaction could drive local talent and capital offshore.
OpenAI plans AI-powered social platform
OpenAI may be developing a social media platform to rival Elon Musk’s X, according to a report from The Verge citing early internal prototypes.
The project would integrate generative image capabilities from ChatGPT, creating a feed-style interface. Though still in early development, OpenAI CEO Sam Altman has begun soliciting feedback on the concept, potentially escalating his feud with Musk into a new product battle.
OpenAI and Musk are already embroiled in legal conflict. OpenAI is countersuing Musk after rejecting a $97 billion takeover offer. Meanwhile, Musk has accused OpenAI of straying from its nonprofit roots, and the two are set for a court showdown later this year.
The rumored platform hints at OpenAI’s broader ambitions to move beyond foundational AI models and into direct-to-consumer products – a space dominated by Musk, Meta, and TikTok parent ByteDance.
Semler Scientific plans $500M Bitcoin raise
Semler Scientific, a Nasdaq-listed healthcare tech firm, has filed to raise up to $500 million through a shelf offering, with plans to use proceeds to buy more Bitcoin.
The move comes just two months after Semler boosted its Bitcoin treasury to 3,192 BTC. According to the new filing, the firm will also use existing Bitcoin holdings as collateral for a loan to help pay a $29.75 million settlement with the U.S. Department of Justice.
The company’s strategy highlights how Bitcoin is becoming more than a treasury hedge – it’s now a financial instrument in corporate operations. “We see Bitcoin as a compelling investment and reliable store of value,” Semler said in its S-3 filing.
Despite this aggressive approach, Semler’s stock has fallen 37% year-to-date.
Bitcoin miners sell off as margins tighten
Bitcoin miners offloaded 15,000 BTC on April 7 – worth over $1.1 billion – as market conditions worsened, according to CryptoQuant.
The outflow marks the third-largest daily sell-off of the year and follows Bitcoin’s drop below $80,000 last week. Declining margins, high hash rates, and falling transaction fees have pushed average mining profitability down from 53% in January to 33% this week.
Miners are now grappling with how to remain profitable amid rising energy costs and a challenging macro backdrop. While President Trump has voiced support for miners, including through the creation of a Strategic Bitcoin Reserve, the sector remains under economic pressure.
Analysts say sustained higher prices or significant cost reductions are needed to stabilize the mining ecosystem.
Semler Scientific’s innovative use of Bitcoin to raise capital and resolve legal liabilities marks a turning point in crypto’s role within traditional finance. Companies are no longer just holding Bitcoin – they’re leveraging it strategically.
Meanwhile, Coinbase’s call to Australian voters shows how the crypto industry is engaging politically, seeking long-term clarity over short-term arbitrage.
The OpenAI vs. X showdown reveals a deeper power struggle between tech giants, with social media now emerging as the next front in the AI wars. And the miner sell-off? It’s a sobering reminder that crypto infrastructure depends not just on code, but economics.
