The Daily: Kraken-incubated Layer 2 Ink plots token launch and airdrop, Coinbase seeks greenlight for tokenized stocks, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! The memecoin world took another twist overnight as X suspended the accounts of pump.fun, founder Alon Cohen, and other projects like GMGN and BullX, fueling speculation of a broader regulatory crackdown.

In today’s newsletter, Kraken-incubated Ethereum Layer 2 Ink plans to launch and airdrop a token, Coinbase seeks approval from the SEC for tokenized stocks to compete with Robinhood and Charles Schwab, a South Korean crypto CEO is acquitted of $650 million fraud charges following a stabbing incident, and more.

Meanwhile, the GENIUS stablecoin act is heading to a final vote in the U.S. Senate amid scrutiny of President Trump’s crypto interests.

Let’s get started.

Kraken-incubated Ethereum Layer 2 Ink plots token launch and airdrop

The Ink Foundation has announced plans to launch and airdrop its INK token, marking a major step for the Kraken-incubated Ethereum Layer 2 as it eyes competition with Coinbase’s tokenless Base network.

INK will launch with a fixed 1 billion token supply and will not serve any governance role on the Ink network.

The foundation is framing INK as a utility token focused on incentivizing use and liquidity, not speculation or governance theatrics.

INK’s first use case will revolve around an Aave-powered liquidity pool designed to anchor Ink’s DeFi stack and reward early participants with airdrops.

The token launch will be managed by a foundation subsidiary, with hints at multiple airdrops to come.

Ink is part of the interoperable Optimism Superchain ecosystem, alongside Base, OP Mainnet, Soneium, Unichain, World Chain, and others.

Coinbase seeks SEC greenlight for tokenized stocks

Coinbase is seeking SEC approval to offer tokenized stocks in the U.S., aiming to take on brokerage giants like Robinhood and Charles Schwab.

• The exchange is pursuing a no-action letter or exemptive relief to launch blockchain-based equities without triggering enforcement, Coinbase Chief Legal Officer Paul Grewal told Reuters on Tuesday.
• Tokenized stocks could unlock 24/7 trading, faster settlement, and lower costs but remain inaccessible to U.S. investors under current rules.
• The move comes just weeks after rival crypto exchange Kraken unveiled xStocks featuring tokenized versions of more than 50 stocks and ETFs for users in Europe, Latin America, Africa, and Asia.
• Grewal did not confirm whether Coinbase has officially submitted a request to the SEC nor set a timeline for the launch.

Stabbed South Korean crypto CEO acquitted of $650 million fraud charges

A South Korean court acquitted Haru Invest CEO Lee Hyung-soo of fraud charges on Tuesday, according to local news reports, ruling he did not intentionally deceive investors.

• The case stemmed from Haru’s abrupt withdrawal freeze in June 2023, which prosecutors claimed defrauded $650 million from around 6,000 investors by promising them a total return of principal and a hefty annual interest of up to 25%.
• Lee survived a stabbing attack during a court trial last August by a man who allegedly lost 100 BTC. While Lee did not sustain life-threatening injuries, the man was sentenced to five years in prison this April.
• The court blamed Haru’s collapse on the FTX-triggered liquidity crisis and also cleared the company’s other execs of fraud, though civil liability remains.

a16z crypto invests another $70 million in EIGEN tokens amid EigenCloud rollout

Venture capital firm a16z crypto has doubled down on Ethereum restaking project EigenLayer with a $70 million token investment to back the rollout of its new developer platform, EigenCloud.

• The blockchain-focused arm of Andreessen Horowitz previously led a $100 million Series B round for EigenLayer core developer Eigen Labs, announced in February 2024.
• EigenCloud aims to let developers build trustless web2-style apps using onchain verifiability across sectors such as AI, media, and healthcare.
• The platform combines data, compute, and dispute services into one programmable stack powered by the EIGEN token and using EigenLayer’s crypto-economic security.

Thailand approves capital gains tax exemption for crypto transactions through 2029

Thailand’s government approved a tax measure proposed by the Ministry of Finance to exempt certain crypto transactions from capital gains tax until the end of 2029.

• Crypto capital gains will be exempt from personal income tax if made through licensed exchanges, brokers, or dealers regulated by the country’s Securities and Exchange Commission.
• The move is part of a broader push to position Thailand as a global crypto hub, boost innovation, and attract foreign investment.

In the next 24 hours

• UK CPI inflation data is released at 2 a.m. ET on Wednesday. Eurozone CPI figures follow at 5 a.m. U.S. jobless claims numbers are out at 8:30 a.m. The U.S. Federal Reserve’s latest interest rate decision follows at 2 p.m.
• The U.S. FOMC has scheduled a press conference for 2:30 p.m.
• Sonic is set for a token unlock.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.