Crypto Today: PENGUIN surges, Dutch gains tax, SEC drops Gemini
News
PENGUIN memecoin jumps 564% after White House social media post, traders say
The Nietzschean Penguin (PENGUIN) token climbed approximately 564% within 24 hours, a move traders linked to a viral post from the United States White House on Friday.
The White House post on X displayed an image of US President Donald Trump walking hand in hand with a penguin in the snow, accompanied by the line: “Embrace the penguin.”
Before the post, PENGUIN’s market capitalization was about $387,000, according to SolanaFloor. The token is now trading near $0.13 with a market capitalization exceeding $135 million, DEXScreener data shows.
PENGUIN memecoin price action. Source: DEXScreener
The rally follows a weak 2025 for memecoins, after a token backed by Argentina’s President Javier Milei and a Trump-linked memecoin lost most of their value within days of launch.
Netherlands moves toward taxing unrealized gains on stocks, bonds and crypto
The Netherlands is advancing a plan to tax unrealized capital gains across assets including equities, fixed income and cryptocurrencies, prompting concerns about potential capital outflows. A majority in the Dutch parliament appears prepared to support changes to the Box 3 asset tax regime that would levy annual taxes on both realized and unrealized returns, NL Times reported on Tuesday.
The proposal follows court rulings that invalidated the prior approach of taxing assumed returns. The Tweede Kamer (House of Representatives) revisited the measure this week, posing more than 130 questions to caretaker State Secretary for Taxation Eugène Heijnen.
While many legislators acknowledged shortcomings in the plan, most indicated they would vote in favor, citing an estimated 2.3 billion euros ($2.7 billion) in annual revenue losses if implementation is postponed further.
Source: Michaël van de Poppe
SEC moves to dismiss civil action against Gemini with prejudice
The US Securities and Exchange Commission’s lawsuit against Gemini Trust Company and Genesis Global Capital related to the Earn program has been submitted for dismissal with prejudice.
Court filings show the parties filed a joint stipulation to dismiss the case on Friday in the US District Court for the Southern District of New York, effectively concluding the SEC’s claim concerning Gemini’s crypto lending program with Genesis. A federal judge must still approve the stipulation.
The move comes roughly nine months after the SEC paused the action in April 2024, when then-acting chairman Mark Uyeda was leading the agency.
The SEC agreed to dismissal in light of a 100% in-kind return of Gemini Earn customers’ crypto assets via the Genesis bankruptcy process in mid-2024 and Gemini’s commitment to contribute up to $40 million to support the full return. The filing also noted Genesis’s prior settlement with the SEC, which included a $21 million penalty.
Excerpt from the SEC’s joint stipulation to dismiss the case involving Gemini and Genesis. Source: CourtListener
The SEC filed the action in January 2023 during the Biden administration, a period marked by heightened enforcement activity in the digital asset sector.
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