Pi Network's price struggles follow its mainnet launch in February 2025, which initially saw trading restrictions that limited its listing on major platforms. After being listed on Bitget, OKX, and MEXC, the project experienced a sharp decline in value.
The divergence in regulatory approaches highlights the ongoing debate over how best to oversee digital assets. While the SEC recently rescinded its controversial SAB 121 staff accounting bulletin—which had effectively prevented banks from offering crypto custody without congressional approval—it provided an alternative risk-management framework rather than eliminating oversight entirely.
Founded in 2017 by Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun, the blockchain startup attracted top investors like Mark Cuban, SoftBank, Tiger Global, and Sequoia Capital. However, the euphoria has since waned.
The migration represents a significant shift for Celo, which originally launched as an independent layer-1 blockchain in 2020. By adopting the OP Stack—a framework designed for building layer-2 networks—Celo aims to improve transaction speed and cost efficiency while inheriting Ethereum’s robust security and decentralization.
Dubey highlighted concerns about cryptocurrency, pointing out that Reserve Bank of India (RBI) Governor Shaktikanta Das has consistently stated that cryptocurrencies are not legal tender. Despite this stance, the Supreme Court ruled against restrictions on cryptocurrency exchanges, allowing them to continue operations.
