Crypto News
SEC’s Crenshaw slams Ripple settlement, warns of ‘regulatory vacuum’
A crypto-skeptical commissioner at the US Securities and Exchange Commission has blasted her agency over its settlement letter that could finally end the Ripple legal saga. The SEC and Ripple filed a joint settlement letter in a New York court asking for the August 2024 injunction against Ripple to be dissolved and $75 million of the $125 million in civil penalties held in escrow to be returned to the crypto firm, according to a May 8 statement from the SEC.SEC Commissioner Caroline Crenshaw blasted the pending deal in a May 8 statement, saying it would damage the regulators’ ability to keep crypto firms in line and undermine the court’s ruling.Source: James Filan“This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws,” she said.“In the meantime, the settlement joins a line of dismissals that collectively erode the credibility of our lawyers in court who are being asked to take legal positions today contrary to the ones taken just months ago.”Under the Trump administration, the SEC has slowly been walking back its hardline stance toward crypto firms forged under former SEC Chair Gary Gensler’s reign, dismissing a growing number of enforcement actions against crypto firms.At the same time, Crenshaw argues that if Judge Torres accepts the settlement, it would erase “the investor protections we already won” and leave a “regulatory vacuum,” until the crypto task force hammers out a regulatory framework.“The settlement is not in the best interests of the investors and markets that our agency is tasked with serving and protecting. It creates more questions than answers.”In August last year, a Judge ordered Ripple to pay $125 million in penalties after ruling the firm’s XRP (XRP) token was covered by securities laws when sold to institutional investors.What’s next for the Ripple case? It’s not over yetWhile the SEC and Ripple have agreed to a settlement, it’s still not a done deal, according to ex-federal prosecutor James Filan, because there are several steps before the long-running legal saga can conclude.For a start, Judge Torres needs to provide an indicative ruling if she agrees to the settlement letter, Filan said in a May 8 analysis on X.Source: James FilanIf Torres provides an indicative ruling, the SEC and Ripple will ask the Second Circuit Court of Appeals for a limited remand back to Judge Torres, which, if granted, will result in another motion being filed for the agreed settlement, according to Filan.Related: Bitnomial drops SEC lawsuit ahead of XRP futures launch in the US“After the injunction is dissolved and the funds distributed, the SEC and Ripple will ask the Court of Appeals to dismiss the SEC’s appeal and Ripple’s cross-appeal. Then it will be over,” he said.The SEC initially launched legal action against Ripple Labs in December 2020, accusing the firm of illegally selling its token as an unregistered security. Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Published Date: 2025-05-09 00:44:38Creator: Cointelegraph by Stephen Katte
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Coinbase revenue falls 10% in Q1, missing industry estimate
Crypto exchange Coinbase’s total revenue fell 10% quarter-over-quarter to $2 billion in Q1, missing industry estimates by 4.1% as trading activity slowed across the market.Coinbase’s net income was sliced by 95% from a near-company record $1.29 billion in Q4 to $66 million, in a large part due to Coinbase marking a $596 million paper loss on its crypto holdings. The firm’s earnings per share of $1.94, however, managed to beat the Zacks Consensus Estimate of $1.85 for the quarter.Coinbase’s May 8 results also showed that transaction revenue fell 18.9% quarter-on-quarter to $1.26 billion, as did trading volumes, which dipped 10.5% to $393 billion as crypto market cap dropped by double digits over the quarter, partly attributed to the Trump administration’s tariffs. In contrast, US President Donald Trump’s election win in November was considered one of the main catalysts behind the rising market prices in Q4. Key financial metrics for Coinbase in Q1. Source: CoinbaseMeanwhile, Coinbase’s subscription and services revenue rose 8.9% to $698.1 million, with stablecoin revenue the most significant contributor.Despite the fall in total revenue and trading volume, Coinbase said it gained more market share in global spot and derivatives trading while deepening its presence in emerging markets such as Argentina and India with “critical registrations.”On the regulatory front, Coinbase said the dismissal of its lawsuit with the US securities regulator marked a “major judicial win for balanced, innovation-friendly regulation, and our efforts to make crypto mainstream.”Coinbase makes deal with major crypto derivatives platformOn May 8, Coinbase agreed to acquire crypto derivatives platform Deribit for $2.9 billion, marking the industry’s largest corporate acquisition to date. The acquisition will expand Coinbase’s footprint in the crypto derivatives market immensely, which previously had been limited to its Bermuda-based platform.Coinbase noted that Deribit facilitated over $1 trillion in trading volume in 2024 and has around $30 billion of current open interest. Related: $45 million stolen from Coinbase users in the last week — ZachXBTThe deal now makes Coinbase the “global leader” in crypto derivatives trading, the firm said. Competitor firm Kraken struck a similar deal in March when it agreed to acquire futures brokerage NinjaTrader for $1.5 billion.Coinbase’s Deribit deal contributed to a 5.1% rise in Coinbase’s (COIN) share price during the May 8 trading day, though shares have pulled back 3.1% in after-hours since the crypto exchange posted its Q1 results.Coinbase’s change in share price on May 8, including after-hours. Source: Google FinanceMagazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-09 00:19:32Creator: Cointelegraph by Brayden Lindrea
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Meta exploring stablecoin integration for payouts: Report
Tech company Meta is reportedly exploring integrating stablecoin payments into its platforms after a three-year hiatus from cryptocurrencies, Fortune reported, citing sources familiar with the matter.The Facebook parent held talks with several crypto infrastructure firms in consultation but has not chosen a decisive course of action, according to the report.One source said the company may take a multi-token approach and integrate support for popular stablecoins such as Tether's USDt (USDT), Circle's USD Coin (USDC) and others.Meta is the latest tech firm to integrate or explore the use of stablecoins for payments, as they increasingly attract institutional interest and investment, causing the stablecoin market capitalization to soar past $230 billion.An overview of the stablecoin market. Source: RWA.XYZRelated: US Stablecoin bill blocked as Democrats withdraw supportStablecoins attract more institutional investment and become US strategic interestSeveral payment processing companies announced investments into stablecoin companies or announced stablecoin integrations in May this year.On May 7, payments giant Visa announced that it invested in stablecoin startup BVNK. Although details of the deal remain scant, Visa's head of products and partnerships, Rubail Birwadker, said stablecoins were commanding an ever-greater market share of payments.Stripe, a global payments platform, launched stablecoin-based accounts for customers in over 100 countries on May 7.The accounts allow users to store stablecoin balances or transfer the tokens to other users and withdraw the stablecoin balances as fiat currency to traditional bank accounts.World Liberty Financial (WLFI), a crypto firm backed by US President Donald Trump, launched USD1, a US dollar-pegged stablecoin, in March.In May, USD1 was the seventh-largest stablecoin by market cap — highlighting the rapid growth of the tokenized fiat market.The Trump administration has repeatedly stated that stablecoins are central to US policy and a way to extend US dollar hegemony by harnessing demand for US government Treasurys and other government securities.Source: Scott BessentHowever, comprehensive stablecoin regulations were stalled on May 8 after Democratic Senators blocked the GENIUS Stablecoin bill — dashing the hopes of senior officials in the Trump administration."The Senate missed an opportunity to provide leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar dominance," Treasury Secretary Scott Bessent wrote in a May 8 X post.Magazine: Unstablecoins: Depegging, bank runs and other risks loom
Published Date: 2025-05-08 21:59:25Creator: Cointelegraph by Vince Quill
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Wellgistics Health to integrate XRP into payment infrastructure
Wellgistics Health, a healthcare infrastructure company, will integrate XRP (XRP) and related technologies into its payment network to streamline transactions between pharmacies, medical suppliers and prescription medication manufacturers, the company said in an announcement on May 8. Wellgistics cited the finality time of XRP transactions and reduced transaction costs, which are fractions of a penny, compared to legacy financial architecture like automated clearinghouse (ACH) payments or wire transfers, as reasons for using XRP. Brian Norton, CEO of Wellgistics Health, said in the announcement:"I believe that the future winners in healthcare will not be the companies with the biggest buildings, they will be those with the fastest rails, cleanest data, and most efficient platforms. We are betting on infrastructure — not inertia.”The integration of XRP will reduce cross-border friction and allow transactions between different businesses in the supply chain to settle instantly, in real time, the announcement reads.Blockchain payment rails and cryptocurrencies can significantly reduce international transaction costs, giving rise to business opportunities that were previously out of reach or too expensive to implement and opening up global trade for residents in developing economies.Related: Can XRP price reach $4 in May? Analysts are watching these key levelsLegacy banking system pushes back against crypto innovationCryptocurrencies like Bitcoin (BTC) disintermediate banks and financial institutions by providing peer-to-peer transactions over a trustless network of decentralized nodes that are censorship-resistant and give the holder self-sovereignty over their money.Other cryptocurrencies like stablecoins and altcoins still feature a third-party issuer, but have the benefit of trading on blockchain payment rails, through the internet, without markets closing.Banks and legacy financial institutions pushed back against the GENIUS stablecoin bill in March 2025, arguing that stablecoins would erode the banking industry's market share of financial services and eventually drive out banks altogether.US Senator Elizabeth Warren also fought to include several provisions in the bill that would force any stablecoin firm that wants to do business in the United States to issue their stablecoin with the oversight of an established financial institution.The bill, hailed as a bipartisan success, failed to advance to a floor vote on May 8 after pushback from Democratic senators.Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet
Published Date: 2025-05-08 21:18:13Creator: Cointelegraph by Vince Quill
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Coinbase's Deribit buy shows growing derivatives market
Coinbase’s agreement to buy Deribit highlights the increasing importance of financial derivatives for cryptocurrency exchanges, according to industry executives. On May 8, Coinbase, the US’s largest crypto exchange by trading volume, agreed to acquire crypto derivatives platform Deribit for $2.9 billion in the crypto industry’s largest corporate acquisition to date. The deal reflects increasing competition among digital asset exchanges and brokerages — including Coinbase, Kraken and Robinhood — to dominate the burgeoning crypto derivatives market. "Global derivatives trading is a key driver of growth for Coinbase,” Spencer Yang, co-founder of Fractal Bitcoin, a Bitcoin scaling solution, told Cointelegraph.Coinbase agreed to buy Deribit on May 8. Source: CoinbaseThe merger established Coinbase as the world’s largest crypto derivatives platform by open interest, the exchange said in a blog post announcing the deal. In a May 8 X post, Jeff Park, Bitwise’s head of alpha strategies, said Coinbase’s Deribit acquisition “might be the best 'value' deal in crypto I've ever seen,” adding the the deal is “a coup for Coinbase.”In March, US crypto exchange Kraken agreed to buy NinjaTrader, a futures brokerage, for $1.5 billion.Coinbase’s international derivatives exchange saw some $10 billion in trading volume on May 8. Source: CoinbaseRelated: Coinbase to acquire options trading platform Deribit for $2.9BExpanding global footprintCoinbase already has a global presence in perpetual futures, with roughly $10 billion in daily trading volume as of May 8. It also has a US-based derivatives trading platform listing more than 20 futures contracts. Deribit is the largest crypto options exchange, with about $30 billion in open interest, according to the blog post. With this acquisition, Coinbase “has captured all possible regulated and self-regulated derivatives products,” Yang added.It also bolstered Coinbase’s presence in the global market, which is still dominated by Binance, the world’s largest crypto exchange by volume. Deribit does not serve US-based traders, according to its website. “Deribit is the platform of choice for global traders for Bitcoin and Ethereum options,” Yang said. Futures contracts are standardized agreements to buy or sell an underlying asset at a future date, often using leverage in a bid to enhance returns.Options are contracts granting the right to buy or sell — “call” or “put,” in trader parlance — an underlying asset at a certain price.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-08 20:50:00Creator: Cointelegraph by Alex O’Donnell
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Bitcoin options could pave the path for new BTC price highs — Here is how
Key takeaways:97% of the $8.3 billion in Bitcoin put options expire worthless at a $102,000 BTC price.Short covering above $105,000 could trigger a Bitcoin price rally to new highs.Bitcoin (BTC) soared above $101,000 on May 8, reaching its highest level in over three months. The 4.6% daily BTC price gain triggered $205 million in liquidations of bearish futures positions and eroded the value of nearly every put (sell) option. Traders now question whether Bitcoin is poised to break its $109,354 all-time high in the near term.Bitcoin put (sell) options open interest for May-June-July, USD notional. Source: Laevitas.chThe aggregate Bitcoin put (sell) option open interest for the next three months stands at $8.3 billion, but 97% of those have been placed below $101,000 and will likely expire worthless. Still, this does not mean every put options trader was betting on Bitcoin’s downside, as some may have sold those instruments and profited from the price gains.Top BTC option strategies at Deribit past two weeks. Source: Laevitas.chAmong the largest option strategies traded at Deribit is the “bull put spread,” which involves selling a put option while simultaneously buying another put at a lower strike price, capping both maximum profit and downside risk. For example, a trader aiming to profit from higher prices might sell the $100,000 put and buy the $95,000 put.Bull put spread profit/loss. Source: Strike-MoneyCryptocurrency traders are known for their exaggerated optimism, and this is reflected in the leading strategies on Deribit’s options markets, such as the “bull call spread” and the “bull diagonal spread.” In both cases, traders anticipate Bitcoin prices at expiry to be equal to or higher than the options traded.$100,000 Bitcoin boosts bullish options, but shorts may resistIf Bitcoin sustains the $100,000 level, most bullish strategies will yield positive results in the May and June options expiries, giving traders additional incentives to support upward momentum. However, there is the possibility that sellers (shorts) using futures markets will exert their influence to prevent a new Bitcoin all-time high.Related: Coinbase to acquire options trading platform Deribit for $2.9BThe aggregate open interest on Bitcoin futures currently stands at $69 billion, indicating substantial demand for short (sell) positions. At the same time, higher prices might force bears to close their positions. However, this “short covering” effect is significantly muted in fully hedged positions, meaning those traders are not particularly sensitive to Bitcoin price movements.For instance, one could buy spot Bitcoin positions using margin or spot exchange-traded funds (ETFs) while simultaneously selling the equivalent in BTC futures. Known as the “carry trade,” this strategy is delta neutral, so the profit comes regardless of price swings, as the monthly Bitcoin futures trade at a premium to compensate for the longer settlement period.Bitcoin 2-month futures annualized premium. Source: laevitas.chThe Bitcoin futures premium has been below 8% for the past three months, so the incentives for the “carry trade” have been limited. Hence, it is likely that some form of “short covering” will occur if Bitcoin surges above $105,000, which greatly improves the odds of a new all-time high over the next couple of months.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published Date: 2025-05-08 20:38:54Creator: Cointelegraph by Marcel Pechman
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Former FTX exec's wife says gov't 'induced a guilty plea'
Michelle Bond, the wife of former FTX Digital Markets co-CEO Ryan Salame, who faces federal campaign finance charges, is pushing for dismissal on the grounds that US prosecutors deceived her husband in a plea deal.In a May 7 filing in the US District Court for the Southern District of New York, Bond’s lawyers reiterated some of the claims Salame made in opposing his plea deal with the government, which ultimately still led to him serving time in prison. She claimed that prosecutors obtained a deal with Salame through “stealth and deception” by allegedly agreeing they would not file charges against Bond. “Mr. Salame and Ms. Bond’s attorneys were advised that the agreement to cease investigating Ms. Bond could not be placed within the four corners of the Salame plea or other written agreement, but the government still offered it as an inducement to induce the plea,” said the filing, adding: “At a minimum, enough exists to demonstrate a legitimate factual dispute as to the nature and scope of the promises made to Mr. Salame and Ms. Bond to induce his guilty plea such that a hearing with discovery is required.”May 7 filing requesting a dismissal of one charge for Michelle Bond. Source: CourtlistenerProsecutors charged Bond in August 2024 with conspiracy to cause unlawful campaign contributions, causing and accepting excessive campaign contributions, causing and receiving an unlawful corporate contribution, and causing and receiving a conduit contribution related to her failed run for a seat in the US House of Representatives in 2022. Salame, who pleaded guilty to two felony charges in 2023 and was later sentenced to more than seven years in prison, attempted to void his deal with prosecutors, claiming it had included an agreement not to charge Bond.Related: Former FTX executive Ryan Salame’s prison sentence reduced by 1 yearThe May 7 filing requested the court suppress any statements Bond made after the alleged “inducement” in Salame’s deal. The former FTX executive made similar claims in court filings attempting to nullify his plea, but later dropped the matter and reported to prison in October 2024. Bond hinted that her running as a Republican — similar politically-motivated claims made by Salame — had contributed to the campaign finance charges. The indictment alleged she filed false reports to the Federal Election Commission related to funds used for her campaign.The FTX saga hasn’t ended… yetSince the collapse of FTX in 2022, nearly all former executives indicted on charges related to the misuse of the crypto exchange’s funds have had their day in court. Former FTX CEO Sam Bankman-Fried, who pleaded not guilty, went through a trial in 2023 and was later sentenced to 25 years in prison. His lawyers filed a notice of appeal, and reports suggested he may be looking for a pardon from US President Donald Trump.Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison in September 2024 as part of a plea deal and began serving her time in November. Nishad Singh and Gary Wang, former FTX executives who also pleaded guilty to charges, were each sentenced to time served in 2024.Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Published Date: 2025-05-08 20:26:07Creator: Cointelegraph by Turner Wright
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Mashinsky’s 12-year sentence sets tone of enforcement in Trump era
The US federal court for the Southern District of New York has sentenced former Celsius CEO Alex Mashinsky to 12 years in prison for fraud. Mashinsky’s legal team sought a light sentence. They highlighted his spotless record before the Celsius incident, along with his military service and willingness to plead guilty. But US prosecutors were less inclined to leniency, suggesting on April 28 that the judge deliver a 20-year sentence for his actions.Betting markets predicted a light sentence ahead of the May 8 hearing. Polymarket showed only 11% odds for a 20-year sentence or higher.Source: PolymarketPresident Donald Trump began his second term with high-profile pardons of crypto executives, signalling that his administration may bring leniency to crypto fraudsters like Mashinsky. His sentencing today, however, suggests otherwise.Trump’s DOJ wants Mashinsky sentence to serve as a warningCrypto-related crimes have their limits, according to the current US Department of Justice. Jay Clayton, the Trump-nomianted US attorney leading the prosecution, said on April 28 that the suggested 20-year sentence serves as a “critical warning to other entrepreneurs, executives, and promoters in the cryptocurrency industry and in any future industry as-yet unconceived: that fraud will be punished severely, regardless of the technology or industry in which it occurs.”Bitcoin advocate Jameson Lopp quotes the prosecution’s argument that Mashinsky targeted retail investors. Source: Jameson LoppClayton argued that a strong sentence was warranted as the fraud targeted unsophisticated retail investors rather than institutional parties with protections and expertise. Mashinsky “preyed on ordinary individuals who relied on his promises of safety and financial security.” The Mashinsky defense team drew attention to Mashinsky’s character, highlighting his long career in business, devotion to family and service with the Israel Defense Forces. His lawyers also drew distinctions between Mashinsky’s case and that of Bankman-Fried, claiming, “There are no allegations — let alone any proof — that Alex misappropriated, embezzled or stole any customer assets or any Celsius money.”On May 5, Mashinsky’s legal team argued that these mitigating factors should warrant a sentence of no more than 366 days.“The government’s venom-laced submission recasts this case as one involving a predator with an intent to target victims, harm them, and steal their money,” his team said.Mashinsky’s lawyers called the suggested 20-year term a “death-in-prison sentence.”Mashinsky’s sentence follows high-profile Trump pardons for crypto execsTrump started his term with the pardon of Silk Road 2.0 founder Ross Ulbricht, whose acceptance of Bitcoin (BTC) on his narcotics trading platform endeared him to the crypto community. The president also commuted the sentences of Arthur Hayes, Benjamin Delo and Samuel Reed, three BitMEX crypto exchange executives who pleaded guilty to violating the Bank Secrecy Act and failing to establish a proper Anti-Money Laundering program.Sam Mangel, a consultant to white-collar convicts who advised former Trump staffer Steve Bannon and Bankman-Fried, told Politico there has been a large spike in interest in presidential pardons. “Everybody that is in prison now is keenly aware of the environment, and it’s become a very hot topic within the low- and minimum-security inmate communities,” said Mangel.Related: US stablecoin bill loses democrats amid Trump corruption concernsHigh-profile crypto defendants seem to have taken notice, too. Roger Ver, an early Bitcoin advocate and libertarian activist, is facing federal tax evasion charges. In January, he released a video making an outright plea to Trump for a commutation. Ver claimed that he is the victim of lawfare and likened his persecution to Trump’s legal problems following the Jan. 6 scandal. Sam Bankman-Fried, the disgraced former CEO of now-defunct exchange FTX, likened his court experience with Trump’s defamation lawsuit in an interview with The New York Sun on Feb. 18. He claimed his trial was politicized under the Biden administration and that he didn’t think there was “a very fair and balanced view or approach.” His parents also reportedly met with lawyers and people close to the Trump administration to explore the possibility of a presidential pardon. Trump’s commutation of the BitMEX executives has even led former Binance CEO Changpeng Zhao to apply for clemency. On May 6, Zhao said that his lawyers had submitted an application and were awaiting a response. The current administration is still writing the rules of the road as regulators reshuffle personnel and priorities and new legal frameworks for crypto take shape. The picture is further muddled by Trump’s own crypto projects, which have raised concerns over corruption and conflicts of interest. Mashinsky’s sentence shows that, for the financial world, certain crimes will not go unpunished. Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K
Published Date: 2025-05-08 19:35:57Creator: Cointelegraph by Aaron Wood
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Bitcoin hits $101.7K as US strategic reserve bills become law and BTC mass adoption accelerates
Key takeaways: Bitcoin rallies to $101,707 against a backdrop of strong fundamentals in the regulatory and traditional finance space.Traders are confident that $100,000 will hold as support.Bitcoin (BTC) price rallied above $100,000 on the heels of US President Donald Trump’s announcement of a “trade deal” with the UK, which could possibly include the removal of the blanket 10% tariff on all imports. Frequent social posts from Trump and public comments from White House cabinet members have hinted at a handful of trade deals in negotiation with various countries, and markets have responded positively to the messaging. In addition to the UK trade deal, the US is set to meet with Chinese officials in Switzerland on May 10.The Dow gained 500 points following the White House announcement, while the S&P 500 rose 1.47%, and Bitcoin trades near $101,600 at the time of writing. In a Truth Social post, Trump wrote: “Many other deals, which are in serious stages of negotiation, to follow!” The significance of Bitcoin’s return to six-figure territory after trading below the level since February was not lost on investors:In an X post, popular independent market analyst Macroscope said he was “watching closely now,” and stressed the importance of BTC “holding” the $100,000 level as a support, rather than a brief pop above the psychological resistance level. X / MacroScope While the initial surge through the $100,000 level appears to be driven by $241 million in futures market liquidations, the political and investment environment surrounding Bitcoin has seen vast improvements since the last time BTC traded above six figures. In the past week, the governors of two US states have signed bills, which now make it legal for the states to establish strategic Bitcoin reserves. On May 8, the legislature in the US state of Missouri sent Bill 594, a bill which would end all capital gains taxes, to the desk of Governor Mike Kehoe. Related: Strive to become Bitcoin treasury company On May 7, the US Office of the Comptroller of the Currency (OCC) confirmed that banks within its jurisdiction can “responsibly” trade crypto on behalf of their customers, and they can also “outsource” crypto and custodial activities to trusted third parties. In late March, the FDIC issued guidance giving banks the green light to hold crypto assets and offer various goods and services to clients. In addition to growing legislative and regulatory support for Bitcoin and other cryptocurrencies, inflows to the spot Bitcoin ETFs have soared, alongside increasing buying and BTC treasury from US-based and international publicly listed companies. Spot Bitcoin ETF inflows (weekly). Source: SoSoValueThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-05-08 19:15:35Creator: Cointelegraph by Big Smokey
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US Stablecoin bill blocked as Democrats withdraw support
The Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, failed to pass cloture in the United States Senate on May 8, dealing a slight blow to cryptocurrency regulation in the country.The bill, sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis and Angela Alsobrooks, received last-minute pushback from Democrats, who took aim at the bill and raised concerns about US President Donald Trump’s cryptocurrency ventures.To address the concerns of Senate Democrats, the bill had already been amended to include stricter requirements for stablecoin issuers for further provisions for Anti-Money Laundering.The GENIUS Act was seen as a bipartisan effort to increase regulatory clarity for digital assets in the United States. The focus of the bill, stablecoins used for payments, was looked at as extending dollar dominance internationally and straying away from more controversial crypto topics.After the procedure failed, Senate Majority Leader John Thune criticized Democrats, saying, “Democrats have been accommodated every step of the way […] frankly, I just don’t get it.”‘Disappointment’ at cloture vote failureAfter the GENIUS Act failed to meet cloture, some individuals took to social media to express their displeasure at Congress's lack of progress toward a sensible digital asset regulatory framework.Lummis published a statement that read, “I’m deeply disappointed that we were unable to pass this important, bipartisan-crafted stablecoin legislation today. Make no mistake, digital assets are the future and America must lead the way.”She wasn't the only Republican sharing her thoughts about the situation.Treasury Secretary Scott Bessent issued a lengthy statement on X, writing that for stablecoins and other digital assets “to thrive globally, the world needs American leadership.”Source: Treasury Secretary Scott BessentBlockchain Association CEO Kristin Smith said in a statement that while “disappointed that the GENIUS Act did not pass its cloture vote today, we remain encouraged by the bipartisan engagement on this critical digital asset legislation.”
Published Date: 2025-05-08 18:59:20Creator: Cointelegraph by Christopher Tepedino
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