Crypto News
Arizona governor signs law for state to keep unclaimed crypto
Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a “Bitcoin Reserve Fund” that won’t use any taxpayer money or state funds.Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a Bitcoin and Digital Asset Reserve Fund.“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” the bill’s sponsor, Jeff Weninger, said in a May 7 statement.Arizona House Representative Jeff Weninger’s statement on the signing of HB 2749 into law. Source: Jeff Weninger“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,” Weninger added.On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for "untested assets.”Hobbs’ move gives hope for future crypto billsBitcoin Laws founder Julian Fahrer said on X that Hobbs’ signing of HB 2749 offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.Related: Bitcoin bros at ‘the club’ may stop US gov’t from buying BTC — Arthur HayesSB 1373 would authorize Arizona’s treasurer, currently Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin. The bill’s passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.Bitcoin is currently the only cryptocurrency that meets that threshold.Magazine: Crypto wanted to overthrow banks, and now it’s becoming them in stablecoin fight
Published Date: 2025-05-08 02:05:03Creator: Cointelegraph by Brayden Lindrea
Read More
Binance founder CZ asked Trump to pardon money laundering conviction
Binance founder and convicted felon Changpeng Zhao says that he applied for a pardon from US President Donald Trump shortly after denying reports that he was seeking one.Zhao, also known as CZ, said on a Farokh Radio podcast episode aired May 6 that he “wouldn’t mind” a pardon and that his lawyers have already filed the paperwork on his behalf“I got lawyers applying,” Zhao said, adding that he submitted the request after Bloomberg and The Wall Street Journal reported in March that he was seeking a pardon from Trump amid discussions of a business deal between the Trump family and Binance.US.Zhao denied the reports at the time, but said on the podcast that he thought “if they’re writing this article, I may as well just officially apply.”He added that Trump’s pardon of three BitMEX founders, including Arthur Hayes, also motivated him to submit an application.Zhao said the application was submitted about two weeks ago.Changpeng Zhao (right) speaking with Farokh Sarmad (left). Source: Farokh RadioZhao said at the time of the Bloomberg and Wall Street Journal reports that “no felon would mind a pardon,” and claimed he is the only person in US history to serve prison time for a Bank Secrecy Act charge.Zhao pleaded guilty to a money laundering charge in November 2023 as part of a deal Binance reached with US authorities, which saw it pay a $4.3 billion fine, to which Zhao contributed $50 million. He was also forced to step down as CEO.Zhao was later sentenced to four months in prison and was prohibited from working at Binance as part of his plea deal.Related: VanEck files for BNB ETF, first in USAccording to the US Department of Justice, a pardon would not erase Zhao’s money laundering conviction; however, it could potentially allow him to assume a management or operational role at Binance.US.Zhao has no plans to return as Binance CEOWhile Zhao remains a Binance shareholder, he said in November at Binance Blockchain Week that he has “no plans to return to the CEO position.” “I feel the team is doing well and doesn't need me back,” Zhao said.Since leaving prison, Zhao has commenced advisory roles in Pakistan and Kyrgyzstan, assisting on matters related to crypto regulation and implementing blockchain solutions.Magazine: Bitcoiner Adam Back on Blockstream conspiracy theories and Satoshi question
Published Date: 2025-05-08 00:04:56Creator: Cointelegraph by Brayden Lindrea
Read More
Stripe rolls out stablecoin accounts in over 100 countries
Stripe, a global payments platform, has introduced stablecoin-based accounts to clients in over 100 countries. According to a May 7 announcement, the new feature will allow the platform's clients "to send, receive, and hold US-dollar stablecoin account balances, similar to how a traditional fiat bank account works."The product's technical page shows that the new account feature will support Circle's USDC (USDC) and Bridge's USDB (USDB) stablecoins. Stripe acquired the Bridge platform in October 2024.The product will be available to clients in more than 100 countries, including Argentina, Chilé, Turkey, Colombia, and Peru, among others.Stripe's newly launched product comes at a time when stablecoins are increasingly seen as stores of value in developing economies struggling with high inflation, capital controls, and a lack of financial infrastructure.The stablecoin market cap has crossed $231 billion and continues to grow due to international demand for US dollar tokens. Source: RWA.XYZRelated: Stablecoin fever: 5 major stablecoins are growing crypto adoptionStablecoins are banking the unbanked and are increasingly used as a store of valueStablecoins and blockchain payment rails are helping to bank the unbanked in developing regions of the world without critical financial and communication infrastructure.Blockchain systems can reduce the cost and verification of cross-border transfers, allowing anyone with a cellphone, a crypto wallet, and access to an internet connection to send, receive, and store value in a relatively stable fiat currency.Stablecoins dominate crypto transactions in South America. Source: ChainalysisStripe integrated USD stablecoin payments, allowing users to pay online merchants in fiat tokens, in October 2024. The integration was met with demand for the stablecoin payment option in 70 countries, the company said.According to the crypto platform Bitso, residents of Latin American countries are increasingly using stablecoins as a store of value and a medium of exchange used for online purchases.Magazine: Banking The Unbanked? How I Taught A Total Stranger In Kenya About Bitcoin
Published Date: 2025-05-07 22:15:35Creator: Cointelegraph by Vince Quill
Read More
Robinhood plans blockchain for US asset trading in Europe — Report
Brokerage fintech Robinhood is reportedly developing a blockchain network that will enable retail investors in Europe to trade US securities.According to a May 7 Bloomberg report citing sources familiar with the matter, the move seeks to expand the company's local presence by offering trading of tokenized securities, such as stocks. Two crypto firms, Arbitrum and the Solana Foundation, are reportedly vying to become partners in the project. Tokenization is the process of turning real-world assets, like stocks, real estate, or commodities, into digital tokens that can be traded on a blockchain.Tokenizing securities instead of providing direct exposure can offer several advantages: reduced costs by eliminating traditional financial infrastructure, enhanced accessibility, faster settlement times, and quicker transactions. More brokerages and investment firms are exploring asset tokenization.Robinhood has been preparing to enter the European market. In April 2025, it acquired a brokerage license in Lithuania that allows the firm to offer investment services throughout the European Union. Robinhood has also inked a deal in 2024 to purchase crypto exchange Bitstamp.“You can sit down in front of some software, create a coin and have it be trading in 5 minutes [...] That’s a scary thing,” Robinhood CEO Vladimir Tenev said in a recent interview. “It’s also an incredibly powerful thing if you juxtapose it with how cumbersome the IPO process is.”Robinhood shares rose 2.7% on the Nasdaq on May 7, according to Google Finance. The company’s revenue fell 8.6% in the first quarter of 2025, though it still beat Wall Street’s estimates.Robinhood’s daily stock price. Source: Google FinanceBloomberg reports that no agreement has been finalized between the brokerage and either Arbitrum or Solana regarding the project, with all three parties declining to comment.More traditional financial firms are exploring blockchain-based solutions. In May 2018, Banco Santander became the first company to use a blockchain for investor voting, while US giant JP Morgan has created its blockchain platform called Onyx.Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Published Date: 2025-05-07 21:54:09Creator: Cointelegraph by Christopher Tepedino
Read More
Falling DXY part of US financial system’s ‘long-term transition’ — Will Bitcoin continue to shine?
What to know:Lyn Alden says a weaker dollar is necessary for the US to stabilize its financial system.Bitcoin and gold are well-positioned to benefit from de-dollarization.Sovereign wealth funds and various nations are already increasing their Bitcoin exposure as the dollar’s global dominance starts to wane.The weakening of the US dollar (DXY) is no longer headline news. With mounting disruptions across the US economy, a declining greenback has become part of the backdrop. Since the start of 2025, the US Dollar Index has dropped 11%, now hovering around levels last seen in April 2022. Markets have largely responded with a shrug. After all, in times of deep restructuring, isn’t some dollar weakness to be expected?The trouble is, this might not be a temporary dip. The dollar’s slide could reflect a deeper, long-term reconfiguration of both the US economy and the global monetary order. In a May 4 newsletter, independent market analyst Lyn Alden made a compelling case: not only is a weaker dollar likely, but it may be necessary. According to Alden, a controlled retreat from dollar hegemony might be one of the few paths left to stabilize an increasingly fragile system. And if the US relinquishes its role at the center of the monetary universe, the world will need alternatives. Neutral assets like gold and Bitcoin could be well-positioned to take on a more central role.The US and the dollar are in a “long-term transition”Fractional reserve banking, the system that fiat money relies on, creates money through lending. Each time a bank issues a loan, it expands the supply of broad money, without necessarily creating enough base money to cover the loan principal and its interest. This means that the current financial system relies on continual credit expansion and refinancing to remain solvent.Today, the US economy holds around $102 trillion in public and private dollar-denominated debt, with another $18 trillion owed by borrowers outside the US And that’s not even counting derivatives, which would push the total much higher. Yet only $5.8 trillion in base money actually exists.“It’s like a game of musical chairs with more than 20 kids for every chair,” Alden writes. “And the music can’t stop for long.”The US plays a special role in this system. It imports more than it exports, while surplus countries funnel their dollar earnings back into American stocks, bonds, real estate, and private equity. For the $18 trillion in dollar liabilities held abroad, non-US entities hold roughly $61 trillion in US dollar assets. But when dollar liquidity tightens — when the music stops — foreign holders often have to sell those assets to service their debts, which, in turn, threatens US financial stability.This happened in March 2020, when parts of the Treasury market froze during the peak panic stage of the COVID-19 pandemic. The Fed stepped in, quickly opening emergency swap lines with foreign central banks and printing trillions in base money to re-float the system. That solved the liquidity issue but unleashed inflation, hitting lower-income Americans the hardest.Combined with decades of industrial decline and widening social gaps, this situation eventually created the political mandate for Donald Trump and his protectionist agenda. However, the tariff shock is unlikely to be successful, Alden argues. The current system implies that the US must run structural trade deficits to provide the global economy with enough dollars to keep the greenback’s dominance. The only way of rebalancing trade flows is through a weak dollar and a step back from monetary hegemony.As Alden puts it,“I view the United States and indeed the global financial system as likely beginning a very long-term transition.”The Bitcoin to DXY relationshipBitcoin (BTC) and DXY are inversely correlated. When the dollar strengthens, risk-on assets like BTC lose some of their appeal to investors. When the dollar weakens, BTC becomes more attractive not just as a speculative play, but as an alternative currency. In a system where fiat must effectively lose value over time to function, Bitcoin’s fixed supply and monetary neutrality offer a compelling hedge.Overlaying BTC and DXY charts reveals that major divergences between the two often align with Bitcoin trend reversals. In April 2018 and March 2022, such divergences signaled bear markets, while November 2020 marked the start of a bullish rally. In the 2023-2026 cycle, BTC caught up with the DXY in early 2024, and the two moved largely in sync until recently. A clear divergence began at the beginning of April 2025, with the DXY dropping below 100 for the first time in two years. If past patterns are any guide, this could signal the start of a new BTC rally. And if the US moves to strategically weaken the dollar in the long term, the impact could extend well beyond Bitcoin’s usual cyclical price action.DXY vs BTC/USD 1-day. Source: Marie Poteriaieva, TradingViewRelated: How much Bitcoin can Berkshire Hathaway buy?Where to invest in a post-dollar era?Periods of monetary upheaval are notoriously difficult to navigate. While short-term tactics may differ, longer-term strategies point to neutral, high-quality reserve assets — especially those that stand to benefit structurally from de-dollarization.Gold fits this bill. So does Bitcoin.Several sovereign entities are already stockpiling Bitcoin. El Salvador and Bhutan are directly buying and mining BTC. Abu Dhabi’s Mubadala Investment Co. and the US state of Wisconsin’s pension fund have exposure via spot BTC ETFs. A dozen US states hold equity in Michael Saylor’s Strategy, as well as over 13,000 companies and institutions. Even Norway’s sovereign wealth fund, the world’s largest, has Bitcoin exposure through its holdings of Strategy, Mara Holdings, Coinbase, and Riot.With the dollar retreating from the global financial arena, space will open for other currencies. There are more and more examples of international trade deals settled in yuan, dirham, or other national currencies. Reuters reports that cross-border yuan payments surged to a record in March. The euro is also on the rise, gaining 10% against the dollar since February. This is all the more impressive taking into account that the European Central Bank has been continuously cutting interest rates, which now stand at just 2.5%, far below the Fed’s 4.5%.The much-debated "de-dollarization" is no longer hypothetical. It’s unfolding in real time. As nations and companies search for stable, neutral alternatives to settle trade and store value, Bitcoin’s borderless and politically neutral nature positions it as a serious contender. This 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: 2025-05-07 21:30:00Creator: Cointelegraph by Marie Poteriaieva
Read More
Ex-SafeMoon CEO claims innocence, blames founder as trial begins
Braden John Karony, the former CEO of crypto firm SafeMoon, made an out-of-court statement claiming innocence as his criminal trial began in New York.In a May 6 X post after court proceedings had likely ended for the day, Karony said he was innocent and “did not commit fraud” in response to media coverage of his trial. The former CEO, as well as SafeMoon creator Kyle Nagy and former chief technology officer Thomas Smith, were charged in 2023 for having allegedly “diverted and misappropriated millions of dollars’ worth” of the platform’s SFM token.According to reporting from the US District Court for the Eastern District of New York (EDNY) on May 6, Karony implied that Nagy, who reportedly fled to Russia after authorities filed charges, was responsible for some of the alleged fraud at SafeMoon. On the first day of the trial, after jury selection, Smith reportedly appeared as a witness for the prosecution with a SafeMoon victim.The trial, expected to run until May 26, has arguably received less media attention and scrutiny than other crypto cases, such as the 2023 trial of former FTX CEO Sam Bankman-Fried and the sentencing of former Binance CEO Changpeng Zhao. Karony pleaded not guilty to charges of securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy, and has been free on a $3 million bond since February 2024.Related: What do crypto users want to happen to Alex Mashinsky?Many high-profile individuals from the crypto industry who faced criminal charges did not publicly comment on social media until the conclusion of their cases, likely on the advice of counsel. Such statements may be used at trial.Trump's interim appointee moves in without Senate confirmationKarony’s case, first filed in November 2023, came as Donald Trump appointee Joseph Nocella assumed the role of interim US Attorney for the court district. EDNY’s courts have previously handled cases involving allegations of crypto fraud, but it’s unclear whether politics will play a role moving forward, given Trump’s alignment with the crypto industry.In the neighboring US District Court for the Southern District of New York, Alex Mashinsky is scheduled to be sentenced on May 8. The former Celsius CEO pleaded guilty to two felony charges in December 2024. Prosecutors have asked a judge to impose a 20-year sentence.Magazine: Bitcoiner Adam Back on Blockstream conspiracy theories and Satoshi question
Published Date: 2025-05-07 21:21:00Creator: Cointelegraph by Turner Wright
Read More
Binance's BNB Chain rebounds amid institutional, DeFi adoption
Binance-affiliated BNB Chain has rebounded after a period of stagnation in 2023 amid accelerating institutional and decentralized finance (DeFi) adoption. During the past year, BNB Chain has benefited from multibillion-dollar inflows into DeFi, US exchange-traded funds (ETFs), and rising trading volume at affiliated centralized exchange (CEX) Binance. Consequently, the blockchain network’s native BNB token (BNB) has emerged as among the market’s most resilient cryptocurrencies, surpassing all-time highs in the first quarter of 2025 even as the broader crypto market trended downward. “This resilience isn't just about price action — strong fundamentals also back it,” Joao Wedson, CEO of investing analytics platform Alphractal, said in an April X post. “Binance has built a massive ecosystem where BNB is used extensively,” Wedson added.Asset manager Standard Chartered expects the BNB token’s price to continue to rise, reaching highs of $2,775 by the end of 2028. As of May 7, BNB trades at around $600 per coin. It has a market capitalization of nearly $85 billion, according to CoinMarketCap.Meanwhile, asset manager VanEck proposed on May 5 the first BNB ETF in the United States. DeFi activity on BNB Chain (formerly BSC). Source: DeFiLlamaRelated: Standard Chartered predicts BNB will more than double in 2025DeFi inflowsSince the start of 2024, BNB Chain’s TVL has increased from around $3.5 billion to more than $6 billion, according to data from DefiLlama. It still hasn’t recovered fully to all-time highs of more than $20 billion in 2022. As of May 7, BNB Chain ranks fourth among layer-1 blockchain networks by TVL, the data shows. According to Standard Chartered, BNB Chain’s “use cases remain almost entirely on decentralised exchanges [DEXs], lending protocols, and liquid staking. This makes it a much more concentrated and ‘old-fashioned’ smart contract platform than rivals,” it said in a May research note reviewed by Cointelegraph.“While this caps upside potential, it also provides a degree of stability,” according to the asset manager. PancakeSwap is among BNB Chain’s largest DEXs, with roughly $1.5 billion in TVL, according to DefiLlama.USD1 on BNB Chain vs. Ethereum. Source: BSC ScanInstitutional adoptionInstitutional adoption is growing on the blockchain network, with performance partly driven by its ties to Binance, the network's affiliated CEX.The exchange clocked an all-time high trading volume of around $76 trillion in 2024. It accounts for roughly 40% of spot trading volumes globally, according to Standard Chartered.In addition, US President Donald Trump-backed stablecoin USD1 has been issued primarily on the BNB Chain. Data from BscScan shows that more than $2 billion worth of USD1 — or 99% of its circulating supply — has been issued on BNB Chain. Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live
Published Date: 2025-05-07 21:05:11Creator: Cointelegraph by Alex O’Donnell
Read More
Ethereum Pectra upgrade adds new features — How long before ETH price reacts?
Key takeaways:Reclaiming the $2,200 level remains the first price challenge for ETH. ETH price could recover if the Pectra upgrade leads to a surge in DApp and Ethereum network activity. Ethereum successfully implemented a key network upgrade on May 7, but Ether (ETH) price and its derivatives metrics showed little response to the upgrade. The lackluster response surprised traders and led analysts to question whether ETH still has a real chance of climbing 22% to retake the $2,200 level.Ether 30-day futures annualized premium. Source: Laevitas.chThe ETH futures premium has remained below the 5% neutral threshold, indicating a lack of appetite from leveraged bulls. More significantly, this indicator was unchanged at 3% after the Pectra upgrade, suggesting traders did not adjust their positions despite the upgrade’s successful deployment. The subdued response can be partly explained by investors’ focus on macroeconomic issues, as recession risks arise amid uncertainty in global trade disputes. But traders’ lack of interest in Ether predates the recent worsening of risk aversion conditions. In fact, ETH underperformed the broader cryptocurrency market capitalization by 28% in the first three months of 2025. The lackluster price impact following the Pectra upgrade reflects broader dissatisfaction, as competing blockchains have gained traction.Solana monthly active addresses vs. layer-1 competitors. Source: Token TerminalHistorically, high Ethereum base layer fees may have limited network activity, but these costs have dropped below $1 since mid-February. Additionally, Ethereum’s leading layer-2 solution, Base, currently boasts 10.3 million monthly active users-far fewer than Solana’s 82.2 million and BNB Chain’s 25.9 million, according to Token Terminal data.Ethereum lags in DApp interoperability — Will it hurt ETH price? Solana has dominated the decentralized exchange sector, particularly in token launches, by offering an integrated user experience. Similarly, Hyperliquid has exceeded expectations in perpetual futures trading, demonstrating that traders’ primary focus is not necessarily on Ethereum’s decentralization and security. Meanwhile, Tron has made significant inroads in the stablecoin market.Blockchains and DApps 30-day fees, USD. Source: DefiLlamaEthereum’s leadership in total value locked (TVL) remains undisputed at $53.7 billion. However, this has provided little benefit to ETH holders, as network fees have been relatively low at $19 million over the past 30 days, according to DefiLlama. For comparison, Tron has amassed $51.8 million in fees in the same period, while Solana has accrued $39.4 million.Source: X/ProbablyNoamNoam Hurwitz, head of engineering at Alchemy, noted that Ethereum blob fees have dropped to their lowest possible level since the Pectra upgrade. For Hurwitz, Ether’s success depends on base layer scalability, including further improvements in the rollup mechanism, and ultimately, a more seamless user experience.Related: Standard Chartered predicts BNB will more than double in 2025Bridging assets and data across Ethereum’s layer-2 ecosystem has long been a challenge, while users on Solana and BNB Chain can easily switch between multiple decentralized applications (DApps). The Pectra upgrade, while a step in the right direction, does not resolve this issue, which explains why ETH has been unable to reclaim the $2,200 level seen in early March.For Ether’s price to climb 22% from its current $1,810 level, investors likely need reassurance that the network’s progress, whether through deposits or layer-2 growth, translates into clear benefits. Ultimately, improved staking yields or stronger incentives are needed to drive broader adoption of DApps, which in turn would generate increased demand for ETH within the ecosystem.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: 2025-05-07 20:20:38Creator: Cointelegraph by Marcel Pechman
Read More
$45 million stolen from Coinbase users in the last week — ZackXBT
Onchain sleuth and security analyst ZackXBT claims to have identified an additional $45 million in funds stolen from Coinbase users through social engineering scams in the past seven days alone.According to the onchain detective, the $45 million figure represents the latest financial losses in a string of social engineering scams targeting Coinbase users, which ZackXBT said is a problem unique among crypto exchanges:"Over the past few months, I have reported on nine figures stolen from Coinbase users via similar social engineering scams. Interestingly, no other major exchange has the same problem."Cointelegraph reached out to Coinbase but was unable to get a response by the time of publication.Source: ZachXBTThe claims made by ZackXBT place the total amount lost by Coinbase users to social engineering scams at $330 million annually and reflect the growing number of sophisticated attack strategies employed by threat actors to defraud crypto holders.Related: $330M Bitcoin social engineering theft victim is elderly US citizenFBI issues warnings on social engineering scams targeting crypto usersIn July 2024, reports emerged that several Coinbase users were targeted by scammers posing as the exchange's support staff. The scammers managed to drain $1.7 million from one user.The United States Federal Bureau of Investigation (FBI) issued a warning in August 2024, sounding the alarm on scammers posing as crypto exchanges in an attempt to steal user funds and sensitive user data.The FBI expanded this warning in September 2024, highlighting the use of fake employment offers from scammers targeting crypto users.According to the FBI, North Korean state-affiliated hacking groups would direct victims to download malicious software by disguising the software packages as employment tests, job applications, and information on investment opportunities.More recently, in March 2025, crypto users reported an uptick in scam emails imitating legitimate communication from crypto exchanges, directing users to withdraw their funds to external wallets.The growing variety and sophistication of social engineering scams prompted Coinbase chief security officer Phillip Martin to call for streamlining the scam reporting process by having a single, unified framework or repository for identifying and combating scams.Magazine: Real AI use cases in crypto, No. 3: Smart contract audits & cybersecurity
Published Date: 2025-05-07 19:57:00Creator: Cointelegraph by Vince Quill
Read More
US Treasury Secretary expresses support for crypto bills at hearing
Speaking at a hearing, US Treasury Secretary Scott Bessent suggested support for two crypto-related bills moving through Congress.Bessent addressed lawmakers at a May 7 hearing of the House Financial Services Committee, saying that the United States should be the “premier destination for digital assets” in response to a question about American dominance over China in crypto-related innovation. The Treasury Secretary added that “good market structure” and “stablecoin legislation” could help ensure this outcome.US Treasury Secretary speaking at a May 7 hearing. Source: Scott BessentBessent’s remarks echoed those of other Republican lawmakers and President Donald Trump, who initially claimed he wanted to make the US the “crypto capital of the world” during his 2024 campaign. The Treasury Secretary was likely referring to the draft of a digital asset market structure bill released by House Republicans on May 6 and the GENIUS bill to regulate stablecoins, expected to be taken up for a vote in the Senate on May 8.The Treasury Secretary, a Trump nominee, has stood by the president for significant announcements in crypto-aligned policy, including an executive order to establish a sovereign wealth fund and as a member of a working group to explore federal regulations for stablecoins and a national crypto stockpile. He suggested during a confirmation hearing that he would oppose the creation of any US-issued central bank digital currency while in office.Related: Bitcoin ‘Realized Cap’ hits $890B as BTC traders focus on recapturing $100KDemocrats push back on crypto bills amid memecoin dinner controversyEven before announcing that he intended to hold an exclusive dinner and VIP tour for some of his top memecoin holders, Trump faced scrutiny from many lawmakers over allegations of conflicts of interest surrounding his crypto ventures. However, the dinner announcement seemed to galvanize some Democrats against any crypto-related legislation.Representative Maxine Waters, ranking member of the House Financial Services Committee, led a walkout of a hearing addressing the Republican-drafted crypto market structure bill on May 6, citing the need to explore “Trump’s crypto corruption.” A group of nine Democrats in the Senate likewise said they will not support the GENIUS stablecoin bill in its current form, suggesting stronger Anti-Money Laundering, foreign issuer, and national security safeguards. It’s unclear at the time of publication whether Republicans, who control both chambers, will still have the votes to pass either bill.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published Date: 2025-05-07 19:24:34Creator: Cointelegraph by Turner Wright
Read More