Crypto News
What bankers, CPAs and CFOs need to know about blockchain
Why finance veterans are still skeptical about blockchain Blockchain has been part of the finance conversation for over a decade now. Yet many professionals remain cautious. Many seasoned professionals in finance, wealth management and economics often question blockchain’s relevance, asking, How exactly is blockchain supposed to fit into what we already do?This question reflects a few key ongoing skepticisms about blockchain within finance.Uncertainty about practical applicationsBlockchain offers some big promises: faster settlements, stronger security and better transparency. But actually applying those promises across banking, accounting and operations is still complicated.A 2021 APQC survey identified the main hurdles: a lack of industry-wide adoption, skill gaps, trust issues, financial constraints and problems with interoperability. Even organizations that want to embrace blockchain often struggle to turn ideas into working solutions.Doubts about necessitySome finance professionals aren’t convinced blockchain is necessary at all.The same APQC survey showed trust issues and a lack of understanding as major reasons for the slow adoption. Without a clear and compelling return on investment (ROI), it’s tough to justify tearing up existing systems that, frankly, still work.Lack of understanding Maybe the biggest obstacle? A lack of understanding. A 2024 study revealed that only 13.7% of financial advisers engage with clients about cryptocurrencies despite increasing client interest and the approval of crypto exchange-traded funds (ETFs) between 2021 and 2024. Moreover, while groups like the American Institute of Certified Public Accountants (AICPA) are trying to build frameworks for blockchain compliance and auditing, there’s no standard playbook yet. And without clarity, leadership teams are stuck. This article will aim to address each of these skepticisms, ultimately providing an answer to how blockchain fits into finance in 2025.Did you know? Christina Lynn, a behavioral finance researcher and certified financial planner, highlighted in her 2024 Journal of Financial Planning article that many financial advisers dismiss cryptocurrency due to biases, fear and regulatory concerns despite growing investor interest. She urges advisers to educate themselves, adopt a balanced approach, and provide guidance to avoid client mistakes. The 2025 blockchain landscape: Key developments Unbeknownst to many, thanks to regulatory shifts, stablecoins gaining ground and major institutions building on-chain infrastructure, blockchain is moving from experimental to essential within finance. Below are the developments serving as key contributors in 2025.Regulatory shiftsThe US Federal Reserve has relaxed its 2022 stance, no longer requiring banks to get explicit approval to offer crypto services. Similar signals from the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency show that regulators are starting to treat blockchain as a legitimate tool.At the same time, SEC Chair Paul Atkins is pushing for clearer, innovation-friendly crypto rules, moving away from vague enforcement tactics and toward a more structured regulatory framework.Stablecoin stampedeThe stablecoin market capitalization has climbed to nearly $240 billion as of late April 2025, brushing up against an all-time high. Regulators are also stepping up. In Europe, the Markets in Crypto-Assets (MiCA) framework is now fully live, laying down clear ground rules for crypto assets. For stablecoins, that means strict 1:1 reserve requirements and a crackdown on anything resembling an algorithmic model without real backing. Meanwhile, in the US, lawmakers are making moves, too. The STABLE Act, reintroduced in March, proposes tighter oversight over stablecoin issuers and even suggests a two-year freeze on new algorithmic coins. Alongside it, the GENIUS Act aims to set up a whole new licensing system for stablecoins, making issuers meet banking-level standards for reserves, redemption rights and compliance.The private sector isn’t sitting still either. Coinbase recently waived fees on PayPal’s PYUSD (PYUSD) transactions and now offers seamless USD redemptions. It’s a smart play to make stablecoins more visible in day-to-day finance. And the uptake isn’t just happening in the US. In Asia, stablecoins are becoming a go-to for cross-border remittances because they’re faster and cheaper than traditional methods. In Latin America, they’re being used to hedge against local currency collapses; in Brazil, for example, stablecoins now make up over 80% of crypto transactions. In different corners of the world, stablecoins are solving very real problems.Blockchain goes bigProjects like JPMorgan’s Kinexys and Citigroup’s permissioned blockchain platform show that major banks are actively investing in tokenization, digital asset settlement and blockchain infrastructure for global finance.Did you know? The global blockchain market is projected to reach $162.84 billion by 2027, up from $26.91 billion in 2024. Blockchain in banking operations As of 2025, blockchain is helping streamline settlements, tighten compliance, and transform cross-border payments from a headache into a smooth operation. Here’s how:Real-time settlement and clearingMoving money between banks — especially across borders — used to be a slow, messy process. Layers of intermediaries meant delays, high fees and plenty of room for errors.By cutting out intermediaries and verifying transactions directly, blockchain enables near-instant settlement, slashing turnaround times dramatically.In fact, JPMorgan’s Kinexys platform (part of its Onyx suite) now processes over $2 billion in daily transactions, using JPM Coin to settle payments across banks and currencies in real time.It’s an example of a live system handling serious volume with the help of a blockchain.Enhanced KYC and AML complianceKnow Your Customer (KYC) and Anti-Money Laundering (AML) checks have always been necessary — but painfully slow and repetitive.Blockchain offers a smarter way to handle them. A tamper-proof ledger allows banks to securely store and share verified customer information, speeding up audits and reducing compliance headaches.Another real-world example from JPMorgan is Liink, which runs a blockchain-inspired service called Confirm, which helps banks validate over 2 billion bank accounts across more than 3,500 financial institutions, dramatically improving efficiency for KYC processes.Cheaper, faster cross-border paymentsSending money internationally used to take days and came with hefty fees.With blockchain, transactions can settle in minutes, and fees are significantly lower.Real-world moves:HSBC and Ant Group: In 2023, they ran real-time HKD-denominated tokenized transactions under the Hong Kong Monetary Authority’s Ensemble Sandbox, giving businesses 24/7 cross-bank transfers.Wells Fargo: Implemented HSBC’s blockchain-based system for foreign exchange settlements, reducing risk and speeding up cross-border FX deals.Even Deloitte estimates that blockchain could slash cross-border payment costs by 40%-80%, saving the industry up to $24 billion a year.This all shows that banks are betting real money and real infrastructure on blockchain delivering real value.Did you know? Visa’s Tokenized Asset Platform (VTAP) allows banks to mint, burn and transfer fiat-backed tokens, such as tokenized deposits and stablecoins.Considerations for banksOf course, blockchain isn’t a panacea. There are a few things banks need to keep in mind:Integration is critical: Blockchain systems have to plug into existing core banking infrastructure. Full rip-and-replace projects aren’t practical (or cheap).Training matters: New systems won’t work if the people running them don’t know how. Banks need to upskill teams across compliance, operations and IT.Customer experience comes first: It’s not just about making internal processes faster — clients need to feel the difference, too.Behind the scenes, accounting and auditing firms are also finding that blockchain can fix long-standing pain points. That’s what will be explored next. Blockchain in accounting and auditing Accounting and auditing might not be flashy headlines, but behind the scenes, blockchain is slowly changing how financial data is managed, verified and reported.Better data security and fraud preventionWith blockchain, once a transaction is recorded, it can’t be altered without consensus from the network. This built-in immutability drastically reduces the risk of tampering or fraud and strengthens the integrity of financial records.More transparency = better auditsAuditors no longer need to stitch together fragmented information from multiple systems. Blockchain provides a single, real-time, tamper-proof trail of transactions, making audits faster, more accurate and more reliable.Streamlined reconciliation and reportingBlockchain simplifies day-to-day reporting, too. Instead of manually reconciling across different ledgers, authorized parties all have access to a shared, automatically updating record.Adoption challengesOf course, it’s not all smooth sailing.Lack of standardization: There’s still no universal rulebook for blockchain accounting. Groups like the AICPA and the International Accounting Standards Board are issuing early guidance, but without global standards, firms must tread carefully.Integration woes: Most firms still use legacy enterprise resource planning and accounting platforms that weren’t designed for blockchain. Integrating — or deciding when to overhaul — poses serious technical and financial challenges.Regulatory uncertainty: Regulations around digital assets and blockchain-based transactions are evolving fast. Firms must keep their internal controls and reporting practices agile to stay compliant.Did you know? The concept of triple-entry accounting, enabled by blockchain, adds a third component to traditional double-entry systems. Blockchain for CFOs and treasurers In 2025, blockchain is a practical tool for chief financial officers and treasurers looking to sharpen financial reporting, improve operational efficiency, and strengthen risk controls.Strategic applicationsReal-time financial reporting and analysis: Blockchain’s tamper-proof, real-time data streams give CFOs instant access to financial performance. No more waiting for reconciliations — finance teams can forecast and pivot with live numbers at their fingertips.Smart contracts for compliance and transactions: Smart contracts automate routine processes like compliance checks and payment executions, reducing human error and ensuring agreements are enforced exactly as written.Tokenization for capital raising and asset management: Tokenizing assets such as real estate, equipment or equity opens new doors for raising capital and improving liquidity. Fractional ownership models also make it easier to access a broader investor base.Risk management considerationsWhile blockchain enhances security overall, it’s not invulnerable. Strong access controls, regular audits and active network monitoring are essential to protect systems and assets. Organizations also need contingency plans in place, since blockchain networks can experience outages or latency issues; having off-chain fallback procedures ensures business continuity during disruptions.Finally, CFOs and treasurers must stay actively engaged, working closely with legal teams and regulators to stay ahead of compliance risks and future-proof their operations. Best practices for blockchain compliance If you’re operating — or planning to operate — in blockchain environments, these practices should be at the top of your checklist.Establish robust internal controlsManaging digital assets safely demands stricter-than-ever internal controls. That means:Segregation of dutiesRole-based access systemsRigorous transaction validation.Without these safeguards, the risk of fraud or mismanagement climbs quickly.Engage with regulators earlyOrganizations that wait for final rulings often find themselves scrambling. Proactively building relationships with regulatory bodies helps you stay informed and adapt to early guidance.For example, a licensed Swiss crypto bank, SEBA, engaged early with the Swiss Financial Market Supervisory Authority (FINMA) and became one of the first banks to secure a banking and securities dealer license in 2019. Its proactive compliance approach allowed it to operate both crypto and traditional assets legally in Switzerland.In addition, the Crypto Valley Association (based in Zug) collaborates regularly with Swiss regulators to shape clear, forward-thinking crypto and blockchain policies. They’ve been instrumental in making Switzerland one of the world’s most crypto-friendly jurisdictions.Invest in ongoing compliance trainingBlockchain regulation is in flux. Regular training ensures your finance and compliance teams are ready to adapt.Everyone from junior auditors to senior compliance officers needs to stay fluent in blockchain fundamentals, regulatory updates and best practices.By building these habits into your organization now, you’ll be better equipped in the long term. Actionable steps for finance professionals So, blockchain does have real use cases in finance; it is here to stay and needs to be firmly on your radar. Here’s how different finance professionals can start making smart, manageable moves today:For bankersFocus on practical wins first.Look for areas where blockchain can immediately improve operations, like speeding up settlements, streamlining compliance processes or making loan servicing more transparent.Instead of jumping into a full blockchain overhaul, pilot small initiatives in targeted areas like trade finance or cross-border payments. This way, you can measure results with minimal risk.Also, partnering with fintechs that specialize in blockchain infrastructure can accelerate your learning curve and implementation, letting you tap into blockchain benefits without rebuilding internal systems from scratch.For CPAs and auditorsStay current with evolving standards — especially updated AICPA guidance on digital asset accounting and blockchain auditing.Certified Public Accountants (CPAs) and auditors also need to build technical expertise because auditing blockchain records isn’t the same as auditing traditional ledgers.You’ll need to understand:How blockchain structures dataHow verification worksWhat best practices apply to blockchain audit trails.Moreover, don’t be afraid to advocate for blockchain adoption at your firm — especially when it can boost transparency, lower risk, and strengthen the credibility of financial reporting.For CFOs and treasurers When evaluating blockchain initiatives, look through a financial lens first. Consider:How blockchain impacts cash flowHow tokenization might affect your balance sheetHow stablecoins or blockchain-based settlements could influence treasury operations.If tokenization or stablecoin strategies are even on the horizon for your business, they should already be reflected in your three- to five-year strategic plans.Also, don’t go it alone: Engage with peer networks, industry groups and blockchain-focused finance events. Real-world insights from other CFOs and treasurers can help you spot opportunities and avoid common early-adoption pitfalls.
Published Date: 2025-05-06 14:25:00Creator: Cointelegraph by Bradley Peak
Read More
Dem lawmakers object to hearing, citing 'Trump’s crypto corruption'
US Representative Maxine Waters, ranking member of the House Financial Services Committee (HFSC), led some Democratic lawmakers out of a joint hearing on digital assets in response to what she called “the corruption of the President of the United States” concerning cryptocurrencies.In a May 6 joint hearing of the HFSC and House Committee on Agriculture, Waters remained standing while addressing Republican leadership, saying she intended to block proceedings due to US President Donald Trump’s “ownership of crypto” and oversight of government agencies. Digital asset subcommittee Chair Bryan Steil, seemingly taking advantage of a loophole in committee rules, said Republican lawmakers would continue with the event as a “roundtable” rather than a hearing.HFSC Chair French Hill urged lawmakers at the hearing to create a “lasting framework” on digital assets, but did not directly address any of Waters’ and Democrats’ concerns about Trump’s involvement with the crypto industry. Hill said Waters was making the hearing a partisan issue and shutting down discussion on a digital asset regulatory framework.Waters’ objection and leading members of Congress opposed to Trump’s crypto ties to a shadow hearing was part of a strategy announced by the Democratic lawmaker on May 5. Amid his 2024 campaign and once taking office in January, Trump has faced criticism for the launch of his memecoin, a recent offer to have top tokenholders attend an exclusive dinner, and his family’s ties to the crypto platform World Liberty Financial.Competing bills to regulate crypto, ban government officials from owning itThe “roundtable” led by Republicans moved forward, discussing the crypto market structure framework that the party’s leadership proposed on May 5. Meanwhile, Democrats in the shadow hearing released a draft of legislation “to establish certain digital asset prohibitions with respect to Government officers and employees,” specifically naming the president, vice president, members of Congress, and their immediate families. The bill proposed banning all covered individuals from owning crypto, serving as leadership for a digital asset issuer, or receiving compensation through the sale or trading of crypto.May 6 discussion draft bill proposing to ban ownership of crypto by government officials. Source: House Financial Services Committee DemocratsThe hearing and efforts by Democrats to “hold [Trump] accountable” could slow or outright halt progress to pass the market structure bill. In the Senate, a group of Democrats pulled support for a stablecoin bill after raising concerns about corruption by the president and his family.Some Republican lawmakers, including Hill, have pushed back on Trump’s connections to the crypto industry. The Arkansas lawmaker reportedly said in March that the Trump family’s involvement makes crypto legislation “more complicated,” while Senators Cynthia Lummis and Lisa Murkowski were reportedly critical of the president’s memecoin dinner.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Published Date: 2025-05-06 13:59:05Creator: Cointelegraph by Turner Wright
Read More
Binance founder CZ says Bitcoin could hit $500K–$1M this cycle
Binance co-founder Changpeng “CZ” Zhao expects Bitcoin’s price to top at $500,000 to $1 million during this market cycle.During an interview with Rug Radio published on May 5, Zhao said that he expects Bitcoin to reach up to one million dollars during this market cycle. He also highlighted the role of Bitcoin spot exchange-traded funds (ETFs) in this rise, saying that the increasing institutionalization of Bitcoin is a good thing for the market:“There’s the ETFs. There’s this institutionalization of Bitcoin [ … ] it’s a positive in terms of price action, obviously. Our bags are up — not the alt‑coins as much, but at least Bitcoin is.”Zhao explained that the ETFs are “bringing the traditional institution money into crypto” and “most of the money in the US is institutional money.” He said that “Bitcoin is going up because most of the ETFs are Bitcoin-based.”Changpeng Zhao at Rug Radio. Source; YouTubeFounder of Obchakevich Research Alex Obchakevich told Cointelegraph that “70% [of Bitcoin’s growth] is new institutional capital, the rest is just a redistribution of crypto assets.” He highlighted the role of the ETFs in pushing Bitcoin’s price higher:”ETFs, especially Bitcoin ETFs, are a key driver of the bullish trend, but with small volatile corrections.”Related: Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reservesGovernments are in on it, tooZhao also highlighted that governments are increasingly buying Bitcoin as well, which “is really good for the price action.” He added:“It’s also very good validation.“The remarks follow multiple countries accumulating Bitcoin. In late April, El Salvador, the world’s first country to adopt Bitcoin as legal tender, continued acquiring Bitcoin despite the International Monetary Fund’s comments claiming the opposite. In the seven days leading to April 27, the country acquired 7 BTC worth over $650,000 at the time.The country’s Bitcoin Office data shows that El Salvador currently holds nearly 6,170 BTC worth almost $580 million. The Kingdom of Bhutan is also accumulating Bitcoin. January reports suggested that a new economic hub in the country plans to set up a strategic cryptocurrency reserve comprising major crypto assets, including Bitcoin and Ether (ETH).Related: ‘To have freedom of money, you have to have freedom of speech’ — CZA shift in US policyThe former Binance CEO also noted that the US “has pivoted 180 degrees under a pro-crypto president,” since the election of President Donald Trump. He said:“They’re smart enough to recognise that buying Bitcoin is a great move, and now other countries will have to follow.”Talking about retail investors, he said that they “had 15 years to buy.” Consequently, “if they’re late now, that was their choice.”Magazine: CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler’s Digest, Sept. 22 – 28
Published Date: 2025-05-06 12:40:18Creator: Cointelegraph by Adrian Zmudzinski
Read More
Singapore’s Grab taps Solana DePIN project Natix to ‘reshape mapping’
Southeast Asia’s superapp Grab has partnered with Natix, a project within Solana’s decentralized physical infrastructure network (DePIN), to cooperate on mapping and autonomous driving technologies.The joint collaboration aims to combine Natix’s blockchain-based mapping data with Grab’s camera hardware and mapmaking technology featuring artificial intelligence support, Natix said in an announcement on May 6.“This partnership brings together the best of both worlds,” the announcement noted, pointing to Grab’s expertise in crowdsourced mapping and Natix’s unique DePIN model that rewards users for providing decentralized data input.Source: Natix“By combining GrabMaps’ AI-powered mapping technology with Natix’s decentralized data network, we’re enabling real-time, high-fidelity map updates across the globe,” Grab’s mapping service, GrabMaps, wrote in a LinkedIn post on Tuesday.360° vehicle imagery for Tesla driversAs part of the collaboration, Natix will launch VX360, a device built on Grab’s hardware platform that allows Tesla drivers to collect and share 360° vehicle imagery, GrabMaps said in the LinkedIn statement.“This rich visual data powers fresher maps and provides critical training and validation datasets for autonomous driving and physical AI applications,” it added.GrabMaps announced a partnership with the Natix Network on LinkedIn. Source: GrabMapsApart from Natix, GrabMaps has also collaborated on hyperlocal location map-making tech with partners like Loqate, Bing Maps, Mappls and more, according to its official website.Driving data incentives for better mappingAccording to Natix, traditional centralized mapping methods like Google Street View and TomTom are inefficient, expensive and are often associated with limited coverage and update frequency, requiring firms to invest considerable sums to update maps.To solve this problem, Natix has built an on-street camera network, which enables crowdsourced models to gather real-time data from users’ devices about road conditions and changes at a “fraction of the cost,” Natix co-founder and CEO Alireza Ghods told Cointelegraph.“Google has started tapping into this model by asking users to submit road updates, but the data remains proprietary. It is expensive to access and only available in the territories that companies pay for,” he noted, adding:“A blockchain-based incentivization system provides better results in terms of frequency, participation, and coverage.”“We’re giving Tesla drivers access and storage for their vehicle’s camera feed — while earning rewards for contributing 360° imagery that will be used for better mapping solutions and to power physical AI,” Natix said in the announcement.Source: NatixFor the tech to pay attention to map events like accidents and roadwork as well as traffic signs, Natix has also been building AI pipelines for the extraction of data, Ghods said, adding:“Some are internal efforts, and now we plan to tap into Grab’s AI capabilities as they have cutting-edge technology already built for this need.”Grab’s growing interest in crypto and blockchainGrab’s new partnership with Natix is another milestone in the company’s growing number of blockchain and cryptocurrency adoption use cases.In March 2024, Grab partnered with the payments firm Triple-A to enable its clients to pay for services using five cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Circle’s USDC (USDC) stablecoin.An excerpt from Circle’s case study on Grab. Source: CircleAdditionally, Grab is significantly backed by the Japanese multinational investment holding company SoftBank, which is known for its bullish stance on cryptocurrency and AI.The news comes shortly after Grab reported $773 million of revenue in the first quarter of 2025, posting an 18% increase year-over-year.Magazine: Crypto AI tokens surge 34%, why ChatGPT is such a kiss-ass: AI Eye
Published Date: 2025-05-06 12:32:39Creator: Cointelegraph by Helen Partz
Read More
Bitcoin risks sub-$92K retest as BTC price fails to match 4% gold gains
Key points:Bitcoin is struggling again as gold retakes the limelight with week-to-date gains of nearly 5%.Bitcoin’s correlation with gold is under scrutiny amid ongoing macroeconomic shifts.Traders see a short-term slump amid a wider BTC price rebound.Bitcoin (BTC) eyed fresh month-to-date lows into the May 6 Wall Street open as “directionless” crypto markets contrasted with a gold rebound.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewAnalysis: Bitcoin, crypto “largely directionless”Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum stalling at $95,000 before the latest daily close. Inching closer to the key yearly open support level at $93,500, BTC/USD appeared caught in limbo while gold returned to outperform.XAU/USD was up 1.5% on the day at the time of writing, with week-to-date gains already at 4.4%.XAU/USD 1-hour chart. Source: Cointelegraph/TradingView“Crypto implied vols remain suppressed, with front-end skew drifting back toward neutral and spot largely directionless,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.QCP noted various swings across the macro spectrum, with the dollar staying lower and emerging market currencies, especially the Taiwanese dollar, surging alongside gold.“At the same time, the FX shakeup coincides with a nearly 3% surge in gold on Monday, as investors lean into the weaker-dollar narrative and price in geopolitical risk premia, including prospective US trade diplomacy,” it continued.With Bitcoin yet to follow suit, QCP saw an “increasingly binary” next phase, with one outcome being that BTC “decouples from gold’s safe haven bid and relinks with broader risk proxies.”In its own analysis, trading resource The Kobeissi Letter nonetheless saw the “first gold, then Bitcoin” narrative sticking.“In April, Bitcoin joined the gold run, increasing correlation for the first time in months. Between April 7th and April 21st, gold surged +15% along with +12% in Bitcoin,” it observed in an X thread on May 5. “The flight to decentralized and inflation-protected assets is strong. Keep watching this trend.”Bitcoin vs. gold comparison. Source: The Kobeissi Letter/XMACD gives BTC bulls pause for thoughtExamining technical data, Bitcoin traders suggested that BTC/USD may be pausing within a broader comeback.Related: Bitcoin eyes gains as macro data makes US recession 2025 ‘base case’Evidence for this came from the moving average convergence/divergence (MACD) indicator, a measure of trend strength that gave conflicting signals on longer and shorter timeframes.#btc weekly MACD about to cross bullishly from a position of strength... pic.twitter.com/x2JjK9rHNW— dave the wave🌊🌓 (@davthewave) May 6, 2025Popular trader Dave The Wave revealed a bullish signal on the weekly MACD, while daily behavior confirmed a bearish crossing below the zero line.“BTC is consolidating between last week’s high and low, awaiting tomorrow’s FOMC meeting and Jerome Powell’s speech. Meanwhile, the daily MACD is crossing bearish, signaling slowing momentum,” fellow trader Titan of Crypto summarized.BTC/USDT 1-day chart with MACD data. Source: Titan of Crypto/XHis post referred to the week’s key macro event, the meeting of the Federal Reserve to decide on interest rate changes, due on May 7.Earlier, Keith Alan, co-founder of trading resource Material Indicators, warned that the yearly open was unlikely to hold as support.“To summarize, I'll be pleasantly surprised if the YO holds,” he told X followers. “While I'm prepared for a wick to to $88k - $90k range, I think the $91.6k level around the 21 MA is a likely target this week.”BTC/USD 1-week chart with 21SMA. Source: Cointelegraph/TradingViewThis 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: 2025-05-06 12:30:00Creator: Cointelegraph by William Suberg
Read More
US stablecoin bill loses democrats amid Trump corruption concerns
Democratic lawmakers in Washington are backing off support for crypto legislation amid heightened concerns over corruption, including the conduct of the Trump family’s World Liberty Financial (WLFI).In March, the GENIUS Act, which would regulate stablecoins in the US, passed a critical committee reading with the support of several pro-crypto Democrats. Democratic Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Andy Kim and Angela Alsobrooks voted with Republicans, opposite lead Democrat and prominent crypto critic Senator Elizabeth Warren.The bill passed the committee only after a number of changes were made, including stricter requirements for stablecoin issuers and provisions for Anti-Money Laundering, countering terrorism financing and risk management procedures. Now, it seems that even those provisions are insufficient to quell Democratic concerns. Following some high-profile crypto deals that personally enrich President Donald Trump, Congressional Democrats are pulling their support.Bipartisan efforts on stablecoin bills endangeredOf the five pro-crypto Democrats to pass the GENIUS Act in the Senate Banking Committee, four signed their names to a statement on May 3, saying that they do not feel comfortable with the direction stablecoin legislation is taking. “The bill, as it currently stands, still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability,” the announcement reads.The statement does not explicitly call out corruption nor mention Trump by name, but taken alongside other measures from Democratic lawmakers, it shows a growing reticence to engage on cryptocurrency issues.As Cointelegraph reported on May 5, Representative Maxine Waters and other Democratic members of the House Financial Services Committee plan to leave a House of Representatives hearing on crypto titled “American Innovation and the Future of Digital Assets” on May 6. According to a staffer familiar with the matter, this would sink the hearing, as House rules require all committee members to be present. The hearing concerns a draft bill, announced by Representative French Hill and other top Republicans on May 5, that would change how US financial regulators, namely the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), treat cryptocurrencies.Related: New crypto bill draft seen to curb big crypto firm influenceWaters, who has previously called for bipartisan cooperation on crypto legislation, has harshly criticized Trump, specifically his WLFI crypto investment firm. She characterized his TRUMP memecoin, released on his inauguration, as “the worst of crypto” and has been particularly vocal about the WLFI USD1 stablecoin project.At a markup hearing on April 2 concerning the STABLE Act — a draft bill circulating the House regarding stablecoins — Waters said the bill, in its current form, allows the president and insiders to “enrich themselves at the expense of everyone else.”“If there is no effort to block the President of the United States of America from owning his stablecoin business [...] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,” said Waters.Even Hill, a Republican leading the charge for crypto in Washington, said that Trump’s crypto projects complicate Congress’ ability to pass legislation.Stablecoin support as political leverageCorruption concerns may be one factor behind Democrats’ pumping the brakes on bipartisan crypto laws, but some observers believe it could be more of a political ploy. Aaron Brogan, a lawyer specializing in regulatory issues in the cryptocurrency industry, said it’s “unlikely that this group of Senators suddenly came to their senses and realized that the mostly benign stablecoin bill they had previously supported lacked protections they refused to name.”Brogan suggested that either lawmakers wanted to use support for the bill as leverage — Senate Majority Leader Chuck Schumer has reportedly urged Democratic lawmakers in private not to commit to the bill for this very reason — or an influential donor wants to kill the bill or use it as leverage. Related: Are Donald Trump’s tariffs a legal house of cards?Protect Progress, a major political action committee supporting crypto, donated millions to Gallego’s campaign, Brogan noted. He said it is possible that major donors to the committee (i.e., Coinbase) would rather see the bill replaced with something more to their liking. While he said it’s impossible to know for sure, “Coinbase has attempted to bundle the pending market structure legislation with stablecoins to make it more likely to pass,” he said. WLFI accused of shady dealingWLFI has already netted some $550 million from Trump token sales and is sealing more deals that will enrich its founders and board members, many of whom are Trump family members. One of them, Eric Trump, announced on May 1 that Abu Dhabi-based investment firm MGX would use USD1 to settle its $2-billion investment in global crypto exchange Binance.At Token2049, Eric Trump praised the UAE for its crypto-friendly approach, saying that the regulation-heavy EU is a “lost cause.”In November 2024, the founder of the Tron blockchain, Justin Sun, became the largest investor in WLFI when he bought some $30 million in TRUMP. More recent reports suggest he has spent nearly $70 million. On Feb. 24, just one month after Trump took office, the SEC, then with Acting Chair Mark Uyeda at the helm, halted its civil fraud investigation into Sun despite previous allegations that Sun and the Tron Foundation had illegally distributed tokens, concealed celebrity donations, and inflated trade volumes. Critics claimed that the president was selling exposure to the highest bidder when WLFI announced that top TRUMP tokenholders would be welcomed to a gala with the president himself. This prompted one lawmaker to suggest impeachment — a pipedream in a Congress with Republican majorities in both houses. WLFI has not responded publicly or on social media to these criticisms. In a May 5 interview with Meet the Press on NBC, President Trump downplayed the project, saying he was “not profiting from anything.” He said he hasn’t “even looked” at his portfolio.He also rejected the idea that he should forgo any profits from WLFi. “Should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m president and doing a good job? I don’t think so,” he said.With purported scandals and pressure mounting on Democratic officials to block Republican efforts on the Hill, the possibility of a bipartisan stablecoin bill, much less a crypto framework, looks increasingly bleak. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Published Date: 2025-05-06 12:28:58Creator: Cointelegraph by Aaron Wood
Read More
Bitcoin price forms two BTC futures gaps after Coinbase premium flips negative
Key takeaways: Bitcoin’s Coinbase premium index turned negative for the first time in 15 days, indicating defensive short-term sentiment among US investors.Bitcoin CME futures gaps between support at $92,000-$92,500 and resistance at $96,400-$97,400 suggest a period of range-bound trading. Bitcoin’s Coinbase premium index, which measures the gap between BTC price at Coinbase Pro and Binance exchange, turned negative after a 15-day positive stint, signaling potential bearish sentiment among US investors.This drop coincides with Bitcoin (BTC) slipping below $94,000, and the premium’s decline suggests reduced buying pressure on Coinbase, which is viewed as a proxy for both institutional and retail demand.Bitcoin Coinbase premium. Source: CryptoQuantCointelegraph reported early signs of selling pressure, with Bitcoin recording over $300 million in negative spot cumulative volume delta (CVD) from April 27 to April 29, indicating sustained sell-side activity. Related: Strategy, Semler bag 2K Bitcoin as price edged toward $100K last weekThis selling pressure persisted over the weekend, contributing to the price decline, with anonymous crypto analyst Exitpump noting that Bitfinex whales exhibited significant selling pressure compared to Coinbase and Binance. Additionally, approximately 8,000 BTC in open interest (OI) was removed across futures markets, reflecting reduced leverage. However, recent data shows that the aggregated futures bid-ask delta is turning positive, suggesting potential buying interest in derivatives markets.Bitcoin price, aggregated spot CVD, open interest, and bid-ask delta chart. Source: CoinGlassBitcoin has futures gaps in both directions Bitcoin is at a pivotal juncture, trading around $94,000 between two CME futures gaps. The gaps are between $92,000 and $92,500 from two weeks ago and $96,400 and $97,400 from the recent weekend. CME gaps often act as magnets for price action, with historical trends showing a tendency to fill these gaps in a matter of days. Bitcoin CME gaps analysis. Source: Cointelegraph/TradingViewBitcoin is expected to test at least one gap this week, with a potential drop to $92,000 more likely after Bitcoin failed to hold its position above its 200-day simple moving average (blue line). Bitcoin has lost its position above the 200-day SMA for the first time since April 11, possibly indicating a trend shift in the lower time frame (LTF) chart.However, choppy price action is likely in the short term due to overhead resistance at $97,000-$98,000 (CME gap 1) and key support at $93,000, where multiple liquidity levels are present. Crypto trader UB pointed out several key areas of interest to watch for on X, saying: “Things are fairly clean in terms of key levels. $95.5k & $91.9k. I'm personally not interested in a Bitcoin trade unless price is at one of the levels above. A reclaim of $95.5k would be a clear long to $99.1k.”Related: What will Bitcoin price be if gold hits $5K?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: 2025-05-06 12:01:45Creator: Cointelegraph by Biraajmaan Tamuly
Read More
Blockchains ready for institutions, lawyers hesitate: DoubleZero CEO
While blockchain infrastructure may be ready for institutional use, many legal teams at big firms remain cautious about fully integrating the technology. At the Token2049 event in Dubai, DoubleZero founder and former Solana head of strategy Austin Federa told Cointelegraph that today’s high-performance blockchains like Solana are technically capable of supporting large-scale institutional usage. However, lawyers need to catch up. “Most blockchains nowadays, especially things like Solana, are fast enough for institutions to use them,” Federa said. “It’s really more about the institutions and the institution’s lawyers getting comfortable with crypto.”Federa added that institutional lawyers and compliance teams are still addressing regulatory concerns. The executive said this may slow adoption despite the growing regulatory clarity in key markets like the United States. DoubleZero founder Austin Federa. Source: CointelegraphInstitutions are coming; they just move slowAccording to Federa, technical infrastructure is no longer a primary barrier for large firms. Tools needed to support enterprise-scale activity on networks like Solana are already in place: “Especially on networks like Solana and other fast networks, the infrastructure is there today for high amounts of institutional adoption.”While crypto community members may feel like institutional adoption should be more advanced than it is, Federa said that these organizations are not quick to onboard new technologies. “Institutions are coming on board, but they just move really slow,” Federa told Cointelegraph. “People expect these massive institutions to move fast, but that’s just not what they’re good at.” Until legal departments are fully satisfied with risk controls and compliance structures, Federa said meaningful adoption may unfold gradually. Related: DoubleZero’s alternative to public internet targets mainnet rollout in H2Institutional involvement in crypto infrastructureFedera highlighted a growing trend of institutional participation in the crypto infrastructure space. He said that bare-metal infrastructure providers and venture capital firms have offered financial support and contributed actual fiber infrastructure to DoubleZero. This kind of commitment was almost unthinkable just a few years ago, he said. “Most of those companies two years ago would not have had any interest or thought it was way too legally risky to take something and contribute fiber to it.” Unlike running a validator node, deploying fiber and infrastructure is a major commitment. Federa said institutional players now allocating serious resources to crypto-native projects reflects a shift in how traditional finance views the sector.Despite this, he acknowledged that while institutional adoption has grown, the broader crypto product landscape isn’t fully mature. “The products are not quite there yet for the most part,” Federa said.Magazine: Solana ‘will be a trillion-dollar asset’: Mert Mumtaz, X Hall of Flame
Published Date: 2025-05-06 11:45:31Creator: Cointelegraph by Ezra Reguerra
Read More
Citi and SDX partner to tokenize traditional private markets
Investment bank Citi and Switzerland’s SIX Digital Exchange (SDX) are teaming up to modernize traditional private markets through tokenization.The initiative, revealed during the Point Zero Forum in Switzerland, will leverage SDX’s blockchain-based Central Securities Depositary (CSD) platform to tokenize, settle and safekeep assets, according to a May 6 announcement.The platform, expected to go live by the third quarter of 2025, will make late-stage, pre-initial public offering (IPO) equities accessible to institutional and eligible investors globally.The project offers issuers a compliant and scalable framework to manage liquidity, particularly for early investors and employees, while maintaining cap table control. For investors, it opens access to high-growth, venture-backed companies in a more efficient and transparent manner.“We are excited to welcome Citi to the SDX platform and together deliver this landmark project in the tokenization of private shares,” said David Newns, head of SDX.Newns added that this will “enable the efficient distribution of shares in mature international private companies, which are expected to generate strong investor interest.”Citi announcing the partnership. Source: CitiRelated: Real-world asset tokenization: Unlocking a new era of financeCiti to provide servicing for tokenized assetsCiti will provide end-to-end servicing for these tokenized assets as the digital custodian and tokenization agent. “We are meeting client demand for access to emerging and relevant digital asset ecosystems and investments,” added Ryan Marsh, head of innovation and strategic partnerships, investor services and issuer services at Citi.Marni McManus, Citi’s country officer for Switzerland, said private markets represent a major and growing opportunity, helping digitize an industry still reliant on manual processes and paper-based documentation.Citi has been among the earliest major financial institutions to express strong confidence in the future of tokenization, even betting that it would become the next “killer use case” in crypto.In September 2023, Citigroup introduced Citi Token Services, a private, permissioned blockchain that offers cross-border payments, liquidity and automated trade finance solutions to institutional clients.In early 2024, Citigroup teamed up with Ava Labs, other traditional financial institutions and digital asset companies to complete a proof-of-concept for tokenizing private equity funds.Related: $21B tokenized RWA market doubtful, institutions uninterested — Plume CEORWA tokenization gains tractionCiti and SDX’s new initiative comes amid a renewed wave of interest in real-world asset (RWA) tokenization, with major players from both traditional finance and crypto making headlines last week.On April 30, BlackRock filed to create a blockchain-based share class for its $150 billion Treasury Trust Fund, allowing a digital ledger to mirror investor ownership. On the same day, Libre revealed plans to tokenize $500 million in Telegram debt via its new Telegram Bond Fund.The most significant news came from Dubai, where MultiBank Group inked a $3 billion tokenization deal with UAE real estate firm MAG and blockchain provider Mavryk.“The recent surge isn’t arbitrary. It’s happening because everything’s lining up,” Eric Piscini, CEO of Hashgraph, told Cointelegraph:“Rules are getting clearer in major markets. The tech is stronger, faster, and ready to scale. And big players are actually doing it — BlackRock is tokenizing funds, Citi is exploring digital asset custody, and Franklin Templeton has tokenized money market funds on public blockchains.”Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift
Published Date: 2025-05-06 11:35:52Creator: Cointelegraph by Amin Haqshanas
Read More
Research DAO claims paralyzed rats recover after spinal cord fix
Decentralized autonomous organization (DAO) HydraDAO claims that its researchers were able to use a novel technique to repair severed spines in rats.In a May 5 X post, decentralized science (DeSci) project HydraDAO said that one of its research projects resulted in “rats who had their spines fully transected” being able to walk again. More notably, recovery from surgery reportedly only took five days.Source: HydraDAOThe post featured a video of partially shaved (presumably due to surgery) rats walking in what appeared to be a laboratory setting. The effort in question is the Dowell spinal fusogens project led by Michael Lebenstein-Gumovski, which raised 380,700 USDC (USDC) from donors. The dedicated HydraDAO page reads:“The Dowell team submitted a project proposal to HydraDAO. After careful consideration and two peer reviews, HydraCore deems it in the interest of HydraDAO’s community.“Related: Experts to gather in Miami to drive longevity research forwardMore than smoke and mirrors?Fusogens are chemicals capable of fusing cell membranes and have long been researched as a means to reconnect severed nerve fibers. One such chemical is polyethylene glycol (PEG), which was shown to promote membrane fusion and seal axonal membranes in other research.The Dowell team adds a biopolymer from crustacean shells called chitosan, resulting in a PEG-chitosan compound dubbed neuro-PEG. This compound is also photopolymerizable, meaning it can be rapidly solidified using light.This presumably allows for creating a solid scaffolding that can weld the spinal cord more permanently than liquid PEG-based solutions. Dowell also implements neuroprotection techniques such as localized hypothermia and cellular death inhibitors to prevent further damage to nerve tissue. A 2023 research paper by Gumovski published in the peer-reviewed scientific journal Surgical Neurology International claimed that pigs treated with the compound recovered mobility in two months. The study’s conclusion read:“Neuro-PEG affords sensorimotor recovery after complete spinal cord transection. This opens the door to human experimentation, including trials of spinal cord transplantation.“The Dowell team also filed a patent for developed technologies, with a 2022 Russian patent describing a “method of restoring spinal cord functions after transection using a PEG-chitosan conjugate,” listing Lebenstein-Gumovski among its inventors.The HydraDAO proposal suggests that “revenue streams include specialized surgical kits priced between $3,500 and $20,000, depending on the market and region.” Furthermore, the team would also provide “comprehensive training and certification for neurosurgeons and emergency medical services” personnel.Related: Major scientific journal Nature features DeSci project ResearchHubSome interesting connectionsGumovski is a neurosurgery researcher based in Russia (Stavropol State Medical University and affiliated institutes). He was a member of Sergio Canavero’s research head-transplant project, cited in at least one relevant paper.Those articles were also published in Surgical Neurology International, while most top scientific publications shied away from the subject. The neurosurgeon from Turin, Italy, claimed to have performed a successful head transplant on a monkey back in 2016.The team also experimented on human cadavers in preparation for a 2017 live human head transplant, which never took place. Neuroscientist Dean Burnett said at the time that head transplantation presented insurmountable challenges and that Canavero had “offered no feasible explanation or science for his claims to be able to overcome these hurdles.”While the Dowell team’s project builds on established research and should not be dismissed outright, it is hard not to notice the similarity in making public claims not unlike those that characterized Canavero’s career. Furthermore, fusogens are well studied and less dramatic but similar results have been reported by other teams in the past (2019 example from the University of Texas).Will the paralyzed walk again?The evidence provided is promising, but it is advisable to exercise caution, especially until multiple third-party teams independently reproduce the results.HydraDAO promised additional electrophysiology experiments and tracing dyes to assess connectivity between the brain and lower spine. This extra data may enhance the credibility of the research results.Still, further research is needed to assess whether it will result in a clinically viable technique for real-world spinal injuries.Magazine: DeSci: Can crypto improve scientific research?
Published Date: 2025-05-06 11:19:48Creator: Cointelegraph by Adrian Zmudzinski
Read More