US Stablecoin Bill Expected to Be Voted in Senate Before 5/26
According to Politico, the US Stablecoin Regulation Bill (GENIUS Act) is expected to be voted in the Senate plenary session before May 26 local time. Senate Republican Majority Leader John Thune announced that the vote will be held before Memorial Day. Previously, the Senate Banking Committee had passed the bill in March.
Texas Court Permanently Bans Treasury OFAC's Tornado Cash Re-Sanctions
The Texas court ruled that the Treasury's sanctions on Tornado Cash are illegal and permanently prohibits the agency from enforcing related service sanctions. According to CoinDesk, the US Court of Appeals previously ruled at the end of last year that the Treasury's Tornado Cash sanctions exceeded the agency's authority and were 'illegal'. However, concerns were raised that the service could be blacklisted again depending on how OFAC sanctioned Tornado Cash. A lawsuit was filed claiming that all sanctions should be considered illegal and invalidated as per the previous Court of Appeals ruling. The Texas court stated, "This case is already beyond dispute. OFAC's Tornado Cash sanctions are illegal, and the agency cannot sanction Tornado Cash permanently."
SEC Delays Decision on Grayscale ETH Spot ETF Staking
The US Securities and Exchange Commission (SEC) has delayed its decision on allowing Grayscale's Ethereum spot ETF staking, according to foreign media.
SEC Delays Decision on Franklin Templeton XRP Spot ETF
According to foreign media, the SEC has postponed its decision on approving Franklin Templeton's XRP spot ETF.
SEC Delays Decision on Bitwise Doge Spot ETF
According to foreign media, the SEC has postponed its decision on approving Bitwise's Doge spot ETF.
European Neobank Bunq Launches Cryptocurrency Investment Service in Collaboration with Kraken
European leading neobank Bunq announced the launch of its cryptocurrency investment service, Bunq Crypto. According to CoinTelegraph, users can invest in over 300 cryptocurrencies including BTC, ETH, SOL. Bunq Crypto will be available to users in the Netherlands, France, Spain, Ireland, Italy, and Belgium, in partnership with Kraken. Bunq stated, "With the increasing demand for cryptocurrency investments globally, we made this decision" and "We plan to gradually expand the service to the United States, United Kingdom, and the European Economic Area."
Bitget Collaborates with Avalanche to Support Indian Community Initiatives
Cryptocurrency exchange Bitget has partnered with Avalanche (AVAX) to support Indian community initiatives. According to CoinTelegraph, through this partnership, they plan to provide at least $10 million in micro-grants, scholarships, hackathons, and workshops to the Web3 community in India.
Coinbase: "Base Achieves First-Stage Rollup"
CoinDesk reported that Coinbase's Layer 2 network Base has reached its first-stage rollup and established a security committee. Tom Vieira, Base's Product Lead, explained in an interview with CoinDesk that "the first-stage rollup enables unauthorized error proof on Base, paving the way towards complete decentralization."
Crypto Startup Unto Labs Raises $14.4 Million
Fortune reported that Unto Labs, a cryptocurrency startup founded by a former Jump Crypto employee, has raised $14.4 million in investment. The round was led by Framework Ventures and Electric Capital, valuing the company at $140 million. The investment will be used to hire additional employees, with plans to expand the team from 5 to 10 by the end of the year.
New York Prosecutor Considering Withdrawing Samourai Wallet Lawsuit
CoinDesk reported that the New York prosecutor is considering withdrawing the lawsuit against Samourai Wallet. Previously, the US Department of Justice had filed a lawsuit against co-founders Keonne Rodriguez and William Lonergan Hill for illegal transactions and money laundering of over $100 million.
CBOE Begins Trading XBTF Futures Product Based on BTC Index
The Chicago Options Exchange (CBOE) announced via its official X that trading has begun for the Bitcoin index-based futures product (XBTF). XBTF is a cash-settled futures product where positions are settled in cash at maturity, eliminating the complex process of physically delivering Bitcoin.
Neopin Rebrands to Myflower
Neowin Group's blockchain platform company Neopin (NPT) announced its rebranding to Myflower via its official X. The company aims to transition to a Solana-native AI-based platform to make DeFi services more accessible to users.
JP Morgan: "Robinhood Expects Decrease in Cryptocurrency Trading Revenue in Q1"
JP Morgan forecasts that Robinhood's first-quarter cryptocurrency trading revenue will decrease compared to the previous quarter. JP Morgan stated, "Robinhood's first-quarter cryptocurrency trading volume is expected to be around $52 billion. This is a decrease from $71 billion in the fourth quarter of last year. The early-year cryptocurrency trading momentum has been offset by the risk-averse sentiment that has spread in the market in recent months." Robinhood's cryptocurrency trading revenue in the fourth quarter of last year increased by over 700% year-on-year to $358 million. Meanwhile, Robinhood's first-quarter results will be announced after market close on the 30th (local time).
Fidelity: "ETH Underperformed in Q1... Buying Opportunity"
An analysis suggests that ETH's poor performance in the first quarter could be a buying opportunity. Fidelity reported, "Multiple on-chain indicators suggest an optimistic outlook for ETH. ETH's MVRV-Z score is currently in the undervalued zone, and the NUPL (Unrealized Net Profit/Loss) indicator is pointing to a negative, indicating a capitulation zone. Additionally, the number of active addresses on Ethereum Layer 2 has reached a record high of 13.6 million. These all support an optimistic outlook for ETH."
2,932 BTC Transferred... Anonymous → Cumberland
According to Whale Alert, 2,932 BTC was transferred from an anonymous address to a Cumberland address. This is worth approximately $280 million.
2,930 BTC Transferred... Cumberland → Coinbase Prime
According to Whale Alert, 2,930 BTC was transferred from a Cumberland address to a Coinbase Prime address. This is worth approximately $280 million.
1 Billion USDT Newly Issued
According to Whale Alert, 1 billion USDT was newly issued from the Tether Treasury address.
1 Billion USDT Newly Issued
According to Whale Alert, 1 billion USDT was newly issued from the Tether Treasury address.
US Stock Indices Close Higher
The three major US stock indices closed higher.
S&P500: 0.58%
Nasdaq: 0.55%
Dow: 0.75%
US Secretary of Commerce: "Trump Not Focused on Current Market"
According to foreign media, US Secretary of Commerce Howard Lutnick said, "Donald Trump is not focusing on the current market situation."
