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Crypto News Digest by U.Today

by admin May 21, 2025

U.Today presents the top three news stories over the past day.

Mysterious new whale pulls 260,000,000 DOGE out of Robinhood

According to blockchain transaction data, yesterday, May 20, 260 million DOGE were spotted leaving Robinhood, a major U.S.-based brokerage platform. The value of the moved funds stands at over $57 million. The funds were transferred to an unknown wallet in two transactions, with the first one carrying the majority of coins, 210 million DOGE worth at $46 million and the second moving another 50 million DOGE to the same address. Currently, the final destination wallet holds around 420 million DOGE valued at nearly $92 million. Notably, the receiving wallet is not linked to any known exchange or custodial platform, and it has recently seen a steady increase in incoming Dogecoin. The transactions are part of a bigger trend of Dogecoin moving away from exchanges and into long-term storage, though the exact purpose of these transfers remains unclear.

XRP ETF delayed by SEC; When will it be approved?

The U.S. SEC has delayed its decision on 21Shares’s proposal to launch a spot-based XRP ETF. However, this should not be viewed as a negative sign, given that it is a standard practice for the agency. The proposal review period can last up to a total of 240 days, during which the SEC gathers public opinions and analyzes pertinent data. The 21Shares filing was originally submitted on March 11, which means the delay notice falls within the normal time frame. Earlier this year, the agency also delayed applications from Franklin Templeton and Bitwise. However, it should be kept in mind that Bitcoin and Ethereum ETFs faced similar postponements before eventual approval. Despite the delays, industry experts and market analysts remain optimistic; according to Bloomberg, spot-based XRP ETFs are expected to receive approval by the end of the year. However, there is also a chance they could be approved as soon as June.

137% Shiba Inu (SHIB) surge in 24 hours: What’s happening?

Shiba Inu has experienced a remarkable 137% surge in a single day, driven by increased large transaction activity that has brought the meme coin back into focus. Despite this, the price remains near $0.000014, just above a key support level at the 100 EMA, which triggered its recent breakout, but it is close to losing the 26 EMA, a short-term trend indicator. Technical analysis shows declining volume despite the price holding near highs, suggesting potential buyer exhaustion or an upcoming reversal, especially given the high concentration of large holders. On-chain signals and retail interest are still bearish, with a decreasing number of Telegram users and mixed metrics, though liquidity remains strong with over $36 million in trading volume. SHIB could retest $0.000016 if the volume resurges and it bounces off the 100 EMA, but if support fails, it could drop to $0.000012 or lower.

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May 21, 2025 0 comments

NFT Gaming

Crypto Hedge Fund Temple Capital Hires TradFi Execs as Institutional Demand Grows

by admin May 21, 2025

Crypto hedge fund Temple Capital has expanded its senior management team with hires from Hilbert Capital, BlueCrest and Brevan Howard, the company said in a press release Wednesday.

Guy Griffiths has joined as chief financial officer, the company said. He was previously employed by macro hedge fund Brevan Howard in London for 19 years.

Richard Murray, former CEO of crypto asset manager Hilbert Capital, has joined Temple Capital as a partner of the firm. He was also a former executive at Brevan.

Cristian-Teodor Tudor, formerly lead quant developer at BlueCrest, has joined the investment firm as a quant researcher.

Temple Capital currently manages $120 million in assets and is backed by Bain Capital and Pantera Capital.

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May 21, 2025 0 comments

NFT Gaming

SEC ‘Playing Regulatory Jenga’: Commissioner Crenshaw Slams Agency’s New Crypto Approach

by admin May 21, 2025

The sole Democratic Commissioner at the US Securities and Exchange Commission (SEC), Caroline Crenshaw, recently criticized the agency’s new regulatory approach toward cryptocurrencies, warning that the watchdog is playing a “dangerous” game.

Crypto Regulation’s Jenga Tower

In her remarks at the SEC Speak event, SEC Commissioner Caroline Crenshaw said that the regulatory agency is undermining its decades of work while staring at “alarming market volatility, emerging risks, and calls for deregulatory action in all corners of our markets.”

The Democratic Commissioner affirmed on Monday that the watchdog is “playing a game of regulatory Jenga,” with their “proverbial Jenga Tower,” comprised of “a set of discrete but interrelated rules and laws, deeply and carefully developed over the years.”

Criticizing the SEC’s new regulatory approach, Crenshaw questioned how many blocks the Commission can pull “before the tower gives away,” arguing that it has already shaken the tower by pulling institutional integrity, failing to enforce laws, and ignoring potential market risks.

She affirmed that the “most devastating” Jenga piece to go was the SEC staff, which has declined by nearly 15% in the past four months. Additionally, Crenshaw blasted the agency’s recent use of guidance on topics like memecoins and crypto mining “to walk away from rules and upend longstanding practice.”

In particular, our statements on these crypto-related issues are the equivalent of a wink and nod intended to convey that we do not plan to rigorously apply our laws in certain, specific situations. For example, the statements pull at the threads of our most foundational case law while meekly suggesting – in footnotes – that we still might do the required facts and circumstances analysis in each case.

The Commissioner stated that crypto presents “certain novel risks,” which could lead the agency to “repeat hard lessons with high stakes” if they fail to address them as crypto becomes increasingly entangled with traditional finance.

SEC’s New Regulatory Approach

One of Crenshaw’s key remarks also addressed the SEC’s long-criticized “regulation by enforcement” approach, slamming the new “regulation by non-enforcement” of the Trump administration.

According to the Democratic Commissioner, the term was a “total misnomer” as the agency staff didn’t try to create new laws with the cases. Instead, these actions “applied decades-old precedent to address violations of existing securities laws.”

She alleged that the SEC has abandoned its duty to enforce existing law with the shutdown of its enforcement program “in anticipation of creating new crypto-friendly rules.”

On the contrary, the SEC’s new chairman, Paul Atkins, criticized the agency’s previous “head-in-the-sand” regulatory approach, affirming that it stalled innovation and created an uncertain state for the crypto industry.

At the SEC Speak event, Atkins shared his vision for a more welcoming and constructive regulatory environment, contrary to the previous administration’s aggressive “shoot-first-and-ask-questions-later” strategy.

He detailed that this approach led to a communication breach and a lack of trust between the SEC and the crypto industry, which made working together on complex legal matters difficult.

Ultimately, Atkins directed the Division of Corporation Finance to address these issues by maintaining transparent interactions with the public. He also announced that the SEC’s policy Division has started drafting rule proposals related to crypto.

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation. The markets innovate, and the SEC should not be in the business of telling them to stand still. It is a new day at the SEC, and I look forward to what we are going to be able to accomplish for investors and the markets,” he concluded.

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May 21, 2025 0 comments

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Best Crypto Wallets to Consider Instead

Crypto Trends

Coinbase Lawsuit, a Privacy Disaster Waiting to Happen? Consider Crypto Wallets Like Best Wallet Instead

by admin May 21, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Less than a week since Coinbase’s hack, the crypto exchange is in the crosshairs again.

This time, it’s a class-action lawsuit filed by Illinois residents claiming that Coinbase had processed their biometric data without consent.

An excerpt from the filing alleges that this breaches Illinois’ Biometric Information Privacy Act (BIPA).

Source: Court Listener

As if that wasn’t enough, Coinbase seems to have transmitted this data to third-party vendors (like Solaris and Jumio). Again, without the data subjects’ consent (allegedly).

The EU’s GDPR Enforcement Tracker comes to mind here. Websites and companies are fined on a daily basis for this exact thing—collecting personal data without consent.

Coinbase’s behavior (especially after the latest hack) is a privacy disaster waiting to happen. After all, it’s still your crypto and hard-earned money at risk.

Which begs the question – what’s a better way to store crypto? The answer is in non-custodial crypto wallets like Best Wallet.

You alone own the keys to your crypto, personal data collection is minimal (often just an email address), and you also get side benefits through the Best Wallet Token.

Below, we’ll explain Coinbase’s situation and how crypto wallets are a safer option.

Coinbase, Stop Hitting Yourself. Lawsuits Are Bad for You.

The lawsuit claims Coinbase asked users for a government ID and a selfie during the sign-up procedure. So far, so good. It’s a pretty standard process for a crypto exchange these days (unfortunately).

Here’s where the problems begin:

Coinbase sent the data to third-party facial recognition tools,
all without notifying the users that this would happen
or asking for their consent to the data processing.

If this sounds familiar, that’s because it is. Back in May 2023, Coinbase received an identical lawsuit from another Illinois resident alleging a breach of the state’s BIPA.

By February 2025, the lawsuit still hadn’t been finalized – the complainant and Coinbase agreed to undergo arbitration (a private ruling by an independent arbitrator, not a full court trial).

Back then, Coinbase argued that the user had consented to the data processing when checking the ‘I agree to the User Agreement and Privacy Policy’ box during the sign-up procedure.

This allegedly voided the complainant’s justifications for the class action lawsuit.

Plus, the most important bit—another term the user had unwittingly accepted when checking that box is waiving his right to join a class-action lawsuit.

User Agreements never cease to surprise, right?

Storing your new crypto on Coinbase suddenly becomes somewhat sketchy. Exchange hacks also constantly threaten your asset security (see what happened with Bybit and 1inch).

Fortunately, solutions like Best Wallet solve this problem through self-custody, minimal data collection, and top-of-the-line encryption.

Best Wallet Doesn’t Treat You Like a Data Treasure Trove

In a world of Coinbases, you need the Best Wallet, one of the best anonymous, non-custodial crypto wallets available today. With Best Wallet, you can:

Keep your sensitive information private
Control your own private keys
Buy, sell, and swap crypto on five major blockchains (Ethereum, Binance Smart Chain, Polygon, Bitcoin, and Base)
Stake tokens at industry-high APYs (further boosted if you hold the Best Wallet Token)
Invest in some of the best presales directly in the wallet app (a first in the industry) with occasional bonuses and airdrops
Participate in a growing ecosystem with plans to support 60+ chains, launch a fiat Best Card, plus an NFT gallery, derivatives trading, and market intel analytics

Some of these features are only available to $BEST holders, which is why investing in the Best Wallet Token presale is the best way to get started with this crypto wallet.

Buying in will also get you reduced transaction fees, higher staking rewards, community governance, and early access to some of the best meme coins.

Security is handled through Fireblocks MPC, a cutting-edge cloud backup solution for multi-chain wallets like Best Wallet.

The presale has raised over $12.5M, and the token currently costs $0.025055 – you won’t get a cheaper price. In less than 12 hours, the price will increase again, so now’s the time to buy.

Another layer of rewards awaits you if you stake $BEST for a 116% APY (this will decrease as more people stake).

A simple calculation shows that buying 11,973 $BEST for $300 now and staking for an average 50% APY would lead to 17,959 tokens in a year (or $450 at the current token price).

But our Best Wallet price prediction also indicates a $0.62 price by the end of 2026. So that $300 investment could turn into $11,140, a 37x increase. That’s a tidy sum, if the price estimate holds true.

To Sum Up: Coinbase Nay, Self-Custody Crypto Wallets Aye

Coinbase’s second screw-up in a row leaves a bad taste in the mouth. It’s sad to see how often data privacy and asset security are put on the back burner as exchanges pursue maximum profit.

The lesson is that the only person you can trust is yourself. And that’s exactly what self-custodial wallets like Best Wallet let you do—they put you in control of your data and funds and reward you for it.

Don’t forget to do your own research before investing in crypto and presales. The market is volatile and prone to immediate fluctuations. Only invest what you can afford to lose!

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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May 21, 2025 0 comments

NFT Gaming

PYTH crypto could crash as potential death cross looms

by admin May 21, 2025

Pyth Network’s price has dropped over 66% from its yearly high, and technicals point to a further downside.

As of the afternoon on May 21 (Asia time), Pyth (PYTH) was trading around $0.124, down about 3% in the past 24 hours. That’s its lowest point since April 11. The token’s market cap currently sits just above $22.7 billion.

The latest slide follows a scheduled token unlock on May 20, which released approximately 2.13 billion PYTH into circulation, valued at $275.11 million.

The unlock, part of Pyth’s annual vesting cycle, represented 58.7% of the circulating supply at the time and was distributed to early investors, contributors, and ecosystem participants.

Following the event, Pyth’s circulating supply has surged to nearly 5.75 billion tokens, around 57.5% of its maximum supply, which is capped at 10 billion. With this unlock, approximately 36% of the total supply is now in active circulation. The final two unlocks are scheduled for May 2026 and May 2027.

Large unlocks like this often unsettle investors, as they inject a significant volume of new tokens into the market without a matching rise in demand. That imbalance can lead to downward price pressure. Even if not all recipients offload immediately, many tend to sell early, anticipating further declines.

At the same time, unlocks are often part of a project’s long-term roadmap to distribute ownership more broadly and reward early contributors. They usually mark key milestones in the development cycle.

Since Pyth’s unlock schedule was publicly disclosed well in advance, some of the impact may have already been factored in, potentially reducing the risk of a sharp, panic-driven selloff.

PYTH eyes drop to $0.10 support level

Although PYTH price has recovered slightly since the unlock event, there is a risk that the PYTH price will continue downward in the next few weeks as a death cross pattern nears on the 4-hour/USDT chart.

A death cross forms when the 200-day and 50-day Exponential Moving Averages cross each other while pointing downwards.

PYTH price, 50-day and 200-day EMA chart — May 21 | Source: crypto.news

In Pyth Network’s case, the spread between the two moving averages has narrowed in the past few months. Its 200-day MA was at $0.1552, while the 50-day was at $0.1589.

A death cross often leads to a substantial decline over time. For example, the last time that PYTH price formed this pattern was in December last year, and the coin dropped by over 76%.

PYTH Supertrend and RSI chart — May 21 | Source: crypto.news

On top of that, the Supertrend indicator has also flashed a red signal, adding to the bearish outlook.

If the death cross is validated, PYTH could continue falling in the near term, with $0.10 being the next key level to watch as both a psychological support and its lowest point from April.

That said, PYTH’s Relative Strength Index is currently sitting at 30, which is right near the oversold zone. This might trigger a short-term relief rally as buyers look to buy the dip, but any recovery could be temporary unless the broader trend shifts.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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May 21, 2025 0 comments

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SEC Charges Unicoin, Executives Over Alleged $110 Million Crypto Fraud

by admin May 21, 2025

In brief

The SEC has charged Unicoin and top executives with allegedly misleading over 5,000 investors in a $100 million crypto offering.
Regulators said Unicoin made false statements about asset backing, registration, and the total amount raised.
The SEC alleges Unicoin’s marketing campaign used widespread advertising to promote the offering as a secure investment.

The U.S. Securities and Exchange Commission on Tuesday charged New York-based Unicoin and three of its top executives with allegedly misleading investors and raising more than $100 million through false claims about crypto asset offerings and company stock.

In a complaint filed in the Southern District of New York, the SEC accused Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former Chief Investment Officer Alex Dominguez of promoting so-called “rights certificates” tied to Unicoin tokens through allegedly false or misleading statements.

The complaint also targets the company’s general counsel, Richard Devlin, for misleading statements in private placement memoranda. Without admitting wrongdoing, Devlin has agreed to pay a $37,500 penalty and accept a permanent injunction.

“We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings,” Mark Cave, associate director in the SEC’s Division of Enforcement, said in a statement. “But as we allege, the real estate assets were worth a mere fraction of what the company claimed.”

The case comes as the SEC, under the Trump administration, has retreated from several high-profile crypto enforcement actions, including recent cases against Coinbase, Ripple, Kraken, and Consensys.

Recent actions against Coinbase, Ripple, Kraken, and Consensys have been dropped amid a broader shift away from the more aggressive regulatory stance taken by the previous administration.

According to the SEC, Unicoin falsely claimed its tokens were registered with the agency and that it had raised $3 billion in rights certificate sales, when it raised just over $110 million.

The agency further alleges Konanykhin personally sold nearly 38 million certificates to investors otherwise barred from participating.

Unicoin allegedly placed ads in airports, taxis, and on television to attract investors, presenting the offerings as “next generation” secure investments.

Speaking to Decrypt in April, Konanykhin vowed to contest the charges in court. “I fully intend to win this case in the courtroom,” he said. “It’s grotesque that the most compliant crypto company in the U.S. remains the only one being persecuted by the SEC.”

He argues the lawsuit doesn’t represent the views of the current SEC leadership.

“This is being driven by rogue officials left over from the Gensler administration who are trying to cover themselves by bullying us into a false admission of guilt,” Konanykhin said at the time.

The SEC is seeking injunctive relief, disgorgement, and civil penalties against all named defendants, as well as officer-and-director bans for the three senior executives.

Konanykhin has been contacted for comment.

Edited by Sebastian Sinclair

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May 21, 2025 0 comments

GameFi Guides

Theta Capital bags $175m to back Coinfund, Polychain and other crypto VCs

by admin May 21, 2025

Dutch investment firm Theta Capital closed a $175 million raise to back crypto-specialist VCs through its latest fund-of-funds.

Theta Capital Management has pulled in over $175 million for a new fund-of-funds designed to help institutional investors get exposure to early-stage blockchain startups by backing some of the industry’s top crypto venture firms.

The new fund, dubbed Theta Blockchain Ventures IV, will invest in venture capital firms that specialize in crypto, Bloomberg has learned, referring to Ruud Smets, the company’s managing partner and chief investment officer.

Founded in 2001, the Netherlands-based firm began focusing on cryptocurrencies in 2018 and now manages around $1.2 billion in assets. Theta has previously backed firms like Coinfund, Polychain Capital, and Castle Island Ventures. It’s still unclear though how Theta plans to allocate the newly raised capital.

The raise comes as crypto venture capital activity shows signs of recovery. According to a May 14 report by PitchBook, VC deal value in Q1 rose to $6 billion, more than double the $2.6 billion seen a year ago. However, the number of deals fell to 405 from 670 over the same period.

PitchBook’s senior crypto analyst Robert Le said the $1.4 billion Bybit theft, which he described as the first and only “10-digit hack in history,” served as a stark reminder of the operational risks still present in the industry.

He suggested the incident could drive greater institutional demand for real-time proof-of-reserve tools, improved custody systems, and middleware that simplifies key management. Le also said startups working on these areas might find a more favorable funding environment, even amid a broader reset in valuations.

Despite Bitcoin hitting a record high of $100,000 in Q4 2024, venture capital activity in crypto startups remained flat, with VC deal size down nearly 90% since 2018.

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May 21, 2025 0 comments

Crypto Trends

Ripple Buying Circle Could Cause ‘Crypto Apocalypse,’ Prominent Lawyer Claims

by admin May 21, 2025

MetaLeX Labs founder Gabriel Shapiro has opined that Ripple acquiring Circle could result in a “crypto apocalypse.”

However, if Ripple ends up securing the deal, it will likely fail to pass the antitrust muster.

Regulators review deals for antitrust concerns, meaning that they will determine whether the deal could allow Ripple to gain too much control over the ecosystem.

“Making Ripple the largest asset issuer on every blockchain would obviously be disastrous and anticompetitive,” Shapiro said.

Shapiro has noted that the company previously used its influence in order to harm its competitors by spreading fear, uncertainty, and doubt (FUD). Back in 2022, for instance, Ripple’s Chris Larsen teamed up with Greenpeace in order to launch a campaign against Bitcoin mining.

ASIC Seeks High Court Ruling on Crypto Yield Products After Block Earner Win

by admin May 21, 2025

In brief

Australia’s corporate regulator is seeking High Court approval to appeal a ruling that favoured crypto firm Block Earner over the classification of digital asset yield products.
ASIC is asking the court to clarify whether interest-earning and asset conversion crypto products fall under the Corporations Act as financial products.
The appeal follows a Federal Court decision that found Block Earner’s fixed-yield product did not constitute a financial product under current law.

Australia’s corporate regulator is seeking special leave from the High Court to appeal a ruling in favour of crypto firm Block Earner, intensifying a legal dispute over the status of digital asset yield products.

The Australian Securities and Investments Commission, or ASIC, is asking the High Court to clarify how interest-earning and asset conversion products should be treated under the Corporations Act.

“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the agency said in a statement. “This clarification is important as it applies to all financial products and services, whether they involve crypto-assets or not.”

Special leave is required to appeal to the High Court of Australia. The court grants it only in cases involving significant legal questions or matters of public interest. Appeals are not heard automatically, and ASIC, in this case, must first obtain the court’s permission.

In April, a decision by the Full Federal Court overturned earlier findings against Block Earner, which ASIC argues had offered a fixed-yield crypto product called “Earner” without a financial services licence.

The Full Court found the offering did not constitute a financial product under existing law, a blow to ASIC’s efforts to bring crypto services under the same framework as traditional finance.

The case was brought to the court following an earlier Federal Court ruling in February 2024, which found that Block Earner had engaged in unlicensed conduct when offering the Earner product between March and November 2022.

However, the Court dismissed ASIC’s claims against Block Earner’s variable-yield product, “Access,” and in June relieved the company of penalties.

That decision was then appealed by ASIC and counter-appealed by Block Earner, culminating in the Full Federal Court’s ruling in April 2025.

Block Earner, the trading name of Web3 Ventures Pty Ltd, has since shuttered the product and has stated it has no plans to relaunch it.

The company argues that its offering simply allowed customers to loan crypto under fixed terms and receive interest, without pooling funds or exposing users to business risk.

“From the outset, we sought to ensure that our modern product suite could fit into a less-modern regulatory environment,” Charlie Karaboga, CEO and co-founder of Block Earner, said in April.

The High Court has not yet set a date to consider ASIC’s application.

Decrypt has approached Block Earner for comment.

Edited by Sebastian Sinclair

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May 21, 2025 0 comments

Crypto Trends

Here’s what happened in crypto today

by admin May 21, 2025

Today in crypto, Argentine President Javier Milei shuts down a task force investigating the fallout from LIBRA. Germany’s summer 2024 Bitcoin sale is looking like a $2.3 billion blunder, and the US Senate moves forward with a key stablecoin bill.

Argentina’s Milei shuts down task force investigating LIBRA scandal

Argentine President Javier Milei has dissolved a task force established to investigate the fallout from LIBRA, the scandalous cryptocurrency project the head of state promoted on his social media channel before it crashed to zero.

The Investigative Task Force (ITU) was dissolved via a May 19 decree signed by Milei and Justice Minister Mariano Cúneo Libarona, government documents revealed.

“The Research Task Unit is dissolved” after completing its mandate, the translated version of the decree read.

The task force is being dissolved despite pressure from opposition groups, which are seeking to activate an investigative commission as soon as May 20, local media outlet Clarin reported.

Government officials established the UTI on Feb. 19, days after Milei promoted LIBRA on his official X account.

A screenshot of Milei’s tweet endorsing LIBRA. Source: TRM Labs

His endorsement briefly sent LIBRA soaring from practically worthless to $5 a token and a nearly $5 billion market capitalization, before quickly crashing to zero in what appeared to be a classic pump-and-dump scheme.

The fallout from LIBRA sparked allegations of insider trading and manipulation, with Milei caught in the crosshairs.

German government missed out on $2.3 billion profit after selling Bitcoin at $57,000

The German government missed out on more than $2 billion worth of Bitcoin profit after selling its holdings in 2024, according to blockchain intelligence firm Arkham.

A “German Government (BKA)” labeled cryptocurrency wallet sold 49,858 Bitcoin (BTC) worth over $2.89 billion at an average price of $57,900 across multiple transactions during June and July in 2024.

The decision to sell the Bitcoin early cost the German government over $2.35 billion, according to crypto intelligence platform Arkham.

Source: Arkham

“If they had held it, their BTC would now be worth $5.24B,” Arkham said in a May 19 X post, noting that Bitcoin has risen more than 80% since the sale.

At the time of publication, Bitcoin was trading at more than $104,700, according to CoinMarketCap data.

The German government-labeled wallet first raised speculation of a potential sell-off on June 19, 2024, when it executed a 6,500 BTC transfer worth over $425 million.

The wallet originally held around 50,000 BTC, believed to have been seized from the operators of Movie2k, a now-defunct pirated film site.

US Senate moves forward with GENIUS stablecoin bill

The US Senate voted 66-32 on May 19 local time to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s crypto interests.

Several Democrats changed their votes to pass a motion to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, which will now set the bill up for debate on the Senate floor.

Previously, on May 8, some Democratic senators withdrew support for the bill and blocked a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s various crypto ventures and the bill’s Anti-Money Laundering provisions.

The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: US Senate

Democratic Senator Mark Warner said before the vote that the US couldn’t “afford to keep standing on the sidelines,” while crypto-skeptic Democratic Senator Elizabeth Warren argued before the vote that it failed to address Trump’s “blatant crypto corruption.”

Republican Senator Cynthia Lummis, one of the bill’s key backers, has said she thinks it’s a “fair target” to have the bill passed by May 26.

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May 21, 2025 0 comments