Welcome to today’s crypto news roundup!
Treasury Secretary Scott Bessent appeared before the House Financial Services Committee and gave his endorsement to a historic crypto bill. He emphasized that the United States should become the premier destination for digital assets, citing their potential to drive innovation and expand global usage of the U.S. dollar through stablecoin legislation.
In market-moving news, Bitcoin surged past $100K following reports of Donald Trump’s high-stakes trade deal with the UK, although the deal had not been officially signed at the time of writing. The announcement sent Ethereum and other altcoins soaring, adding to the market’s momentum — but expect continued volatility around this developing story.
Institutional interest remains high, with a strong flow into spot Bitcoin ETFs. Meanwhile, the USD1 stablecoin, issued by Trump-affiliated World Liberty Financial Inc. (WLFI), exploded with a 1,540% increase to $2.1 billion in market cap, making it the 7th largest stablecoin globally. This growth followed large token mints observed on BscScan, the block explorer for Binance Smart Chain, where most USD1 tokens are issued. Much of the surge was driven by a $2B investment deal announced May 1 by Abu Dhabi-based group MGX, which plans to use the funds for investment settlements on Binance.
On the legislative front, the Genius Act, a key part of the stablecoin framework, stalled in the Senate after a narrow 49–48 vote. The bill’s fate is now uncertain, but it’s seen as crucial for providing regulatory clarity. Let’s hope Congress can get it across the finish line for President Trump to sign.
In major business news, Coinbase struck a $2.9B deal to acquire Deribit, the world’s largest platform for Bitcoin options trading — a big move that expands Coinbase’s derivatives footprint.
Lastly, the SEC reached a settlement with Ripple to resolve its civil action. While XRP saw a price bump, it wasn’t quite the “moon” moment many in the XRP Army were hoping for.
That’s a wrap on today’s headlines! Remember — this is not financial advice, just the latest in crypto news. Always do your own research before making investment decisions.
Thanks for reading,
Crypto King
