This week in crypto saw Ethereum achieve a critical network milestone, while Binance’s former CEO sought clemency from Donald Trump. Coinbase made a major acquisition, U.S. lawmakers clashed over stablecoin policy, and Doodles rolled out a major expansion into storytelling and Solana.
CZ Seeks Trump Pardon Post-Sentence
Changpeng “CZ” Zhao, former CEO of Binance, has initiated the process to seek a presidential pardon from Donald Trump after serving a four-month prison sentence on money laundering charges. Speaking on Rug Radio with Farokh Sarmad, Zhao denied speculation that he planned to offer Binance.US equity in exchange for leniency.
Coinbase Acquires Deribit, Resists Saylor’s Crypto Strategy
In its Q1 2025 earnings call, Coinbase disclosed it has invested $150 million in cryptocurrency, mostly Bitcoin. CFO Alesia Haas and CEO Brian Armstrong said the firm considered a more aggressive crypto allocation, similar to MicroStrategy, but opted for a conservative strategy. Meanwhile, Coinbase acquired Deribit, a leading Dubai-based derivatives exchange, for $2.9 billion—boosting its footprint in global crypto trading.
MicroStrategy, led by Michael Saylor and Phong Le, continued its aggressive Bitcoin accumulation, buying 1,895 BTC for $180 million and pushing its total holdings to 555,450 BTC.
Ethereum’s Pectra Upgrade Goes Live
Ethereum’s much-anticipated Pectra upgrade launched successfully, with finality confirmed at 6:18 a.m. ET on Wednesday. Co-founder Vitalik Buterin also proposed replacing the Ethereum Virtual Machine (EVM) with RISC-V architecture to enhance network efficiency and reduce technical complexity.
U.S. Stablecoin Bill Stalls, GENIUS Act Rejected
The Senate blocked the GENIUS Act this week, prompting criticism from Treasury Secretary Scott Bessent, who warned that the decision could jeopardize the U.S.’s digital asset leadership. Meanwhile, negotiations over stablecoin legislation are being complicated by the Trump family’s profits from the memecoin “Official Trump (TRUMP),” which has become a political flashpoint.
Bitcoin Payments Go Mainstream at Steak ‘n Shake
Fast-food chain Steak ‘n Shake announced that it will begin accepting Bitcoin payments at all U.S. locations starting May 16. This move could open crypto payments to over 100 million customers nationwide.
EU Plans Crypto Transfer Monitoring System
Eurogroup President Paschal Donohoe unveiled plans to implement a cryptocurrency transfer tracking system in the EU. Speaking at the European Anti-Financial Crime Summit, Donohoe emphasized the need to apply established anti-money laundering rules to digital assets.
Celebrity FTX Lawsuits Narrowed
A U.S. federal judge dismissed most claims against celebrities accused of promoting FTX. Judge K. Michael Moore ruled that plaintiffs failed to prove that public figures like Tom Brady, Naomi Osaka, and Kevin O’Leary knowingly endorsed a fraudulent enterprise.
SEC and Ripple Reach $50M Settlement
The U.S. Securities and Exchange Commission finalized a settlement with Ripple Labs, closing a four-year legal battle. Ripple, along with CEO Brad Garlinghouse and Executive Chairman Chris Larsen, will pay a combined $50 million.
Celsius Founder Sentenced, Arizona Embraces Digital Assets
Alex Mashinsky, former CEO of Celsius Network, was sentenced to 12 years in prison for defrauding customers. Meanwhile, Arizona passed House Bill 2749, allowing the state to retain unclaimed digital assets in their original crypto form.
Movement Labs Ousts Co-Founder
Movement Labs dismissed co-founder Rushi Manche following revelations of an undisclosed market-making deal. The termination follows a previous suspension related to the same controversy.
CFTC Ends Legal Battle with Kalshi
The Commodity Futures Trading Commission has dropped its appeal against Kalshi, ending a legal dispute over the prediction market’s offerings.
Doodles Launches DOOD Token, AI-Powered Platform
NFT project Doodles launched its DOOD token on Solana and rewarded holders with airdrops. The team also introduced DreamNet, a decentralized AI storytelling platform, marking a significant expansion of its digital ecosystem.
German Police Raid eXch Exchange
German authorities raided crypto exchange eXch, seizing €34 million in crypto and equipment. The platform is suspected of laundering funds for North Korean entities connected to the February Bybit hack.
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