Crypto News: Crucial Stablecoin Bill Blocked, Coinbase Acquires Deribit
Want to know what’s moving the markets and shaping the future of digital assets? Staying informed on the latest Crypto News is essential. Today brought significant developments across policy, business, and state-level adoption. Let’s dive into the top stories.
US Stablecoin Bill Faces Roadblock
A key piece of proposed legislation aimed at creating a national framework for stablecoins hit a snag in the United States Senate. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) of 2025 Act was blocked by Democrat lawmakers on May 8. This move stalled the bill’s advancement despite initial bipartisan support.
The opposition reportedly stemmed from concerns that President Donald Trump might use crypto policies for political gain. Senior officials in the Trump administration have emphasized stablecoins’ role in protecting the US dollar’s global reserve status as a policy goal.
Following the blockage, Treasury Secretary Scott Bessent expressed disappointment, stating:
“This bill represents a once-in-a-generation opportunity to expand dollar dominance and US influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.”
He also warned that failure to encourage innovation in digital assets could push crypto firms offshore. This development highlights the ongoing challenges in establishing clear federal guidelines for stablecoins.
Massive Coinbase Acquisition Targets Derivatives Market
Coinbase, the largest crypto exchange in the US, announced a major strategic move today. The company has agreed to acquire Deribit, one of the world’s largest crypto derivatives trading platforms, for approximately $2.9 billion. The deal was announced on May 8.
This substantial Coinbase Acquisition includes $700 million in cash and 11 million shares of Coinbase Class A common stock. Greg Tusar, Coinbase’s VP of institutional product, stated the acquisition is a significant step to accelerate international growth and expand into the profitable crypto derivatives sector. Deribit’s strong professional client base is seen as a key asset in this expansion.
The transaction is subject to regulatory approvals and is expected to close by year-end. Reports from March indicated that both companies had already alerted regulators in Dubai, where Deribit holds a license that would need to be transferred.
Arizona Establishes Bitcoin Reserve Fund
State-level adoption efforts continue to make headlines. Arizona Governor Katie Hobbs signed a bill into law on May 7 that allows the state to claim ownership of unclaimed crypto assets after three years and place them into a “Bitcoin and Digital Assets Reserve Fund.”
House Bill 2749 permits the state to hold these abandoned digital assets. Furthermore, the state’s custodians can potentially stake the crypto to earn rewards or receive airdrops. House Representative Jeff Weninger, the bill’s sponsor, commented that it “ensures Arizona doesn’t leave value sitting on the table.”
This bill follows Hobbs’ previous veto of a similar bill that would have allowed the state to invest seized funds directly into Bitcoin, which she cited concerns about using public funds for “untested assets.” In related news, a Texas House Committee also passed a bill to create a Bitcoin reserve the same day, indicating growing state interest in holding digital assets.
Navigating US Crypto Regulation Landscape
Today’s news underscores the complex and evolving landscape of US Crypto Regulation. From federal hurdles for stablecoins to state-level initiatives for digital asset reserves, policymakers across the country are grappling with how to integrate cryptocurrencies into existing financial and legal frameworks. The blockage of the GENIUS Act highlights political divisions and concerns about the implementation of crypto policy. Meanwhile, state actions in Arizona and Texas show a proactive approach to managing and potentially benefiting from digital assets, albeit through different mechanisms than direct investment of seized funds. These developments collectively paint a picture of a regulatory environment still finding its footing, impacting everything from major business acquisitions like the Coinbase-Deribit deal to how states handle unclaimed property.
Summary: A Day of Policy and Business Moves in Crypto
Today’s Crypto News brought a mix of significant events. Federal efforts to regulate stablecoins faced a setback, a major exchange announced a multi-billion dollar acquisition to expand its offerings, and states continued exploring ways to hold and manage digital assets. These stories highlight the dynamic nature of the cryptocurrency space, influenced by both legislative action and corporate strategy.
