Major Crypto News Today: Coinbase Suspends Token, Morgan Stanley Plans E*Trade Crypto Trading, Worldcoin Hits US
Need to know what happened in the fast-paced world of crypto today? You’ve come to the right place. Our daily roundup brings you the essential updates impacting the market, from trading platforms and specific tokens to broader regulatory shifts. Let’s dive into the key developments making headlines in the crypto news today.
Why Did Coinbase Suspend a Token?
Major crypto exchange Coinbase recently announced a significant move: the decision to suspend trading for the Movement Network token (MOVE). This token is native to the Movement layer-2 blockchain protocol. The suspension is set to be effective from May 15th. Coinbase stated the reason for this action was the token’s failure to meet its listing standards.
The announcement, made via X, had an immediate impact on the MOVE token price, which saw a decline of about 14.5% in the 24 hours following the news. Coinbase has provided specific instructions for traders:
- Trading for MOVE will be suspended across Coinbase, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime.
- MOVE order books have been moved to limit-only mode.
- Users can still place and cancel limit orders, and matches may still occur until the suspension date.
This decision by Coinbase follows a recently initiated third-party review. Orchestrated by the Movement Network Foundation, this review is looking into an agreement allegedly signed between Movement Labs and a market-making firm. This agreement is reportedly linked to a significant price drop for the MOVE token in December 2024.
A spokesperson for the Movement Network Foundation confirmed that the independent investigation, which began on April 21st and is being conducted by cybersecurity firm Groom Lake, is still ongoing. This investigation has clearly created uncertainty surrounding the MOVE token’s future and price stability, leading to the Coinbase suspend token action.
Morgan Stanley Eyes E*Trade Crypto Trading
In a move signaling growing interest from traditional finance giants, banking firm Morgan Stanley is reportedly planning to introduce crypto trading capabilities on its E*Trade investment platform. According to a recent Bloomberg report, the firm aims to list crypto assets on E*Trade by 2026.
Sources suggest the plan is still in its early stages. Morgan Stanley is reportedly exploring potential partnerships with established crypto companies to power this new service. Discussions within the bank about supporting cryptocurrency trading on E*Trade reportedly began in late 2024.
This wouldn’t be Morgan Stanley’s first foray into digital assets. The bank’s wealthiest clients already have access to crypto exchange-traded funds (ETFs) and futures. Furthermore, the firm’s advisors were permitted to recommend Bitcoin ETFs to clients starting in August 2024. The potential for E*Trade crypto trading marks a significant step towards offering direct crypto access to a broader retail investor base within the Morgan Stanley ecosystem.
Worldcoin US Launch: Scanning Eyes for Crypto?
The eye-scanning digital identity project World, founded by OpenAI CEO Sam Altman and formerly known as Worldcoin, has officially commenced its rollout in the United States. The project announced on April 30th that it would first launch in several key innovation hubs across the US, including:
- Atlanta
- Austin
- Los Angeles
- Miami
- Nashville
- San Francisco
World offers its crypto token, Worldcoin (WLD), to individuals who verify their humanity using a specialized spherical device called an Orb. This device scans a user’s face and eyeballs, creating a unique World ID. This ID can then be used on connected services like Minecraft, Reddit, and Discord to prove that a user is a real person.
Previously, World avoided launching in the US due to concerns about regulatory clarity regarding its token distribution. The recent decision suggests that these regulatory concerns may have been addressed, potentially influenced by a perceived more crypto-friendly stance from the current administration.
In addition to the US launch, World also announced new collaborations. These include a tie-up with Visa for a card that allows payments using WLD and a pilot program testing the integration of World ID with the online dating giant Match Group, which operates popular platforms like Tinder, Hinge, and Match.com. The Worldcoin US launch represents a major expansion for the controversial but ambitious project.
Wrapping Up Today’s Crypto Highlights
Today’s crypto news highlights significant developments across different facets of the industry. We saw a major exchange, Coinbase, taking action regarding a specific token, highlighting the ongoing need for projects to meet listing standards. Meanwhile, a traditional finance giant, Morgan Stanley, is exploring expanding crypto access through E*Trade crypto trading, signaling continued institutional interest and potential future adoption pathways. Finally, the Worldcoin US launch brings a unique and often debated digital identity project to a major new market, complete with new partnerships.
These events underscore the dynamic nature of the cryptocurrency market, where technological innovation, regulatory considerations, and institutional strategies constantly shape the landscape. Staying informed on these daily trends is essential for navigating the crypto space.
