Things were a mixed bag in the industry. Institutional participation improved as competition continued to thrive. The government continued its engagements, seeking America’s leadership in the crypto space.
The headlines:
- Meta allegedly wants a stablecoin;
- According to the BIS, people turn to Bitcoin during inflationary periods;
- Crypto reserve laws are coming to light;
- Galaxy Digital intends to come to America;
- Steak ‘n Shake will soon accept Bitcoin;
- Plus, Rumble and Tether unveiled Q3 2025 noncustodial launch plans;
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $105k (as of 5/12/25)
Crypto bulls returned to the fore, with Bitcoin moving from a $93,399.85 low to its current $ 105,257.75 high.
The altcoins are also set for a boost as well.
Ethereum (ETH) is at $2,551.49, Solana (SOL) at $177.23, Chainlink (LINK) at $17.43, Avalanche (AVAX) at $25.86, Polkadot (DOT) at $5.22 and Uniswap (UNI) at $7.11.
Meta is Reportedly Exploring Stablecoins
Social media giant Meta may soon return to the crypto space. This time, its likely point of entry is the stablecoin segment.
According to a May 8 Fortune report, Meta allegedly discussed potential stablecoin deployments with crypto industry infrastructure firms. Integrations will reportedly focus on retail payouts.
Bitcoin Usage Rises During Periods of Economic Uncertainty-BIS
The world’s top cryptocurrency token could have more uses than everyone thinks. That’s what a recently published BIS paper suggests.
According to the document, people turn to Bitcoin and other leading altcoins when inflation occurs in fiat ecosystems. Additionally, stablecoin usage occurs when there are gaps in regular currency transactions, or they become expensive.
Three States Now Have Bitcoin Laws
Ongoing crypto legislative efforts bore some fruit. Three States passed their digital asset-related bills into law.
On May 6, New Hampshire Gov. Kelly Ayotte signed HB 302 into law. The law empowers the State Treasurer to purchase crypto tokens (with a $500 billion minimum market cap).
Similarly, on May 7, Arizona’s Gov. Katie Hobbs signed HB2749. The law establishes a state digital asset reserve.
Oregon’s Gov. Tina Kotek signed SB167 on May 7. The bill includes digital assets in Oregon’s Uniform Commercial Code (UCC).
Florida Retired Two Bitcoin Reserve Bills
The Sunshine State withdrew two bills from its crypto adoption ambitions. According to an announcement on the Florida State Senate website, Senate Bill 550 and House Bill 487 have been postponed indefinitely.
Furthermore, the dual bills aren’t up for consideration.
The SEC Approved Galaxy Digital’s U.S. Domiciliation Plans
Boutique crypto firm Galaxy Digital’s coming-to-America efforts are becoming a reality with approval by the SEC. The firm aims to list on the Nasdaq by mid-May.
Moreover, its Delaware incorporation serves as leverage for its American pivot. Galaxy Digital was formerly domiciled in the Cayman Islands and listed on the TSX. Its headquarters remain in NYC, with global offices including London.
BlackRock Met with the SEC Over ETP Staking Considerations
On May 9, investment behemoth BlackRock met with the SEC’s Crypto Task Force. BlackRock discussed ETP staking options with the regulator.
Additionally, other issues considered include staking parameters and more. In related news, BlackRock updated its iShares Bitcoin Trust (IBIT) prospectus to include quantum computing-related risks in a May 9 filing.
Steak ‘n Shake Accepts Bitcoin as a Payment Option
In a May 9 Twitter/X post, the popular All-American restaurant chain Steak ‘n Shake revealed its Bitcoin acceptance payment plans. Customers can use Bitcoin as a payment option starting May 16.
Subsequently, over 500 restaurants nationwide will accept the token from the date.
Ethereum Foundation Unveiled its Q1, 2025 Funding Report
The Ethereum Foundation published its Q1 2025 funding report on the ecosystem’s growth and development. According to the document, the foundation distributed $32.65 million to cover several focus areas.
They include the consensus layer, the execution layer, developer tools, and zero-knowledge proofs.
Bitwise Teamed Up with iCapital to Explore Crypto Opportunities
Digital asset management firm Bitwise partnered with boutique Fintech firm iCapital to open up investment benefits. The move adds Bitwise to the iCapital Marketplace.
Consequently, the integration opens the door for wealth management professionals to explore possibilities in the sector.
Michelle Bond Accused the Feds of Deception Over Her FTX Plea Deal
In a May 7 filing, Michelle Bond, the wife of former FTX executive Ryan Salame, alleged that the government deceived her over charges related to his FTX case. Bond indicated that the government (allegedly) falsely obtained a plea deal from Salame based on an agreement that she would not face campaign finance legal action related to her 2022 congressional race.
Furthermore, Bond iterated that the government didn’t meet the promised terms.
Rumble and Tether Want to Build a Coinbase Wallet Competitor
Popular video-sharing ecosystem Rumble’s expanded its crypto explorations with plans to build a wallet to rival Coinbase’s. In a May 9 X/Twitter post, Rumble CEO Chris Pavlovski revealed that it is partnering with stablecoin issuer Tether to develop the proposed noncustodial wallet.
Additionally, Pavlovski indicated that the wallet has a Q3 2025 proposed launch date.
The FBI is Seeking Victim Information Related to a 2019 Crypto Scam
According to a May 7 press release, the FBI announced its increased efforts to identify victims of Rowland Marcus Andrade, who fraudulently marketed and sold several crypto tokens. The fake digital assets include ABTC, AML Bitcoin, AML Bitcoin token, Aten Coin, and Black Gold Coin.
Moreover, victims have until June 5 to submit their claims via a short online form.
