Institutions made some big crypto moves alongside steady progress on the legislative front. Digital asset adoption continued, and mainstream access increased across America.
By the way, we wish our readers a happy Memorial Day (on Monday)!
The headlines:
- The Senate fulfilled its GENIUS Act promise with a vote;
- America’s big banks want a piece of the stablecoin pie;
- There was some action in the state crypto legislation segment;
- According to CFTC Commissioner Summer Mersinger, crypto perpetual futures offerings are on the way;
- Plus, which country has the world’s largest Bitcoin holdings? America! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $110k (as of 5/26/25)
The world’s top cryptocurrency continued to swing. Bitcoin’s prices moved from a $104,206.51 low to a $111,970.16 high before settling at $110,026.96.
The altcoins are also set for a breakout, too.
Ethereum (ETH) is at $2,572.50, Solana (SOL) is at $177.86, Chainlink (LINK) is at $15.72, Avalanche (AVAX) is at $23.78, Polkadot (DOT) is at $4.54, Uniswap (UNI) is at $6.64, and Aave (AAVE) is at $264.60.
The Senate Moved the GENIUS Act Forward
As promised, the Senate advanced the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) before Memorial Day. In a procedural vote, lawmakers passed the bill by 62-32.
The legislation will move to the Senate floor for further deliberations.
America’s Big Banks Want Some Stablecoin Action
According to a May 22 Wall Street Journal report, several of America’s biggest banks plan to launch a stablecoin. Several financial titans, including Bank of America, Wells Fargo, Citi, and J.P. Morgan Chase, have reportedly interacted on the issue.
Initial conversations have just started, and there are no final decisions yet.
Circle is Considering an Acquisition Instead of an IPO
Fortune reported on May 19 that stablecoin issuer Circle is allegedly mulling a $5 billion sale to (either) Ripple Labs or Coinbase. Ripple Labs offered to buy the firm last month, but Circle rejected the offer.
Consequently, the stablecoin issuer refuted the claims in a statement to Fortune and indicated that it was moving forward with its IPO plans.
Some State Crypto Bills Moved Forward
Crypto-related legislation continued to advance. On May 21, in the Lone Star State, the Texas State House of Representatives passed its Bitcoin reserve bill (Senate Bill 21) by a 102-42 vote.
In the Great Lakes State, Michigan’s lawmakers introduced four digital asset-focused bills. HB 4511 aims to block support for Central Bank Digital Currencies (CBDCs), and HB 4510 will enable Bitcoin ETP investments from retirement funds. Finally, twin bills HB 4513 and HB 4512 seek to encourage crypto mining activities at abandoned oil wells and offer incentives to firms in return for mining rights.
CFTC Crypto Perps Are Coming Soon
In a May 22 Bloomberg interview, outgoing CFTC Commissioner Summer Mersinger revealed that the regulator will soon approve crypto perpetual futures offerings. The approval is likely despite the CFTC’s leadership transitions.
Mersinger also indicated that the products will benefit the crypto industry and the American economy.
J.P. Morgan Will Allow Customers to Buy Bitcoin
On May 19, at the J.P. Morgan Investor Day event, CEO Jamie Dimon announced that the behemoth will permit its customers to buy Bitcoin. This position contrasts with his previous position, in which he once called the token “worthless.”
Dimon also iterated that the bank doesn’t have crypto custody plans and that the FI will reflect this stance in statements.
The DoJ is Investigating the Coinbase Cyberattack
According to a May 19 Bloomberg interview, the DoJ is investigating the recent Coinbase attack and the subsequent $20 million extortion attempt. Several officials, including those in its Washington criminal division, are involved.
The exchange previously reported that the attack affected less than 1% of its users and will incur between $180 million and $400 million in remediation and voluntary reimbursement costs.
The SEC’s Commissioner Pierce Pushed for Further Crypto Clarity
At the May 19 SEC Speaks event, Commissioner Hester Pierce revealed that the regulator is heading in a different direction per crypto rules. Pierce indicated that most digital assets aren’t securities and do not fall under relevant laws that pertain to such.
Furthermore, Pierce revealed that the regulator will continue to work on distinguishing between crypto securities and tokens that don’t fall under that category.
Tether Expands Greenback Hegemony-Ardoino
According to Tether CEO Paolo Ardoino, the stablecoin issuer has contributed to the US dollar hegemony. During a May 23 CNBC interview, Ardoino indicated that Tether is the “stronghold” for the greenback’s dominance.
Ardoino also revealed that the stablecoin issuer is ahead of several nations in Treasury holdings, including Spain, Germany, and Australia. He said Tether would be the world’s 18th-largest nation with Treasury investments.
America’s First Bitcoin-Native Trust Firm Debuted
On May 21, the State of Wyoming approved the charter of the Gannett Trust Company, the first of its kind in the United States. Unchained, a leading crypto firm, backs the new setup.
Gannet serves several functions, including combining Bitcoin investment strategies with assets and equities for family offices, businesses, and individuals.
The US Leads Global Bitcoin Ownership-River
Interestingly, America continues to lead the crypto space. Most of the Bitcoins in circulation are owned by Americans. That’s what a recently published report from Bitcoin-focused firm River suggests.
According to the document, Americans own about 40% of available tokens, with a 94.8% share of corporate holdings. Additionally, the United States leads the world with 65.3% nation-state digital asset ownership while accounting for 70% of Bitcoin venture funding.
America has a 79.2% share of spot Bitcoin ETFs and a 36% allotment of the global Bitcoin mining hash rate.
