Category: crypto

Fenwick & West settles a class action lawsuit for $54 million with former FTX customers, accused of aiding fraud at the cryptocurrency exchange. The law firm allegedly advised on legal structures connected to Alameda Research and North Dimension, helping FTX conceal the misuse of customer funds. Legal fallout from the FTX collapse continues.

Strategy has paused Bitcoin purchases this week to repurchase convertible debt worth nearly $1.5 billion. Michael Saylor has hinted at future Bitcoin sales as part of the company’s capital management strategy. Despite the pause, Strategy continues to focus on increasing its Bitcoin holdings, currently holding 843,738 BTC valued at over $65 billion.

Tether and the Government of Georgia plan to launch GEL₮, a stablecoin representing the Georgian lari. GEL₮ aims to reduce transaction costs and enable fast settlement, programmable payments, and cross-border transfers. Georgia’s stablecoin framework includes reserves, redemption rights, issuer oversight, and alignment with U.S. regulations.

A Bitcoin whale from the Satoshi era transferred over $200 million worth of BTC to FalconX and Cumberland. The move raised concerns about exchange inflows and ETF outflows in the market. The whale’s wallet still holds almost 6,000 BTC valued at $462 million, sparking speculation about potential market impacts.

Kalshi has supported the launch of Americans for Fair Markets to advocate for federal rules and consumer protections in the prediction market industry. The group, led by a former White House chief of staff, aims to shape policy and combat anti-prediction market lobbying efforts. Kalshi is also facing scrutiny over insider trading controls.

Ethereum co-founder Vitalik Buterin stated that the Ethereum Foundation will focus on long-term survival over expansion, resulting in fewer ETH sales. The foundation aims to prioritize censorship resistance, openness, privacy, and security. Buterin emphasized that the foundation is just one part of Ethereum and not its central entity.

The U.S. Securities and Exchange Commission has delayed a proposed exemption for tokenized stock trading due to concerns about investor protections and ownership verification. The SEC is considering a framework that would support only issuer-backed digital equities. Crypto executives support the delay to ensure the right instruments are included in the exemption.

Crypto markets are facing a holiday-shortened U.S. week with potential macro events that could impact Bitcoin, Ethereum, and risk assets. U.S. markets close on Monday for Memorial Day, leaving crypto to react first to headlines. Traders are focusing on possible U.S.-Iran agreement details and upcoming economic data releases that could influence market sentiment and prices.

Blockstream CEO Adam Back criticized altcoins and memecoins, suggesting that their prices may eventually approach zero due to market efficiency. Bitcoin dominance remains high, limiting altcoin momentum. Back also highlighted the volatility and risk associated with memecoins, which rely on online attention rather than revenue or utility.

Bank of America reported about $53 million in crypto ETF exposure in its Q1 2026 filing, with BlackRock’s iShares Bitcoin Trust leading the group. The bank had a larger position in IBIT and smaller exposure to Ether and Solana ETFs. Overall, the bank’s crypto ETF holdings were smaller than its crypto-linked equity exposure. Wells Fargo…