Ethereum successfully implemented the first stage of its highly anticipated Pectra upgrade, achieving network finality at 6:18 a.m. ET on Wednesday after an anxious waiting period. Ethereum co-founder Vitalik Buterin has already proposed an ambitious shift, suggesting the blockchain adopt RISC-V architecture to replace the current Ethereum Virtual Machine (EVM). This move aims to streamline technical operations and improve overall network performance.
Coinbase recently completed the acquisition of Dubai-based crypto derivatives platform Deribit for approximately $2.9 billion. During Coinbase’s Q1 2025 earnings call, CFO Alesia Haas revealed the company’s strategic purchase of $150 million in cryptocurrency—mostly in bitcoin. However, CEO Brian Armstrong indicated that Coinbase considered, but ultimately rejected, adopting a MicroStrategy-style balance sheet heavily weighted towards cryptocurrency investments.
Meanwhile, MicroStrategy, led by CEO Phong Le and Executive Chairman Michael Saylor, purchased another 1,895 bitcoins, increasing its sizable holdings to a total of 555,450 BTC.
Former Binance CEO Changpeng “CZ” Zhao disclosed that he initiated the process to formally petition former U.S. President Donald Trump for a presidential pardon, following Zhao’s recent release from a four-month prison term resulting from money laundering charges. Zhao strongly denied media reports suggesting that he had offered equity in Binance.US as leverage to secure this pardon.
In legislative matters, the United States Senate recently blocked the GENIUS Act— a decision U.S. Treasury Secretary Scott Bessent sharply criticized, suggesting it could undermine American leadership in digital currencies. One contentious aspect of the debate was the “Official Trump” cryptographic meme coin, which has been financially beneficial to the Trump family and has been central in negotiations surrounding stablecoin regulations.
Fast-food chain Steak ‘n Shake announced its plans to begin accepting bitcoin payments nationwide in the U.S. from May 16 onward, offering over 100 million potential customers the option to buy food using cryptocurrency.
In Europe, the European Union’s plans to establish a monitoring system for cryptocurrency transfers were recently revealed by Eurogroup President Paschal Donohoe during the European Anti-Financial Crime Summit. Donohoe, who also serves as Ireland’s finance minister, emphasized extending existing anti-money laundering frameworks to crypto-assets.
Further developments in the regulatory space include a court ruling by U.S. District Judge K. Michael Moore, who dismissed most claims against celebrities involved in promoting the failed cryptocurrency exchange FTX, including Tom Brady, Stephen Curry, Naomi Osaka, Larry David, and Kevin O’Leary, citing a lack of evidence demonstrating that the celebrities were aware of underlying fraudulent activities.
A significant legal milestone has occurred with the U.S. Securities and Exchange Commission (SEC) formally finalizing its settlement with Ripple Labs, concluding a protracted legal feud lasting over four years. Ripple, along with CEO Brad Garlinghouse and Executive Chairman Chris Larsen, will collectively pay $50 million as part of the settlement.
In another prominent crypto-related court development, Alex Mashinsky—founder and former CEO of the bankrupt crypto lender Celsius Network—received a twelve-year prison sentence for financial fraud.
Arizona Governor Katie Hobbs signed historic legislation authorizing the state to maintain custody of unclaimed digital assets, marking a progressive step forward in digital asset management at the state level.
Movement Labs removed co-founder Rushi Manche amid allegations of an undisclosed market-making agreement. This follows Manche’s prior suspension from the company as controversy grew.
Separately, the Commodity Futures Trading Commission (CFTC) has withdrawn its appeal against Kalshi, the New York-based prediction market platform.
NFT brand Doodles expanded its ecosystem with the launch of the new DOOD token on the Solana blockchain, accompanied by token airdrops to existing holders. Additionally, the project unveiled DreamNet, a decentralized AI-driven storytelling platform.
German authorities seized approximately €34 million in assets from crypto exchange eXch for alleged complicity in money laundering activities tied to North Korean hackers responsible for this year’s Bybit exchange security breach.
