GENIUS Act Senate Stablecoin Bill Falls Short in Key Vote

Coinbase reported a 10% decrease in total revenues for the first quarter of 2025, falling short of analyst expectations. The company's net income dropped by 94% compared to the previous quarter, with earnings per share shrinking significantly.

The rise of prediction markets has provided crypto participants with diverse opportunities to engage in real-time event predictions. Myriad, a prediction market, allows users to wager on the likelihood of events, such as Dogecoin's price surpassing $0.19. Notable markets include Dogecoin's price and the selection of the new pope.

Alex Mashinsky, the former CEO of Celsius, received a 12-year prison sentence for his role in the company's collapse. Prosecutors alleged deliberate fraud and manipulation of Celsius' business model, leading to catastrophic financial harm for investors.

Bitcoin and other cryptocurrencies surged on Thursday following a U.S.-U.K. trade deal, with BTC surpassing $100,000 for the first time since February. The Federal Reserve's decision to maintain interest rates led to President Trump criticizing Chair Jerome Powell for not cutting rates. Ethereum also saw a significant increase, breaking $2,053 for the first time since March.

Altcoins are driving the crypto markets forward, with Ethereum gaining 9.2% in 24 hours, potentially breaking $2,000. Dogecoin, Cardano, Sui, and Bitcoin Cash have also seen significant gains, while Pudgy Penguins surged 27% in a day.

Kuwaiti authorities are intensifying efforts against illegal crypto mining, investigating 31 cases and questioning 116 individuals. The misuse of electricity for mining in 59 residential properties has strained the national power grid, leading to blackouts.

Standard Chartered's Head of Digital Assets, Geoffrey Kendrick, is reconsidering his bullish bitcoin forecast, acknowledging that the rally has surpassed expectations due to surging institutional interest and strategic asset reallocation trends. Kendrick now sees bitcoin potentially surpassing $120,000 this summer and reaching $200,000 by year-end.

Superstate, known for the USTB token, is launching Opening Bell, a Solana-based platform for tokenizing public equities. This move enables real-time trading and programmable securities, targeting public and private companies seeking liquidity.

The acquisition of Deribit by Coinbase was announced without disclosing the deal's value, but executives later revealed it to be $2.9 billion, including cash and stock. This breaking news story was reported by The Wall Street Journal and edited by Stacy Elliott.