Bitcoin and Altcoins Rise as Traders Look to the Future

The Senate's failure to advance the GENIUS Act, a bill aimed at establishing a federal regulatory framework for stablecoins, has caused uncertainty over stablecoin oversight and digital asset legislation. Treasury Secretary Scott Bessent expressed disappointment, emphasizing the need for American leadership in the global digital assets race.

Steak ‘n Shake will start accepting Bitcoin at all U.S. locations from May 16, allowing customers to pay for items like milkshakes and burgers with BTC. This move will test Bitcoin's speed, cost, and usability in a high-volume, low-margin fast food setting.

Jeffy Yu, previously thought to have died by suicide, was discovered alive at his parents' home by a reporter. The 22-year-old claimed to have been doxxed and harassed, leading to his disappearance and the subsequent surge and plummet of the $LLJEFFY meme coin.

MARA Holdings reported a $533 million net loss in Q1, despite a 30% revenue increase and a 174% rise in Bitcoin holdings. The company's bottom line suffered due to a $510 million negative adjustment on the fair value of its Bitcoin holdings.

SEC Commissioner Caroline Crenshaw criticized the agency's settlement with Ripple Labs, stating it weakens crypto enforcement and harms investors. The settlement, which involves a $50 million payment, marks a shift in the SEC's approach to digital assets.

Eurogroup President Paschal Donohoe discussed the EU's plan to expand AML regulation to include tracking cryptocurrency transfers. The new Anti-Money Laundering Regulation will require exchanges to identify users of self-hosted wallets.

U.S. District Judge K. Michael Moore dismissed most claims against celebrities sued for promoting collapsed crypto exchange FTX, stating investors failed to prove their knowledge of fraudulent activities. The lawsuit against celebrities could be amended, and claims of promoting unregistered securities remain active.

The SEC and Ripple Labs settled a lawsuit after four years, with Ripple and its executives agreeing to pay $50 million to the SEC. The settlement awaits approval from District Court Judge Analisa Torres, who previously ordered Ripple to pay a $125 million fine.

Dogecoin (DOGE) surged 14% in 24 hours, outpacing Bitcoin's gains, now trading at $0.195, up 36% for the month. Other meme coins like TRUMP, Fartcoin, and PEPE are also experiencing significant gains.