SEC Commissioner Crenshaw Raises Concerns About Promoting Blockchain for Traditional Finance

Ethereum surged 40% last week, reaching $2,500, driven by easing trade tensions and a network upgrade. Analysts believe future gains hinge on stronger fundamentals, despite recent profit-taking. The market optimism was influenced by positive political developments, with traditional equities also seeing gains.

New York Mayor Eric Adams aims to position the city as a global crypto hub, hosting a crypto summit on May 20. He emphasized blockchain's potential for financial inclusion and the city's growing role in crypto innovation, seeking collaboration between public officials and private sector innovators.

American Bitcoin, a subsidiary of Hut 8 with ties to Eric Trump, plans to merge with Gryphon Digital Mining. The 100% stock-for-stock merger is expected to close in Q3, with American Bitcoin stockholders owning around 98% of the new company.

Following the announcement by the S&P 500 that Coinbase's stock will be added to its index on May 19, COIN shares surged 8% in after-hours trading, reaching $225 per share. This move comes as Coinbase is set to replace Discover Financial Services on the S&P 500 index.

Nakamoto Holdings and KindlyMD have formed a new Bitcoin treasury, raising $710 million through private investment and convertible notes. The merger aims to accelerate Bitcoin adoption globally, with David Bailey as the CEO. KindlyMD, a healthcare firm, will maintain its focus on combating the opioid crisis.

CIC Digital LLC and Fight Fight Fight LLC organized a dinner where 220 crypto investors could dine with US president Donald Trump by purchasing his personal crypto coin. The investors were selected based on their TRUMP coin holdings and spending between the announcement and the deadline.

Anchorage Digital has announced the acquisition of stablecoin issuer Mountain Protocol to enhance institutional stablecoin support. The move aims to integrate Mountain's technology and team into Anchorage's operations pending regulatory approval. Stablecoins are gaining importance in the digital economy, with a potential market growth to trillions of dollars.

Craig Wright has been issued a General Civil Restraint Order by a UK court, preventing him from filing legal claims without High Court permission. The order may be extended and failure to comply could lead to contempt of court charges.

Bitcoin and major altcoins initially surged on Monday but later dipped as the U.S. and China announced a reduction in tariffs, impacting investor sentiment. The easing of trade tensions led to Bitcoin briefly hitting $105,500, a response to the tariff truce between the two countries.