Trump Media Denies Truth Social Meme Coin, President's Token Tanks

Web3 investment company Animoca Brands is considering a public listing in New York to take advantage of the favorable digital asset regulatory environment under the Trump administration. The company has been a key player in the Web3 industry, with investments in NFTs and GameFi projects.

GD Culture Group Limited plans to sell up to $300 million in stock to invest in Bitcoin and Trump Coin, despite facing a Nasdaq delisting threat due to financial shortcomings. The company's decision aligns with industry trends, as other public firms like Strategy and Metaplanet also incorporate crypto into their treasury operations.

Arizona Governor Katie Hobbs vetoed bills proposing the establishment of a Digital Assets Strategic Reserve Fund and allocating state funds to Bitcoin. She signed a bill regulating crypto ATMs, requiring operators to display fraud warnings and comply with anti-money laundering protocols.

A class action lawsuit against Caitlyn Jenner and Sophia Hutchins was dismissed by a California federal judge due to lack of evidence showing how the token purchases were conducted in the U.S. The lead plaintiff, Lee Greenfield, has until May 23 to file a new complaint with stronger evidence.

Andrew Charlton has been appointed as Assistant Minister for Science, Technology, and the Digital Economy in Australia, in addition to his role as Cabinet Secretary. The government aims to regulate digital assets and modernize the tech sector, aligning with global standards like the EU’s MiCA and Singapore’s Payment Services Act.

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.