Former Chainlink, Two Sigma execs build ‘Moirai’ to uncover crypto gems
Metalayer Ventures, a crypto-focused venture capital firm led by former executives from Chainlink and Two Sigma, has launched a $25 million fund to invest in early-stage blockchain projects with a focus on stablecoins, tokenization and cryptocurrency infrastructure. Metalayer’s fund has already backed seven companies, the company disclosed to Cointelegraph on May 28. These include AnchorZero, a platform helping crypto founders use Roth IRAs for tax advantages, and Spark Capital, a new venture focused on stablecoin infrastructure.Other portfolio companies include Ethena, ClearToken, Crossover Markets, Station70 and Theo — an onchain trading infrastructure project that recently raised $20 million from 17 different VC firms.The company plans to eventually back up to 30 companies with early-stage rounds ranging from $500,000 to $1 million.Metalayer was co-founded by Chainlink Labs’ former head of growth, Mickey Graham, and former Two Sigma executives Andy Kangpan and David Winton.Winton developed a proprietary data platform called Moirai to help Metalayer analyze developer activity, protocol engagement and blockchain transaction patterns to uncover promising projects. “Moirai is our internal sourcing engine for identifying early-stage crypto startups,” Graham told Cointelegraph in a written statement. “The platform is designed to help us systematically surface high-quality startups, and it evaluates opportunities across several key dimensions,” he said.Related: VC Roundup: 8-figure funding deals suggest crypto bull market far from overCrypto VC deals on the rise, but there’s a catchCrypto venture capital activity saw a notable uptick in the first quarter, with increases in both total funding and deal volume, according to data from Galaxy Digital. VC funding reached $4.9 billion during the quarter, though nearly half came from a single deal — Binance, which raised $2 billion from MGX, an investment firm backed by a United Arab Emirates sovereign wealth fund.Despite the outsized impact of the Binance deal, overall market activity showed signs of improving. A total of 446 crypto funding deals were recorded in Q1, marking a 7% increase from the previous quarter.Crypto VC deals remain considerably lower than the peak of the previous bull market. Source: GalaxyNevertheless, venture capital investors remain cautious about making fresh commitments to the sector, according to Robert Lee, a senior analyst at PitchBook. The first quarter was a challenging market environment as a sharp correction in crypto prices compounded investor reluctance.In an interview with Bloomberg last month, Lee noted that many venture capital firms are still on the sidelines. “[M]any of the funds from the last cycle have yet to deliver meaningful DPI,” he said, referring to the private equity metric Distributed to Paid-In Capital, which measures how much capital has been returned to investors relative to what they invested.Metalayer’s Mickey Graham believes that at least some of this drop-off is due to a much-needed transition happening beneath the surface:“We believe the crypto industry has crossed the chasm from an early market defined by infrastructure-building to a mainstream technology sector characterized by the deployment of blockchain technology throughout the global economy.”Although VC activity remains subdued compared to past bull cycles, Kadan Stadelmann, the chief technology officer of the Komodo Platform, told Cointelegraph that the industry has seen an “uptick in mergers and acquisitions, suggesting market maturation.”Stadelmann indicated that pro-crypto regulations in the United States and European Union, “have given large institutions confidence to continue making investments into crypto firms.”At a geographic level, the US accounted for more than a third of total crypto VC deals in 2024 — a trend expected to continue this year. Source: Galaxy DigitalMagazine: The secret of pitching to male VCs: Female crypto founders blast off
XRP price set for 48% jump as spot ETF reality draws closer
Key takeaways:XRP’s falling wedge pattern signals a bullish reversal; 48% price surge potential.SEC’s review of WisdomTree’s XRP ETF may spark investor interest as approval odds jump to 84% on Polymarket. XRP price is forming a falling wedge pattern on the daily chart, a technical chart formation associated with strong bullish momentum following an upward breakout. Could this technical setup, coupled with the SEC’s review of a spot XRP ETF application by WisdomTree, signal the start of a rally to $3.40 and higher?XRP falling wedge pattern targets $3.40From a technical perspective, XRP (XRP) price could gain significant momentum if it breaks out of this falling wedge pattern.In technical analysis, a falling wedge is a bullish reversal chart pattern that comprises two converging trend lines that connect lower highs and lower lows. This convergence indicates a weakening downward momentum. XRP price is currently retesting the resistance provided by the upper trendline of the wedge at $2.42. A break above this level will likely trigger a quick rise in price, with the bulls seeing the technical target of the wedge at $3.40, a 48% increase from current prices.XRP/USD daily chart. Source: Cointelegraph/TradingViewThe relative strength index (RSI) has climbed to 47 from 31 on April 8, indicating that bullish momentum is building up.However, to sustain the ongoing recovery, XRP’s price has to first hold the support at $2.20 and then overcome the resistance between $2.60 and $2.80.Several analysts are optimistic about a rebound higher, with pseudonymous trader Cryptowzrd saying that a validation of a falling wedge could see XRP break out toward $2.90.“$XRP closed indecisively and is still maintaining a falling wedge formation,” the trader wrote in a May 28 post on X, adding: “A breakout of this wedge will push markets toward the $2.80 resistance. Above that resistance, we will eventually get to a new all-time high.”XRP/USD daily chart. Source: CryptowzrdAs Cointelegraph reported, XRP price must first break the key $2.48 resistance level to clear the path toward higher highs.Spot XRP ETFs coming?The US Securities and Exchange Commission (SEC) has officially started reviewing the spot exchange-traded fund (ETF) application by the WisdomTree XRP Trust, which may provide investors with exposure to XRP. 🔥 NEW: The SEC is officially reviewing WisdomTree’s proposed spot $XRP ETF, and is now accepting public comments. pic.twitter.com/3B4UwJ6n4s— Cointelegraph (@Cointelegraph) May 28, 2025The notice published by the SEC on May 27 initiates a 21-day public comment period and a 240-day review timeline, reflecting a structured evaluation of investor protection and market manipulation risks. The product would track the price of XRP through the CME CF Ripple-Dollar Reference Rate, giving investors indirect exposure without needing to hold the asset directly.The betting odds for an XRP ETF approval by Dec. 31 now stand at 84% on Polymarket. Over the past month, the probability of approval has swung by 21% in favor of the YES side, from around 63% on April 22.XRP ETF approval odds on Polymarket. Source: PolymarketBloomberg senior ETF analysts predicted an 85% chance of spot XRP ETF approval after the change in leadership at the SEC.Approval of these funds could unlock institutional capital, amplifying demand for XRP and potentially driving prices toward $3-$8. Some analysts predict XRP price to go as high as $50 if major players like BlackRock step in.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
GameStop officially confirms first Bitcoin purchase of 4,710 BTC
GameStop, the US video game and consumer electronics retailer, has confirmed its first Bitcoin investment, acquiring 4,710 Bitcoin, according to a statement posted May 28 on the company’s X account.The company did not specify how much it paid for the Bitcoin (BTC) or when the purchases were made in the announcement, while its Form 8-K filing with the US Securities and Exchange Commission also offers little detail. The amount purchased was worth around $513 million at the time of writing.The announced acquisition is GameStop's first publicly acknowledged Bitcoin purchase since the company disclosed plans to move into Bitcoin investment in March.At the time, GameStop said it would fund the Bitcoin purchase through debt financing and launched a $1.3 billion convertible notes offering.Source: GameStopThe news comes after months of speculation that GameStop was exploring alternative assets, including cryptocurrencies.GameStop stock jumped 18% on Bitcoin investment speculationGameStop (GME) stock shares have climbed amid the speculation, jumping 12% in March. February rumors helped fuel an 18% spike in GME stock prices.According to TradingView, GameStop shares closed at $35 on May 27 and were trading at $36.30 in the pre-market at the time of publication. The stock is up around 30% in the past 30 days, with year-to-date gains of about 10%.Related: Strategy bags 4,020 Bitcoin as price briefly breaks $110KGameStop (GME) stock year-to-date price chart. Source: TradingViewCointelegraph contacted GameStop for comment regarding its Bitcoin purchase but did not receive a response by the time of publication.Bitcoin’s corporate adoption boomingGameStop’s Bitcoin investment is the latest in a trend among companies purchasing the world’s largest cryptocurrency following the lead of Michael Saylor’s Strategy (formerly MicroStrategy), which made its first BTC acquisition in August 2020.Companies such as Japan’s Metaplanet and Brazil’s Meliuz have beefed up their Bitcoin holdings this year after adopting Bitcoin treasury strategies as well.On May 27, Trump Media and Technology Group, the company that owns US President Donald Trump’s Truth Social platform, confirmed a $2.5 billion capital raise to purchase Bitcoin after previously denying reports of the deal.Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
TON Foundation hires former Visa executive to lead payments strategy
The Open Network Foundation (TON Foundation) appointed former Visa executive Nikola Plecas as its new vice president of payments.Plecas will be responsible for shaping and executing TON’s payment infrastructure strategy, the company said in a May 28 blog post.He is tasked with expanding the network’s capabilities, managing financial partnerships and ensuring compliance across jurisdictions as the foundation scales services for over 1 billion Telegram users.“Joining TON Foundation represents an incredible opportunity to shape the future of payments on a truly global scale,” Plecas said.Related: How to use tsUSDe on TON for yield-generating dollar savingsPlecas to lead TON’s new payment strategyPlecas will lead the push to build a payments architecture that is both globally interoperable and robust enough to handle increasing demand from developers, enterprises and end-users, per the announcement.Plecas brings a track record from his time at Visa, where he played a central role in crypto-related initiatives, including product development and global commercialization.He helped streamline on-ramp performance across multiple markets and developed Visa’s digital currency engagement model for European clients. He also contributed to numerous fintech and crypto issuance projects and frequently spoke on Visa’s behalf at major industry events.Source: TONTON Foundation CEO Max Crown noted that payments are a core pillar of TON’s roadmap. “With deep industry expertise and a clear vision for scaling payment infrastructure, Nikola brings the experience and leadership we need to accelerate TON’s global growth.”Cointelegraph reached out to TON for comment but had not received a response by publication.Related: TON’s Broxus launches blockchain app scalability platform TON FactoryEthena offers USDe to Telegram usersOn May 1, decentralized stablecoin platform Ethena partnered with TON to make its stablecoins available to Telegram’s user base of over 1 billion people.The partnership will see the deployment of Ethena’s USDe (USDE) and Ethena Staked USDe (sUSDe) within the TON blockchain. The sUSDe variant will be integrated under the name tsUSDe, enabling Telegram users to access US dollar-denominated savings directly within Telegram.Notably, the TON Foundation has also been closely collaborating with Tether, connecting TON to Tether’s USDt ecosystem with LayerZero in February 2024.As part of its ambitious scaling plans, TON expects to connect its ecosystem to at least 100 chains, including Ether (ETH), Tron (TRX) and Solana (SOL).Magazine: Can Off the Grid survive Steam’s crypto ban? Rage over Maplestory cheaters: Web3 Gamer
Real-world assets could revitalize dying NFT lending market: DappRadar
Real-world assets linking up with non-fungible tokens (NFTs) is one of a few key catalysts that could reignite the waning NFT lending sector, which is suffering from a collapse in volumes and user activity, says blockchain analytics platform DappRadar.Volumes in the NFT lending market, which allows NFT holders to take out a loan against their token, have dropped 97% from a peak of around $1 billion in January 2024 to $50 million in May, DappRadar analyst Sara Gherghelas said in a May 27 report.Gherghelas said for NFT lending to “move beyond survival mode,” it needs “new catalysts” to reignite the sector, such as real-world asset NFTs, like tokenized real estate or yield-bearing assets that could unlock more stable, trusted collateral sources.“So far, 2025 has not delivered a compelling reason for NFT lending to bounce back,” she said. “While the infrastructure is still here and the platforms remain active, activity has slowed across the board.” Borrower and leading activity have taken a big hit in the NFT lending sector. Source: DappRadar“For now, the sector seems to be in a holding pattern, waiting either for market recovery or a new use case to reignite interest.”Gherghelas added that other catalysts that could rekindle NFT lending were tools that make it easier for NFT holders to borrow against their tokens, and that protocols should create “smart infrastructure” such as undercollateralized loans, credit scores and artificial intelligence risk matching.The report adds that since January last year, borrower activity has declined by 90% and those willing to lend have shrunk by 78%.The average NFT loan size has also taken a hit from a peak of $22,000 in 2022 to $4,000 in May, a 71% year-over-year drop.Gherghelas said this shift “shows that either users are borrowing against lower-value assets or simply becoming more conservative with leverage.”NFT lending overall trading volume and market activity have dropped off from the all-time highs of past years. Source: DappRadarThe average loan duration is also lower; after hitting an average of roughly 40 days in 2023, it’s been down to 31 days and has held steady throughout 2024 and into 2025.Gherghelas said this could indicate that “loans are being taken more frequently but for shorter periods, perhaps a sign of more tactical liquidity plays.”NFT market downturn also hurts lendingPart of the slowdown in NFT lending is connected to the overall NFT market decline, which has seen volumes drop 61% in the first quarter to $1.5 billion compared to $4.1 billion a year ago.“With collateral value collapsing, the lending activity naturally followed,” Gherghelas said. “There are a few exceptions that managed to hold or regain traction, but they’ve been outliers, not enough to lift the sector.”Related: AI decentralized apps are coming for the Web3 throne: DappRadarThe protocol landscape has also narrowed, and the number of active NFT lending apps is limited, with only eight protocols holding any meaningful share.“The flip-for-liquidity model that worked during bull markets isn’t built for a quieter, more risk-averse environment. But that doesn’t mean NFT lending is finished; it’s simply shifting focus,” Gherghelas said.“Platforms are diversifying, use cases are shifting, and collateral preferences are changing. If the next wave builds on utility, culture, and better design, NFT lending might just find its second wind — one built to last.”Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24
Nasdaq files for 21Shares Sui ETF, kicking off SEC review
Nasdaq has filed for crypto asset manager 21Shares to list a spot Sui exchange-traded fund (ETF) in the US, initiating the Securities and Exchange Commission’s review process.The stock market’s May 23 19b-4 filing, which asks the SEC to list the 21Shares SUI ETF, follows 21Shares’ April 30 submission of its S-1 registration statement to the SEC, which asked the regulator to approve trading of the proposed fund.Both regulatory filings are needed for the Sui (SUI) tracking fund to gi live, with the 19b-4 filing kicking off the SEC’s review process. The agency must decide whether to accept, reject or delay the application within 45 days and it can delay its decision multiple times, for a maximum review period of 240 days.The SEC must decide on 21Shares’ application by Jan. 18, 2026, at the latest.Source: Cointelegraph21Shares proposed BitGo and Coinbase Custody as the custodians to hold SUI on behalf of the trust, however, the filing did not include details on a management fee or ticker.Canary Capital is the only other asset manager that has submitted 19b-4 and S-1 filings to list a spot Sui ETF, filing the forms on April 8.21Shares said in its 19b-4 filing that the SUI token powers the Sui network and serves four main purposes: it can be staked to earn rewards, used to pay gas fees, function as a liquid asset for Sui applications and serve as a governance token.Related: SharpLink launches Ethereum treasury, taps Joe Lubin as board chairThe Sui ecosystem is largely focused on decentralized applications and has been dubbed a potential Solana killer.SUI is the 13th-largest cryptocurrency, but its $12.3 billion market cap remains a fraction of Solana (SOL)’s $92 billion market cap, according to CoinGecko.21Shares aims to add to SUI offerings21Shares already lists a Sui exchange-traded product in Europe, on the Euronext Paris and Euronext Amsterdam stock exchanges.Those listings have contributed to SUI-based exchange-traded products having $317.2 million in assets under management (AUM), according to a May 26 report from CoinShares.Flows into SUI ETPs increased by $2.9 million between May 16 and May 24, and only trails Bitcoin (BTC), Ether (ETH), Solana and XRP (XRP) in terms of net assets.Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
Ethereum price target shifts to $3K after SharpLink adopts ETH ‘treasury strategy’
Key takeaways:SharpLink Gaming establishes the first ETH treasury, backed by Ethereum co-founder Joe Lubin. SharpLink will invest $425 million to acquire 120,000 ETH. Ethereum futures open interest hits an all-time high of $36.1 billion, with ETH price climbing 4.5% on the daily chart. Nasdaq-listed SharpLink Gaming (SBET) announced a $425 million private investment in public equity (PIPE), acquiring approximately 69.1 million shares at $6.15 each to establish the first Nasdaq-listed Ethereum (ETH) treasury company.Spearheaded by Ethereum co-founder Joe Lubin, this move mirrors Strategy’s (MSTR) successful Bitcoin treasury strategy, which has yielded over $8.2 billion in gains in 2025, by leveraging stock and bond sales to acquire BTC.Former Ethereum core developer and contributor Eric Conner highlighted the bullish implications of SharpLink’s move, noting its potential to create a “public ETH proxy for funds that can’t hold tokens directly.” Conner emphasized that the acquisition of 120,000 ETH — likely to be staked — could lead to “supply compression” by removing tokens from circulation. The Ether proponent also pointed to the “new narrative fuel” this provides, positioning ETH as a “digital reserve collateral” and potentially driving its adoption on mainstream balance sheets through an equity wrapper like $SBET.However, crypto analyst VICTOR cautioned against over-enthusiasm, outlining the risk of leveraging gains from an altcoin still down 19% in 2025. In Q1 2025, Cointelegraph reported a sharp decline in Ethereum network fees, dropping to $605,000 from $2.5 million in just two weeks in March, alongside a noticeable decrease in decentralized app (DApp) activity. Although average daily fees on the Ethereum chain have stayed above $1 million since May 9, 2025, fees remain significantly lower compared to Q1 2024, as highlighted in the chart.Ethereum total value locked (TVL) and chain fees. Source: DefiLlamaRelated: Ethereum flashes ‘altseason’ signal as ETH price eyes $4.1KEthereum open interest prints new highs as ETH targets $3KThe SharpLink announcement triggered a surge in Ethereum futures market activity. Ether futures open interest (OI) hit a new all-time high of $36.1 billion, increasing $3.5 billion in 24 hours. Ether OI has increased by 72% over the past month, reflecting heightened trader activity.Ethereum open interest chart. Source: CoinGlassEther prices are also up 4.50% for the day, and Maartuun, a community analyst at CryptoQuant, indicated the likelihood of a leveraged-fueled pump for the altcoin. Over the past 30 days, Ether prices have gained 48%, with the markets exhibiting 10 leverage-driven pump signals. The majority of these rallies — eight out of 10 — resulted in negative returns, while one rally triggered a short squeeze, driving prices higher, and another displayed neutral price action.From a technical perspective, Ether’s price action on the daily chart posted a descending triangle, a bullish breakout pattern, which creates equal highs and higher lows, converging toward an imminent rally. The pattern is bordered by two trendlines, the upper resistance, currently around $2,700 and the ascending support line. A bullish breakout above $2,677 targets the pattern’s measured move, calculated by adding the triangle’s height to the breakout point. This projects a target range of $3,100–$3,200, aligning with prior resistance levels around $3,100 and $3,400.Ethereum 1-day chart. Source: Cointelegraph/TradingViewThe relative strength index (RSI) at 68.50 supports this bullish outlook. An RSI near 70 indicates strong momentum, with the indicator resetting after oscillating in the overbought region (above 70), suggesting the altcoin could be gearing up for a fresh rally. Anonymous crypto trader mo_xbt pointed out a “sandwich setup” for Ethereum. The analyst also believed that a $3,000 retest was imminent and said, “Gotta love the sandwich set up on the daily — Above 1d 200ema, below 1d 200ma & 300ma. I have seen this set up many times the last month, it always lead up.”Ethereum 1-day analysis by Mo. Source: X.com/Mo_XBTRelated: Bitcoin profit taking lingers, but rally to $115K will liquidate $7B shortsThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Third individual arrested in NYC crypto torture and kidnapping case
A third individual, suspected of being connected to the recent kidnapping, torture and attempted extortion of an Italian tourist in New York City, surrendered to law enforcement on May 27.33-year-old William Duplessie was taken into custody by the New York Police Department (NYPD) and will be charged with “kidnapping and false imprisonment of an associate,” NYPD Commissioner Jessica Tisch said.The incident comes amid a string of kidnappings and ransom attempts targeting crypto investors and their loved ones, prompting additional security measures from investors and industry executives.According to reporting from The New York Times, Duplessie and crypto investor John Woeltz, who was previously arrested by police in connection with the case, both had connections to an NYC-based crypto hedge fund.Source: Jameson LoppDuplessie negotiated his surrender with the NYPD over the course of several days leading up to his arrest.Related: France arrests over 12 suspects linked to crypto kidnappings: ReportItalian tourist kidnapped and drugged in an attempt to steal cryptoMichael Valentino Teofrasto, a 28-year-old Italian tourist in New York City, was kidnapped in Manhattan and held captive for weeks before managing to escape and alert law enforcement authorities.Teofrasto said the suspects bound him, stole his passport and mobile device, and subjected him to physical beatings, which included being shocked with a Taser.The victim also said the suspects repeatedly hit him with a firearm and would submerge his feet in the water while tasing him in an attempt to get him to reveal his crypto private keys.The tourist was reportedly held in a luxury townhome in the SoHo neighborhood of Manhattan and escaped the luxury townhome where he was being held. Once free, Teofrasto flagged down a police officer and relayed the kidnapping incident to the official.Following his incident report, NYC police arrested crypto investor John Woeltz and charged the investor with kidnapping for ransom and three other felony counts.Woeltz is expected to appear in court for an additional hearing on May 28 and is currently being held in custody without bail while awaiting trial.Magazine: Crypto ‘more taboo than OnlyFans,’ says Violetta Zironi, who sold song for 1 BTC
Building a permanent US strategic Bitcoin reserve would likely require targeted legislation rather than executive action, according to VanEck’s head of digital assets, Matthew Sigel. Speaking at Bitcoin 2025 in Las Vegas, Sigel said the most viable path forward may involve inserting Bitcoin mining incentives into the congressional budget reconciliation process.According to Sigel, the most effective path to growing a US strategic Bitcoin reserve would be through targeted amendments to congressional budget legislation. These could include tax credits for mining companies that use methane gas and other incentives aimed at encouraging miners to share a portion of their mined BTC with the federal government. He argued that such an approach would allow the reserve to grow organically over time. Sigel also highlighted the limitations of executive actions in achieving this goal:"The problem with executive action is that it's going to prompt lawsuits. And anything over $100 million is going to get sued by the Elizabeth Warrens of the world. So, I would say start with something maybe in the Exchange Stabilization Fund for $100 million."US President Donald Trump established the US Bitcoin Strategic Reserve through a March 7 executive order. According to the order, the US government can only acquire Bitcoin through budget-neutral strategies or asset forfeiture, prompting a range of different ideas on how to add to the government’s stockpile of nearly 200,000 BTC.From left to right, Alex Thorn, Matthew Sigel, Matthew Pines and Fred Thiel. Source: Turner Wright/CointelegraphRelated: Bitcoin’s new highs may have been driven by Japan bond market crisisLawmakers, officials pitch different ideas to grow strategic Bitcoin reserveWyoming Senator Cynthia Lummis, the US lawmaker who introduced legislation for a Bitcoin strategic reserve in July 2024, proposed converting a portion of the gold certificates held by the US Treasury to Bitcoin.Converting gold to Bitcoin would allow the US government to purchase more Bitcoin without incurring a cost to the taxpayer, Lummis said.Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, echoed the idea in March 2025.Hines called on the US Treasury to revalue its gold holdings, which are currently priced at just $42.22 per troy ounce, and convert a portion of those gains to Bitcoin. This strategy would also be budget-neutral, Hines said.The price of gold reached an all-time high of $3,500 per ounce in April but experienced a minor pullback to around $3,300 on May 27.Magazine: TradFi fans ignored Lyn Alden’s BTC tip — Now she says it’ll hit 7 figures: X Hall of Flame
Trump supports bill to buy 1 million BTC — Senator Lummis
US President Donald Trump supports the BITCOIN Act and has a team of experts in the White House working to roll out landmark digital asset legislation in the coming weeks, according to Wyoming Senator Cynthia Lummis. Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Lummis said she is bringing the BITCOIN ACT to the “attention of the American people and the world,” adding that, “President Trump supports the bill.”In March, Lummis reintroduced the BITCOIN Act — landmark legislation that directs the US government to acquire 1 million Bitcoin (BTC) over five years. The acquisitions would be financed using existing funds within the Federal Reserve System and the Treasury Department. As Cointelegraph reported, the Trump administration has reiterated the need to use “budget-neutral ways” to acquire Bitcoin without burdening taxpayers.Source: CryptoGoosAt the Bitcoin Conference, Lummis said the Trump administration has a team working on “digital asset issues,” including legislation on stablecoins, market structure and the Bitcoin Strategic Reserve.“They will probably roll out in that order,” she said.“The Senate Banking Committee has passed the stablecoin bill out of committee,” said Lummis, adding: “We’re getting close to being ready to have it on the floor. We’ve worked for untold hours with the minority party to satisfy them, and we should be voting on it the week before we get back from this break.”Related: Senator Lummis’ new BITCOIN Act allows US reserve to exceed 1M BitcoinGENIUS Act on stablecoins is “going to pass,” says White House crypto czarThe White House seems to be in alignment with Senator Lummis. Last week, Trump’s top crypto adviser, David Sacks, said the GENIUS stablecoin bill is “going to pass” the Senate with bipartisan support after clearing a key procedural vote on May 19.On May 19, the Senate voted 66 to 32 to advance debate on the GENIUS Bill. Source: US SenateGENIUS refers to the Guiding and Establishing National Innovation for US Stablecoins Act, possibly the most comprehensive federal push to establish a legal framework for dollar-pegged stablecoins.Stablecoins have become one of the most prominent use cases for blockchain technology, with some industry advocates arguing that they could help extend the US dollar’s dominance as the global reserve currency.Collateralized, dollar-backed stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) account for more than 85% of the $250 billion market, according to CoinMarketCap.Related: Former CFTC chair criticizes STABLE Act amid calls for urgent regulatory clarity
