Senate Democrats Stall US Stablecoin Bill

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Good Morning.

The crypto markets stayed flat in the past week. While Bitcoin might be healing slightly, the state of liquidity for alts is still bad; even with the new boopdotfun meme launchpad platform or Elon shilling new tickers.

In Today's Email:

• What Matters: Senate Dems Stall Stablecoin Bill 🛑 

• Product: App Store Enables Crypto 🍎 

• Charts: Strategy $84B BTC Plan, CME Volume Hits $8.9B 📈 

Check our out latest podcast episode with Opnet!

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TOGETHER WITH

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WHAT MATTERS

Senate Democrats Stall US Stablecoin Bill

State of play: Nine Senate Democrats have withdrawn support for the GENIUS Act, a bipartisan bill aimed at regulating stablecoins in the US.

• They cited significant issues, particularly concerning national security, AML measures, and financial accountability.

• Among them were four senators who initially approved the bill in the Senate Banking Committee.

• Republican Senator Bill Hagerty urged bipartisan cooperation, stressing that Republican votes alone aren’t sufficient.

• The bill proposes strict reserve requirements, disclosure rules, and annual audits.

• Additionally, concerns over former President Trump’s crypto business have heightened political tensions around this legislation.

What’s next: Senators from both parties will likely negotiate amendments addressing the Democrats' concerns.

For builders and investors: Without bipartisan agreement, the bill may stall indefinitely or fail entirely.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Apple Ruling Opens the Door for Consumer Crypto on iOS

A US court has ruled that Apple must allow app developers to direct users to external payment options, effectively ending the company’s 30% fee on off-app purchases for US users.

• The ruling enables consumer crypto products to operate more freely on iOS by allowing apps to support direct crypto payments, NFT purchases from external marketplaces, and on-chain features without Apple’s fees or approval barriers.

• Developers no longer need special entitlements or approval to guide users outside the App Store for transactions.

• According to “Xero,” the ruling is “hugely bullish for mobile crypto games and apps,” while Farcaster engineer Wojciech Kulikowski called it a turning point that could trigger a “generational golden consumer crypto bull run.”

Other cool products:

• Moonveil, a gamer-first ecosystem.

• Four Meme, a meme fair launchpad built on the BNB Chain.

• BloctoSwap, an inter-chain automatic market-making DEX on Flow.

• Aquarius, a DEX and liquidity management protocol built on Soroban.

• Abstract Global Wallet, a smart contract wallet powering on Abstract.

CHARTS OF THE WEEK

Strategy Doubles BTC Plan to $84B, Backed by Wall Street

State of play: Strategy (MSTR) has doubled its Bitcoin acquisition target to $84B expanding its 21/21 plan amid growing institutional interest, Benchmark and TD Cowen reaffirmed their buy ratings, calling the move ambitious but realistic.

• The company has already raised $28.3B and plans to raise $56.7B more over the next 32 months.

• It also raised its 2025 BTC yield goal to 25% and aims for $15B in BTC gains.

• Analysts credit Strategy’s scale, liquidity, and treasury execution, despite short-term unrealized losses.

Our take: This public equity wrapper model has proven to be extremely successful, and will continue to be copied by others.

CME Crypto Derivatives Volume Hits $8.9B in April

State of play: CME Group saw a 129% year-over-year surge in crypto derivatives trading volume in April, reaching an average daily volume of 183,000 contracts worth $8.9B.

• The spike was driven largely by institutional demand for Ether futures, which surged 239% to 14,000 contracts.

• Micro Ether and micro Bitcoin futures also saw strong growth, rising 165% and 115% respectively.

• This marks CME’s highest monthly volume yet for crypto products and comes despite Ether’s price underperformance.

Our take: CME OI will continue to overtake Binance and other CEXs as institutional capital further flock into the markets. Crypto native CEXs need to compete in a crypto native way.

QUICK BITES

• VanEck files for first-ever BNB ETF.

• Robinhood crypto volumes dip in April.

• Worldcoin hit with suspension in Indonesia.

• Solana validators patch a zero-day critical bug.

• US Spot Bitcoin ETF sees $1.8B in weekly inflows.

• Maldives to build $9B crypto hub to attract investment.

• FTC, Nevada sue crypto trading course firm for $1.2B fraud.

• Trump dismisses claims of profiting from the TRUMP token.

• Analysts remain bullish on Strategy's $84B capital plan to buy Bitcoin.

• IRS' Crypto Leads are leaving the agency after accepting DOGE deals.

• Tether CEO says the firm’s AI product will enable p2p network of agents.

• Brown University reveals $5M investment in BlackRock's spot Bitcoin ETF.

• US App Store will allow apps to skirt the 30% fee on NFT and crypto sales.

• Schumer & Warren urged Senate Dems to change course on stablecoin bill.

• Democrats' reversal on stablecoin bill throws future of legislation into doubt.

• Strategy acquires $180.3M in BTC, now holding 555,450 BTC.

NOTEWORTHY READS & MEME

• 0xSmac’s read on when the iron turns to silk.

• Ash’s read on 8 ways Binance launch new tokens.

• TraderNoah’s read on a letter to private market token participants.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.