Pro-crypto senator pushes back on Trump’s memecoin dinner — Report

Senator Cynthia Lummis and at least one other Republican in Congress are reportedly critical of US President Donald Trump for offering the top holders of his memecoin a dinner and White House tour. According to a May 2 CNBC report, Lummis said the idea that the US president was offering exclusive access to himself and…

Stars align for Bitcoin rally to $100K, but futures traders exercise caution — Here’s why

Key takeaways: BTC hit $97,900 due to soaring institutional investor demand, but futures pricing shows traders aren’t confident in a sustained rally. Macroeconomic risks and global trade tensions cap bullish sentiment despite $3.6 billion in spot BTC ETF inflows. BTC options lean bullish, suggesting big players expect upside, but their caution keeps leverage use low….

IRS’ Crypto Leads Are Leaving the Agency After Accepting DOGE Deals

The IRS lost two key directors working on crypto initiatives, Seth Wilks and Raj Mukherjee, on Friday after they accepted deferred resignation offers directed by the Department of Government Efficiency. Wilks and Mukherjee, who both went to the IRS from the crypto industry, are technically still employees with the IRS for the next few months…

Ether more ‘like a memecoin,’ says trading firm as ETH drops 45% YTD

As Ether’s price has struggled in the first quarter of 2025, a US-based investment adviser firm, Two Prime, has dropped support for ETH and adopted a Bitcoin-only strategy. After lending $1.5 billion in loans both in Bitcoin (BTC) and Ether (ETH) over the past 15 months, Two Prime decided to ditch ETH to focus solely…

Devs introduce Ethereum R1 layer-2 scaling solution

A group of developers within the Ethereum ecosystem, operating independently of the Ethereum Foundation, have announced Ethereum R1 — a layer-2 (L2) scaling solution for the Ethereum network that does not include a native token. According to the announcement, the project relies entirely on donations, does not have venture funding, and does not have any…

Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally

Key takeaways: Despite weak US manufacturing data, Federal Reserve liquidity plans and strong corporate earnings keep equities and crypto afloat. The total crypto market capitalization rose 8.5% since March. Cryptocurrency traders have frequently zoomed in on the need for crypto to show a clear “decoupling” from the stock market, and over the past 10 days,…

FCA Seeks Public and Industry Views on Crypto Regulation in the UK

The U.K.’s Financial Conduct Authority (FCA) is seeking views on intermediaries, staking, lending, borrowing, and decentralised finance (DeFi), in a discussion paper released on Friday. The discussion paper follows draft legislation by the Treasury that was announced on Tuesday. Once the legislation passes it will bring specific crypto activities within the FCA’s regulation, the regulator…

Movement Labs suspends co-founder following MOVE market turmoil

Movement Labs confirmed the suspension of its co-founder, Rushi Manche, following controversies over a market maker deal that he brokered. Movement announced the suspension of Manche in a May 2 X post, explaining that the “decision was made in light of ongoing events.” The decision follows Coinbase’s recent decision to suspend the Movement Network (MOVE)…

Projects push crypto use cases

As the crypto space developed, blockchain use cases expanded from simple digital currencies and non-fungible tokens (NFTs) to more complex areas such as digital identity verification and telecommunications.  Ahead of the Token2049 event in Dubai, Cointelegraph spoke with Spacecoin CEO Stuart Gardner, Spacecoin founder Tae Oh, and Humanity Protocol founder Terrence Kwok to explore how…

US Treasury wants to cut off Huione over ties to crypto crime

The US Treasury Department is seeking to bar the Cambodia-based Huione Group from accessing the American banking system, accusing the company of helping North Korea’s state-sponsored Lazarus Group launder cryptocurrency. The Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed on May 1 to prohibit US financial institutions from opening or maintaining correspondent or payable-through accounts for…