Scenius Sync (Issue # 154)
Bitcoin Hits New All-Time High, Senators Plan To Amend GENIUS Act, Cetus Hacked, Trump Media Group Plans $3B Raise To Spend on Crypto, & Kraken To Allow Trading of Tokenized Equities
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Essential News 🗞
Bitcoin hits new all-time high as risk assets rebound from April lows
Bitcoin surged to a new all-time high of around $109,400 Wednesday morning, continuing its rebound alongside broader risk assets after hitting a recent low of $76,320 on April 8 — the same day equities bottomed amid fears of a U.S.-initiated tariff war. The previous record for the world’s largest cryptocurrency was roughly $109,358, set in January on Coinbase as President Donald Trump returned to the White House.
More coverage here: Bitcoin hits new record high near $112,000 as rally marches on & here: Bitcoin’s new highs may have been driven by Japan bond market crisis
Senators plan to amend GENIUS Act to address Trump family's stablecoin
Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry. According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8. “Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.
In related news: White House crypto czar David Sacks says stablecoin bill will unlock ‘trillions’ for U.S. Treasury
Sui DEX Cetus hit by suspected hack: Over $200M in potential losses
Cetus, a decentralized exchange (DEX) built on the Sui blockchain, is suspected to have been hit by a massive exploit that may have drained more than $200 million worth of digital assets. Pseudonymous Web3 researcher COMDARE3 posted on X that “users report” that Sui-based DEX Cetus is being exploited.” They also shared a screenshot of Cetus market data on DEX Screener, showing many assets losing well over half of their value over the last 24 hours. The team behind Extractor, an onchain monitoring tool developed by crypto cybersecurity company Hacken, confirmed that “at least $63m was already bridged to Ethereum, 20k ETH was just transferred to a fresh wallet” in a single transaction. A Hacken representative told Cointelegraph that these findings were confirmed by the company’s Web3 researcher, Yehor Rudytsia.
Texas House passes strategic Bitcoin reserve bill
The Texas House of Representatives has passed the third reading of SB 21, a bill that seeks to establish a strategic Bitcoin reserve in the state. The bill passed in a 101-42 vote and will now go to Texas Governor Greg Abbott to either sign into law or veto. SB 21, authored by state Senator Charles Schwertner, establishes a Bitcoin reserve that is managed by the state’s comptroller. The legislation allows the comptroller to invest in any cryptocurrency with a market cap above $500 billion over the previous 12-month period. Currently, the only cryptocurrency fitting the requirement is Bitcoin.
Hong Kong passes stablecoin bill, set to open licensing by year-end
Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development. In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption. “It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.
Innovation & Adoption 💡📈
Trump media group plans to raise $3bn to spend on cryptocurrencies
The Trump family media company plans to raise $3bn to buy cryptocurrencies such as bitcoin, in a bet on the kind of digital assets that have been championed by the US president’s administration. Trump Media and Technology Group, which is behind the Truth Social app and controlled by the president’s family, aims to raise $2bn in fresh equity and another $1bn via a convertible bond, according to six people briefed on the matter. TMTG’s capital raise could be announced ahead of a big meeting of crypto investors and advocates in Las Vegas this week, where vice-president JD Vance, Trump’s sons Donald Jr and Eric, and Trump’s crypto tsar David Sachs are expected to speak.
Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin
The nation’s biggest banks are exploring whether to team up to issue a joint stablecoin, a step intended to fend off escalating competition from the cryptocurrency industry. The conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other large commercial banks, according to people familiar with the matter. Those include Early Warning Services, the operator of the peer-to-peer payment system Zelle, and the Clearing House, the real-time payment network. The bank consortium discussions are in early, conceptual stages and could change. Any final decision would depend on the fate of legislative actions around stablecoins and other factors, such as whether the banks find there would be enough demand for them.
WalletConnect token expands to Solana with 5 million WCT set for airdrop
WalletConnect, a protocol that connects crypto wallets to apps, has launched its token on Solana — its third chain after Optimism's OP Mainnet and Ethereum — along with an airdrop of 5 million tokens set for active Solana users. The Solana expansion uses Wormhole's native token transfers (NTT) framework, allowing WCT to move natively — not as a wrapped token — across all three supported chains. The Solana launch comes less than a month after WCT went live on Ethereum, also via NTT, following its original debut on Optimism's OP Mainnet.
World raises $135M from Andreessen Horowitz and Bain Capital Crypto to fund network expansion
To date, more than 26M users participate in the World network and more than 12.5M people have an Orb-verified World ID. To meet increasing demand for Orb-verified World IDs and support the expansion of the World network throughout the U.S. and beyond, World Assets, Ltd. (a subsidiary of the World Foundation) sold $135M of WLD at market prices to two of the project’s earliest backers, Andreessen Horowitz and Bain Capital Crypto. The circulating supply of WLD has thus increased correspondingly. Additional investors from a previously disclosed funding round include Selini Capital, Mirana Ventures, and Arctic Digital.
Apple, Tesla and Nvidia Shares to Trade as Digital Tokens on Crypto Exchange Kraken
Kraken, the cryptocurrency exchange, plans to allow non-U. S. customers to trade Apple, Tesla, Nvidia and other popular stocks as tokens over a digital ledger. Such “tokenized equities” would make it easier for non-Americans to invest in U.S. stocks, the company says. Like bitcoin, they would trade 24 hours a day, seven days a week—even when the U.S. stock market is closed.
Kraken said the rollout would start in the coming weeks, with the tokenized stocks going live in Europe, Latin America, Africa and Asia. Kraken’s U.S. customers won’t be able to trade them.