Today in crypto, the US Senate advanced a key stablecoin bill, Ripple launched cross-border payments in the United Arab Emirates, Strategy bagged another 7,390 Bitcoin last week as prices rallied above $100,000 and also got hit with a class-action lawsuit.
US Senate moves forward with GENIUS stablecoin bill
The US Senate voted 66-32 on May 19 local time to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s crypto interests.
Several Democrats changed their votes to pass a motion to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, which will now set the bill up for debate on the Senate floor.
Previously, on May 8, some Democratic senators withdrew support for the bill and blocked a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s various crypto ventures and the bill’s Anti-Money Laundering provisions.
Democratic Senator Mark Warner said before the vote that the US couldn’t “afford to keep standing on the sidelines,” while crypto-skeptic Democratic Senator Elizabeth Warren argued before the vote that it failed to address Trump’s “blatant crypto corruption.”
Republican Senator Cynthia Lummis, one of the bill’s key backers, has said she thinks it’s a “fair target” to have the bill passed by May 26.
Ripple could boost crypto adoption in UAE with cross-border payments
Ripple has rolled out blockchain-based cross-border payments in the UAE through partnerships with Zand Bank and Mamo, a fintech company that offers digital payment services.
According to a May 19 announcement, Zand Bank and Mamo will utilize “Ripple Payments” to facilitate the transfers.
The launch came roughly two months after Ripple secured a crypto payments license by the Dubai Financial Services Authority.
The UAE ranks highly for certain types of crypto adoption, including decentralized finance and stablecoin usage, according to a 2024 report by Chainalysis. As reported by Cointelegraph, the country has plans to establish a digital dirham, its version of a central bank digital currency.
Strategy adds 7,390 BTC for $765 million, gets hit with class-action lawsuit
Strategy, formerly MicroStrategy, the top corporate Bitcoin holder, acquired nearly $765 million of Bitcoin last week. The purchase came as the company faced a class-action lawsuit.
According to a May 19 announcement, Strategy acquired 7,390 BTC for about $764.9 million at an average price just under $103,500. Strategy reported a Bitcoin yield of 16.3% year-to-date. Strategy executive chairman Michael Saylor made his usual hint at the purchase in a May 18 X post.
According to a May 19 filing with the US Securities and Exchange Commission (SEC), the company was also the recipient of a class-action lawsuit. The suit accuses Strategy officials of having failed to represent the nature of Bitcoin investments accurately.
As of May 18, Strategy holds 576,230 BTC acquired for around $40.2 billion at an average price of $69,726 per coin. At current prices, the company’s total holdings are valued at more than $59.2 billion, representing an unrealized gain of $19.2 billion, or 47%.
According to CoinMarketCap data, Bitcoin traded at around $102,615 at the time of writing, up 20.3% over the last month.
