Today in crypto, the German government’s decision to sell it’s stack of 50,000 Bitcoin in summer 2024 has become a $2.3 billion faux pas, the US Senate advanced a key stablecoin bill, and Ripple launched cross-border payments in the United Arab Emirates.
German government missed out on $2.3 billion profit after selling Bitcoin at $57,000
The German government missed out on more than $2 billion worth of Bitcoin profit after selling its holdings in 2024, according to blockchain intelligence firm Arkham.
A “German Government (BKA)” labeled cryptocurrency wallet sold 49,858 Bitcoin worth over $2.89 billion at an average price of $57,900 across multiple transactions during June and July in 2024.
The decision to sell the Bitcoin early cost the German government over $2.35 billion, according to crypto intelligence platform Arkham.
“If they had held it, their BTC would now be worth $5.24B,” Arkham said in a May 19 X post, noting that Bitcoin has risen more than 80% since the sale.
At the time of publication, Bitcoin was trading at more than $104,700, according to CoinMarketCap data.
The German government-labeled wallet first raised speculation of a potential sell-off on June 19, 2024, when it executed a 6,500 BTC transfer worth over $425 million.
The wallet originally held around 50,000 BTC, believed to have been seized from the operators of Movie2k, a now-defunct pirated film site.
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.
