Worldcoin has dropped sharply as new legal challenges emerge in Kenya and Indonesia. Following a strong rally in April, the token has lost some of its recent gains, falling 7% in the last day and more than 22% this week.…

Worldcoin pulls back after parabolic run amid suspensions in Kenya and Indonesia

Etoro Group Ltd has officially launched the roadshow for its initial public 
offering (IPO) of 10,000,000 Class A common shares, with 5,000,000 shares 
being offered by the company and 5,000,000 shares by certain existing 
stockholders. The company anticipates granting underwriters a 30-day option to 
purchase an additional 1,500,000 common shares to cover over-allotments, if 
necessary. […]

Etoro Launches Roadshow for Initial Public Offering Valued up to $500 Million

Efforts to pass crypto legislation in the US Senate face mounting resistance 
amid growing ethical concerns around US President Donald Trump&#8217;s ties to 
crypto.
In a May 5 letter to the US Office of Government Ethics, Senators Elizabeth 
Warren and Jeff Merkley said that Trump and his family stand to personally 
profit from an investment involving UAE state-backed firm MGX, crypto exchange 
Binance and World Liberty Financial (WLFI).
The senators called for an urgent probe, warning the deal may violate the US 
Constitution&#8217;s Emoluments Clause and federal bribery statutes.
At the center of the controversy is WLFI&#8217;s USD1 stablecoin, reportedly chosen 
for a $2 billion investment MGX plans to make into Binance.
The senators said the transaction amounts to a potential backdoor for foreign 
influence and self-enrichment, with Trump&#8217;s allies allegedly set to receive 
hundreds of millions of dollars:
&gt; &#8220;This deal raises the troubling prospect that the Trump and Witkoff families 
&gt; could expand the use of their stablecoin as an avenue to profit from foreign 
&gt; corruption.&#8221;
Further raising ethics concerns, Trump hosted a $1.5 million-per-plate dinner 
on May 5 at his golf club in Sterling, Virginia. The event came just days 
after hosting a $1 million-per-plate fundraiser for the MAGA Inc. super PAC.
He also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin 
holders on May 22 despite multiple US lawmakers expressing concern over the 
initiative.
_Source:__Elizabeth Warren_
 _**Related: **__**America &#8216;s crypto renaissance is already failing; but we 
can fix it**_
## GENIUS Act faces roadblocks
Trump family&#8217;s controversial $2 billion crypto deal comes as the Senate 
prepares to vote on the Guiding and Establishing National Innovation for US 
Stablecoins (GENIUS) Act and other crypto-related bills.
The fallout is already being felt in Congress. Some Democratic lawmakers are 
pushing for additional hearings before advancing any legislation, while others 
question whether Trump&#8217;s personal stake in digital assets is undermining 
bipartisan support for crypto regulation.
On May 5, Senate Majority Leader John Thune signaled a willingness to amend 
the GOP-backed stablecoin legislation to pass the bill in the coming weeks.
Speaking to reporters, Thune said changes can be made on the floor and that he 
is waiting to hear what Democrats are asking for, per a report from Politico.
Internal GOP challenges also remain, with Senator Rand Paul expressing 
uncertainty about backing the bill, according to the report.
The stalling isn&#8217;t limited to the Senate. House Financial Services Committee 
Ranking Member Maxine Waters plans to block a Republican-led event discussing 
digital assets on May 6.
The hearing, &#8220;American Innovation and the Future of Digital Assets,&#8221; is 
expected to discuss the new crypto markets draft discussion paper pitched by 
Thompson, Hill, and other committee members.
_**Related: **__**Elizabeth Warren joins call for probe of Trump over crypto 
tokens**_
## Crypto community slams political pushback
Prominent crypto figures are speaking out as political resistance threatens to 
derail stablecoin legislation in the US Senate.
&#8220;Elizabeth Warren and Chuck Schumer haven&#8217;t learned their lesson,&#8221; Tyler 
Winklevoss, co-founder of Gemini, posted on X.
&#8220;If they want Democrats to continue losing elections, they will continue 
standing in front of crypto legislation like the stablecoin bill which they 
are stalling out in the Senate.&#8221;
_Source:__Tyler Winklevoss_
 _**Magazine: **__**Trump &#8216;s crypto ventures raise conflict of interest, 
insider trading questions**_

US Senate crypto bills stall amid Trump ties and ethics concerns

India’s Supreme Court has raised concerns over unregulated Bitcoin trading, 
comparing it to a refined form of Hawala during a recent bail hearing in a 
crypto-related case. According to local media, the observation came as the 
court questioned the absence…

India’s Supreme Court says Bitcoin trading is like a refined Hawala network

SUI, one of the leading altcoins of this cycle, targets the key $4.00 barrier 
after its recent price surge. Amid its reclaim of key supports, an analyst 
suggests the cryptocurrency could retest a crucial level before its upcoming 
expansion. Related Reading: Avalanche Bounces Off Key Price Level: Top 
Indicator Flashes A Buy Signal SUI Eyes 17% Jump Over the last two weeks, SUI 
has jumped nearly 85%, breaking above the crucial $3.80 barrier and recovering 
from its multi-month downtrend. During the Q1 market retraces, SUI lost key 
support levels and retraced over 68% from its January high of $5.35 toward its 
$1.71 six-month low. In March, the cryptocurrency attempted to reclaim the 
crucial $3.00 barrier, driven by the news of institutional adoption, but 
failed to confirm the breakout. Before its recent token unlock, the 
cryptocurrency saw its price rise from the $2.11 mark and reclaim the $3.00 
resistance for the first time since February, rallying to a two-month high of 
$3.87. Its bullish momentum slowed after the unlock of 88.34 million SUI 
tokens, worth around $300.4 million, on April 30. The cryptocurrency saw an 
8.5% retrace, dropping from $3.51 to $3.21. On Monday, SUI’s price jumped 
5.2%, recovering the $3.40 support as the recent selling pressure decreased. 
Analyst AMCryptoAlex considers that the altcoin could hit the $3.90-$4 
resistance after the unlock, if the flagship crypto, Bitcoin, holds the 
$94,000 mark. Meanwhile, analyst Lennaert noted that SUI could see a bullish 
continuation of its recent performance after retesting the $3.20-$3.25 support 
zone and bouncing. “If momentum flips, we&#8217;ll be testing the highs in no time. 
SUI repeatedly proved it doesn&#8217;t need much to pump hard. The team keeps on 
building, and it&#8217;s already growing to be one of the most promising 
ecosystems,” the analyst concluded. Is A $3.25 Retest Coming? Analyst Sjuul 
from AltCryptoGems suggested that SUI is potentially forming a Power of 3 
(Po3) setup in a low timeframe. The Po3 pattern divides the price cycle into 
three phases: accumulation, manipulation, and distribution. In the 
accumulation phase, a consolidation occurs near the recent high after a strong 
price performance. Meanwhile, the manipulation phase sees a token’s price 
falling below the accumulation phase’s support level and trades within a range 
below the recently lost zone. The distribution phase consists of a strong 
price breakout, with momentum building and participants entering the market. 
Related Reading: BNB Bulls Target $644 As Classic Chart Formation Emerges 
According to the analyst, SUI started the accumulation phase after its recent 
breakout, hovering between the $3.25-$3.85 price range over the next few days. 
Amid the Sunday price drop, the cryptocurrency began the second phase, falling 
below the range’s lower boundary and trading near that level throughout the 
day. Since recovering the $3.25 mark today, SUI has seemingly entered the 
distribution phase, which could see SUI test the $3.25 support before soaring 
toward the $4.00 resistance. “Watch for a retest of that support level—or 
close to it—as we might see an expansion afterwards,” he concluded. As of this 
writing, SUI trades at $3.46, a 56% increase in the monthly timeframe. 
Featured Image from Unsplash.com, Chart from TradingView.com

SUI Breakout To $4 Imminent? Analyst Says A Correction To This Level Could Come First

Coinbase CEO Brian Armstrong says congress needs to quickly advance its 
stablecoin and market structure bills amidst the FIT21 momentum, hoping to 
have both passed before August. In a recent post, the Coinbase CEO called for 
immediate action from congress…