U.S. stock indices edged higher, DOW Jones was weighed down by Walmart, UnitedHealth losses.

DOW Jones up 140 points on retail spending figures and Wallmart price hike warning

This content is provided by a sponsor. As of April 2025, Solana’s 
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DDC Enterprise Ltd. (NYSEAM: DDC), a Chinese publicly traded company, reported 
record 2024 financial results and announced plans to acquire 5,000 bitcoin ( 
BTC) over three years as part of a new corporate reserve strategy. The 
initiative includes an immediate purchase of 100 BTC, with a goal to hold 500 
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Chinese Public Company DDC Enterprise to Acquire 5,000 BTC for Balance Sheet

Global foreign exchange and payments platforms are lobbying hard against 
stablecoins, which stand to significantly disrupt their business models, 
investor Kevin O&#8217;Leary said during a keynote address at Consensus 2025.
Legacy forex and payments platforms often extract large fees for servicing 
cross-border cash transfers and stand to lose out on revenue if regulated 
stablecoins become accepted as a cheaper, faster alternative, O&#8217;Leary said at 
the Toronto conference.
&gt; &#8220;Currency trading is a multi-trillion dollar market &#8212; and it&#8217;s old and ugly 
&gt; and inefficient,&#8221; O&#8217;Leary said, adding that &#8220;[ t]he biggest threat to that 
&gt; monopoly or oligopoly is a regulated stablecoin.&#8221;
&#8220;Once that&#8217;s approved, the multi-trillion dollar FX market becomes efficient, 
transparent, and inexpensive,&#8221; he said.
_Kevin O &#8216;Leary speaking at Consensus. Source: Cointelegraph_
## Stablecoin legislation
US lawmakers are working on legislation that stands to accelerate global 
stablecoin adoption, O&#8217;Leary added.
US Senators are aiming to pass the so-called Genius Act &#8212; a framework for 
regulating stablecoins &#8212; before the end of May. &#8220;As soon as the SEC approves 
the stablecoin act, every regulator in the US&#8217;s circle &#8212; Abu Dhabi, 
Switzerland, England &#8212; will follow,&#8221; O&#8217;Leary said.
&#8220;Who&#8217;s worried about this? The financial services industry. They hate this 
idea, and they&#8217;re working very hard to stop that bill from happening right 
now,&#8221; he added.
O&#8217;Leary said regulatory clarity for stablecoins may be a precursor to broader 
cryptocurrency reform that could potentially unlock trillions of dollars in 
institutional capital.
&#8220;When this language comes out, people will see really good refinement, a lot 
of progress, on things like consumer protection, bankruptcy protection, and 
ethics,&#8221; US Senator Kirsten Gillibrand said during an event hosted by 
Coinbase&#8217;s lobbying arm, Stand with Crypto.
As of May 15, stablecoins are collectively worth nearly $250 billion in market 
capitalization, according to data from CoinGecko. Tether&#8217;s US-dollar pegged 
stablecoin USDT is the leader, with a market cap of around $150 million, the 
data showed. It&#8217;s followed by Circle&#8217;s USDC, another US-dollar pegged 
stablecoin with a market cap of more than $60 billion.
_**Magazine: **__**Bitcoin to $1M &#8216;by 2029,&#8217; CIA tips its hat to Bitcoin: 
Hodler&#8217;s Digest, April 27 &#8211; May 3**_

Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary

U.S. authorities have charged 12 additional defendants in a sprawling RICO 
conspiracy involving over $263 million in cryptocurrency thefts, money 
laundering, and coordinated home invasions, according to a superseding 
indictment unsealed this week. DOJ: Crypto Crime Ring Laundered $263M via 
Mixers, Peel Chains, Hermès Birkin Bags, and Stuffed Animal Cash Shipments The 
indictment, announced by […]

Cyber Gang Spent $4M on Nightclubs, $9M on Exotic Cars in $263M Crypto Fraud, DOJ Says

Coinbase chief legal officer Paul Grewal addressed some of the concerns raised 
by US lawmakers and industry leaders around President Donald Trump&#8217;s crypto 
ventures, and how they may affect related legislation.
Speaking at the Consensus conference in Toronto on May 15, Grewal said there 
had been &#8220;hiccups&#8221; in Congress since the Senate Banking Committee voted to 
advance the Guiding and Establishing National Innovation for US Stablecoins, 
or GENIUS Act, in March. Though Grewal said there were disputes over 
&#8220;substantial issues that need to be addressed&#8221; in the bill, he hinted that 
Trump&#8217;s involvement in the industry was a &#8220;complicating factor.&#8221;
&#8220;The discussion around the president&#8217;s support for a certain memecoin or two 
and other efforts does add a certain level of challenge to the effort to get 
Democrats and Republicans aligned on the right way to regulate the [spot 
market], but I have confidence that the Senate and the House are going to sort 
all that out,&#8221; said Grewal.
_Paul Grewal (right) on stage at Consensus in Toronto on May 15. Source: 
Cointelegraph._
Democrats including Senator Elizabeth Warren explicitly called out the Trump 
family&#8217;s crypto venture, World Liberty Financial, and its USD1 stablecoin in 
opposing the GENIUS Act. However, some of the bill&#8217;s supporters, like Senator 
Kirsten Gillibrand, who proposed an earlier version of the legislation, said 
they would remove language specifically targeting the president&#8217;s crypto 
ventures.
_**Related:**__**Democrats seek suspicious activity reports linked to Trump 
crypto ventures**_
Whatever the terms for modifications to the bill may be, many lawmakers still 
expect the Senate to take up another vote in a matter of days. Punchbowl 
reported on May 15 that Democrats &#8220;won major victories&#8221; after receiving 
assurances that some of their concerns around consumer protection, Anti-Money 
Laundering, and national security safeguards would be addressed.
## First stablecoins, then a market structure bill?
The House of Representatives is also considering draft legislation for a 
digital asset market structure bill, a different iteration of the FIT21 bill 
that passed the chamber in May 2024. Democratic representatives have similarly 
pushed back on the legislation, citing &#8220;Trump&#8217;s crypto corruption.&#8221;
&#8220;I think we&#8217;re gonna learn a lot from the progress we see just in the next few 
days on stablecoins on the appetite to really tackle all these problems on any 
schedule that resembles the one that was laid out not long ago by the White 
House and certain leaders in Congress,&#8221; said Grewal.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_