Crypto World
World Liberty Sues Justin Sun for Defamation in WLFI Dispute
World Liberty Financial has filed a defamation lawsuit in Florida against Justin Sun, the Tron founder, intensifying a public fight between the Trump-family-backed crypto platform and one of its largest investors. The Eleventh Judicial Circuit Court in Miami-Dade County is the venue for the complaint, which accuses Sun of making false public statements about WLFI and of violating the project’s token-sale terms through alleged prohibited transfers, short-selling and straw purchases. The filing seeks a court-ordered retraction and damages.
Sun responded on X, describing the lawsuit as a “meritless PR stunt” and saying he looked forward to defeating the case in court. The action comes less than two weeks after Sun sued World Liberty over the freezing of his WLFI tokens, underscoring a broader clash over token controls and governance at WLFI.
In the broader context, WLFI has faced increasing scrutiny over its governance structure and the power dynamics surrounding its token. The project previously drew attention for a governance proposal to extend the lock-up period for early investors by an additional two years, a move Sun publicly labeled as “one of the most absurd governance scams I have ever seen.”
The WLFI project also bears political connections in its branding. The platform’s white paper identifies former President Donald Trump and his sons, Donald Trump Jr. and Eric Trump, as co-founders of the project, a detail WLFI has used to frame its narrative and investor outreach.
Key takeaways
- WLFI accuses Justin Sun of disseminating false statements about the project and of violating token-sale terms, seeking a retraction and damages via a court filing in Miami-Dade County.
- Sun publicly rejects the allegations, calling the lawsuit a “meritless PR stunt” and vowing to prevail in court.
- The defamation case follows Sun’s separate suit against WLFI over the alleged freezing of his WLFI tokens, highlighting a broader dispute over token controls and governance.
- WLFI governance and central-control concerns have resurfaced after a controversial March vote that WLFI said concentrated voting power in a small number of wallets, a claim Sun criticized as risky for holders.
- Market data show WLFI’s price has been volatile: the token rose about 5% in the 24 hours before a recent session but remains more than 80% down from its launch, reflecting investor caution around the platform’s governance and legal exposure.
Legal clash sharpens WLFI-Sun confrontation
The defamation complaint contends that Sun publicly characterized WLFI in a way that harmed the project’s reputation and, by extension, its investors. WLFI’s filing states that Sun engaged in statements viewed as defamatory and that he violated terms of sale tied to WLFI’s token distribution. The document requests a formal retraction and monetary damages intended to compensate WLFI and its employees for reputational harm.
Sun rejected the allegations in a Monday post on X, framing the suit as a calculated attempt to silence him. “This is a meritless PR stunt,” Sun wrote, signaling his expectation to contest the claims in court. The public flare-up sits on the heels of Sun’s own legal action against WLFI in which he challenges what he sees as an improper freeze on his WLFI holdings.
Governance under the microscope: concentration, votes, and the two-year hook
The WLFI governance saga has been a persistent thread in the controversy surrounding the project. In a prior development, WLFI proposed extending the lock-up window for early investors by two more years, a move that drew opposition from Sun. He described the proposal as a governance scheme that undermined investor rights and transparency.
Complicating the discourse is a March governance vote that WLFI described as indicating a troubling concentration of influence: WLFI said 76% of voting power came from just ten wallets. Sun dismissed the concentration claim as a serious red flag around centralized control and potential manipulation of governance outcomes. WLFI has defended its stance, while Sun’s team has threatened legal action in response to what they describe as mischaracterizations and attempts to obscure its own conduct.
The white paper for WLFI lists Donald Trump and his sons as co-founders, a detail that feeds into the project’s branding and investor outreach. The arrangement has invited scrutiny about governance legitimacy and the degree to which the project’s leadership can be considered representative of the broader WLFI community, especially as token control and freezing rights come under public debate.
Key moments in the ongoing dispute include Sun’s acknowledgement that WLFI’s freezing authority exists as part of the project’s risk-management framework, and WLFI’s insistence that Sun was aware of this power when he participated in the presale. The lawsuit contends that Sun’s later statements about freezing as a “trap door” were defamatory attempts to harm WLFI’s standing and to influence price and market sentiment to Sun’s financial benefit.
Token controls, freezing rights, and investor implications
Sun’s WLFI address was blacklisted in September 2025 after blockchain monitoring platforms flagged a substantial transfer, a discovery Sun later framed as an unwarranted seizure of his investment. Sun has argued that his tokens were frozen improperly, urging WLFI to unlock his holdings. WLFI’s filing counters that Sun was fully aware of the platform’s right to freeze user tokens to safeguard token holders and the community, and that he had previously agreed to the project’s Terms of Sale.
Tom Clare, the attorney representing World Liberty Financial, framed the filing as a necessary measure to protect WLFI’s tokenholders and employees. He said Sun opted to defame WLFI instead of engaging in constructive discourse, describing the legal action as a “last resort” to defend the project’s governance and integrity.
The battle over freezing rights and governance decisions is not simply a civil dispute; it sits at the intersection of investor protections, platform governance, and the reputational risk that comes from association with high-profile political branding. WLFI argues that its actions were legitimate governance tools designed to protect holders, while Sun argues that the safeguards have been weaponized against him and potentially manipulated to his detriment.
Market data reflect a cautious sentiment around WLFI. According to CoinMarketCap, WLFI rose about 5% in the 24-hour window leading up to a recent session, yet the token remains down more than 80% since its launch. The price trajectory underscores the broader investor concerns about governance transparency, token utility, and the legal entanglements surrounding the project.
What to watch next for WLFI and the broader ecosystem
The unfolding legal battle will test WLFI’s governance framework, particularly its ability to balance protective controls with transparent, accountable decision-making that stands up to regulatory and investor scrutiny. The case will likely cast a long shadow over WLFI’s reputation, its relationship with high-profile backers, and the perceived legitimacy of its tokenomics and sale terms.
Observers will want to monitor whether the court orders a retraction and damages, how Sun’s defense unfolds, and whether WLFI can demonstrate a robust governance model that can withstand public scrutiny and investor risk assessments. The dynamic also raises questions for other projects with centralized control features or branding that ties to political figures, as real-world governance and legal accountability become increasingly central to investor confidence in crypto platforms.
Next steps are unclear in terms of timing, but the outcomes could influence WLFI’s token-holders, existing investors, and potential future backers. Investors should watch for court filings, responses from Sun, and any shifts in WLFI’s governance proposals or risk-management disclosures as the litigation progresses.
Sources and references for the ongoing coverage include WLFI’s court filing and public statements, Sun’s posts on X, prior Cointelegraph reporting on WLFI’s governance and token-freeze disputes, and WLFI’s white paper detailing its claimed founders and governance framework. Readers are encouraged to verify information through the linked materials as cases develop.
Bitcoin price broke above $80,000 on May 4 for the first time since January 31, reaching the level as Consensus 2026 opened in Miami and $630 million in US spot Bitcoin ETF inflows on May 1 gave the move institutional backing.
Summary
- April’s $1.97 billion in spot Bitcoin ETF inflows was the highest monthly total of 2026, setting the stage for the $80,000 reclaim.
- CryptoQuant analysts said the rally is driven by ETF inflows and leveraged longs, not broad-based spot buying, a pattern historically linked to fragile gains.
- Polymarket odds put the chance of Bitcoin reaching $90,000 in May at just 23%, reflecting low conviction about further upside.
Bitcoin price climbed above $80,000 on May 4, the day Consensus 2026 opened at the Miami Beach Convention Center. As crypto.news reported, April’s $1.97 billion monthly ETF total was the strongest of 2026, and the move also came alongside improved geopolitical risk sentiment after Trump’s “Project Freedom” military operation lifted risk appetite across global markets. 21Shares chief market strategist Adrian Fritz said $80,000 is “quite a resistance” and that a confident break above it “could spark some momentum” as recent buyers return to profit.
As crypto.news documented, US spot Bitcoin ETFs logged eight consecutive days of net inflows totalling $2.1 billion through April 23, with BlackRock’s IBIT responsible for roughly 75% of all capital entering the category.
CryptoQuant noted the April rally was “powered by buyers who don’t fully trust” the level, with perpetual futures demand dominating over spot accumulation. Strategy, the largest corporate Bitcoin holder, paused its weekly purchases ahead of its May 5 earnings report.
As crypto.news tracked, Bitcoin had previously tested $80,000 twice in 2026 and been rejected both times. Polymarket’s implied probability of $90,000 in May stands at 23%, placing the market in the “possible but not expected” category.
Consensus 2026 runs May 5 to 7 at Miami Beach Convention Center with 20,000 or more attendees, covering tokenisation, stablecoins, and CLARITY Act developments. CCN reported that the conference gives those themes a public stage just as Bitcoin attempts to turn $80,000 from a headline level into support..
Bitcoin extended a fresh rally, testing the $80,000 level for the first time in three months as miners’ profitability improves and large ETF inflows buoy sentiment. The move came with about $270 million in liquidations on leveraged short futures, signaling near-term buying pressure even as risk assets move in tandem with tech shares.
Across markets, Bitcoin still trades well below its October peak around $126,200, keeping investors wary of a full-blown breakout. Yet the latest data points suggest a constructive setup for bulls: rising on-chain profitability for miners, a rebound in market share versus altcoins, and renewed institutional demand into BTC and ETH ETFs. The Bitcoin-to-altcoin dynamic appears to be shifting back toward BTC as investors reassess risk and liquidity conditions in the space.
Key takeaways
- Mining profitability has improved to about $37 per day for a one pentahash/second unit, the highest in months, even as total hashrate has declined roughly 13% in the past quarter.
- Bitcoin dominance reached its strongest level since mid-2025, signaling waning appetite for many altcoins and a focus on BTC-led exposure.
- CoinShares data show combined assets under management for BTC and ETH exchange-traded products at about $147 billion as of April 27; Solana and XRP ETFs remain well under $3 billion each, underscoring concentration in the largest blue-chips.
- Options data points to cautious optimism: call premiums on Deribit outpaced puts by roughly 24% on Monday, suggesting more appetite for upside bets than earlier in the week.
- Friday’s roughly $630 million net inflow into US-listed spot BTC ETFs reinforces renewed institutional demand alongside ongoing mining and hash-rate dynamics.
Mining profitability underpins BTC resilience as hash power retreats
Bitcoin’s latest price action comes amid a rebound in miners’ economics. The measured daily return for a one pentahash/second (PH/s) unit climbed to about $37, a level not seen since late January, highlighting a shift toward profitability even as the network’s total hasrtable contracted by around 13% over the last quarter. The improvement matters because it can alter miners’ behavior—reducing the incentive to liquidate reserves and supporting network security during periods of lower hash power.
Publicly listed mining companies have been balancing debt management with expansion into other growth areas. Notably, Riot Platforms disclosed a sale of Bitcoin worth about $250 million in the most recent quarter, a move that underscores ongoing pressure to optimize balance sheets in a sector characterized by rapid infrastructure costs and shifting capex needs. The combined effect of stronger profitability and selective selling suggests miners may be better positioned to weather downturns while continuing to invest in capacity and energy efficiency.
On-chain and market data add nuance to this narrative. Data from BGometrics indicates miner reserves were at multi-year lows, a proxy for the potential for future selling pressure if reserve tap points rise. Yet the recent profitability rebound helps mitigate that risk, offering a potential counterweight to any renewed reserve release. Meanwhile, hash price, a real-time profitability indicator that blends price and network health, has continued to move in a positive direction, aligning with broader risk-on sentiment.
Taken together, the mining sector’s current momentum is a key piece of the BTC puzzle. It provides a more favorable backdrop for miners to sustain operations and for the network to maintain security as the hash rate fluctuates. When miners are more profitable, the incentive to sell lessens, which can support price stability even amid macro headwinds.
BTC leadership and institutional demand reshape the altcoin narrative
Bitcoin’s market leadership is reflected not only in its price action but also in where institutional capital flows. Bitcoin and Ether exchange-traded products (ETPs) now command about $147 billion in assets under management, according to CoinShares data published this week. By comparison, similar products tracking Solana and XRP struggle to surpass $3 billion each, underscoring the heavy tilt toward the largest two crypto assets among institutional buyers. Collectively, BTC and ETH account for roughly 95% of that market, highlighting a persistent concentration risk and a growing perception that the most liquid, regulated vehicles remain the preferred route for large investors.
The tilt toward BTC is mirrored in on-chain dynamics. Bitcoin’s dominance—measuring BTC’s share of total crypto market value excluding stablecoins—has risen to its highest level since mid-2025 as demand for alternative tokens softens. This shift occurs amid a broader cooling in DeFi activity and ongoing concerns around governance tokens, memecoins, and certain decentralized exchange ecosystems following notable security incidents. While the altcoin complex has drawn some attention for diversification, the prevailing appetite among cautious institutions appears to favor BTC-backed exposure and blue-chip assets within the sector.
Market participants have also keenly watched call and put activity in the options market. Deribit data shows call premiums outpacing put premiums by about 24% on Monday, marking a shift from weekend sentiment and signaling greater willingness to bet on upside moves in the near term. While this does not guarantee a sustained rally, it suggests a tilt toward a more constructive risk posture and a willingness among traders to probe higher price levels with defined risk via options.
Equity-style flow data reinforce the story. On Friday, US-listed spot BTC ETFs attracted roughly $630 million in net new money, a sizable vote of confidence from institutional buyers that complements the mining and on-chain improvements driving sentiment. The combination of higher miner profitability, stronger BTC dominance, and robust ETF inflows paints a picture of a crypto market that is rotating back toward BTC leadership after a period of broader altcoin focus.
What to watch next in a BTC-led market backdrop
As investors weigh the ongoing dynamics—mining economics, reserve behavior, ETF demand, and the evolving options curve—the path for Bitcoin will hinge on whether momentum can sustain through broader macro cycles and regulatory developments. A few key watchpoints emerge: how long mining profitability remains supportive as energy costs and efficiency continue to evolve; whether miner balance-sheet strategies shift in response to price movements and reserve levels; and how institutional appetite for BTC and ETH ETFs evolves as new products and regulatory clarity emerge. If the current combination of profitability, dominance, and inflows persists, a move toward new highs or a test of key resistance levels could be on the horizon, with some analysts viewing $85,000 as a plausible milestone should momentum hold.
In the near term, readers should monitor ETF flow data, miner activity, and option-market signals for corroborating evidence of the sentiment shift. Altcoins could remain under pressure if BTC strength broadens, but any sustained improvement in mining profitability and ETF demand would likely keep BTC in the spotlight as the sector navigates a mixed but improving risk environment.
This article reflects data and reporting from Cointelegraph and its referenced sources, including BGometrics, Riot Platforms, HashrateIndex, CoinShares, and Deribit. Readers are advised to conduct their own research before making investment decisions.
Crypto has become one of Iran’s most practical economic tools as war, sanctions, and financial isolation continue to squeeze the country’s access to global markets.
The pressure intensified again on May 4, 2026, after Iran claimed it fired missiles at a US Navy vessel near the Strait of Hormuz.
Washington denied the strike and said Tehran had fired only warning shots. The clash came as the US launched “Project Freedom,” a naval operation to guide ships through the strait with destroyers, aircraft, drones, and about 15,000 service members.
Oil prices surged, with Brent crude hitting $120. Bitcoin, meanwhile, reclaimed $80,000.
Sanctions Turned Crypto Into Iran’s Payment Rail
For Iran, this is the broader point. Oil remains central to state revenue, but crypto has become central to daily business survival.
Ebrahim Mello, an Iran and Middle East expert and member of the BRICS+ Consortium Business Council, told BeInCrypto that it’s now difficult to imagine Iranian domestic or foreign trade without cryptocurrency.
Sanctions, the lack of Visa and Mastercard, and limited access to SWIFT have pushed businesses and individuals toward digital assets.
According to Mello, many Iranians can convert rials from local bank accounts into crypto and send funds abroad.
Payments can move to Russia, Turkey, the Arab states, and even North America through wallet transfers. Bitcoin prices now appear on exchange boards, while some high-end restaurants in Tehran accept crypto payments.
“Sanctions and restrictions pushed people to look for creative solutions. Iranians found alternative channels, and crypto became one of them. At one point, everyone in Iran was mining. Mining equipment appeared in factories, schools, and even mosques. Electricity was cheap, but the pressure became so large that the country started facing serious power shortages,” Ebrahim Mello told BeInCrypto
Mining also grew because of Iran’s cheap electricity, backed by its oil and gas reserves. Mello estimated that mining one Bitcoin in Iran can cost roughly $1,000 to $1,500.
That created incentives for mining in factories, schools, mosques, and private buildings.
However, the boom created pressure on the power grid. The government has tried to control illegal mining, but enforcement remains difficult across homes, businesses, and industrial sites.
Crypto Moves Money, But It Cannot Replace Trust
Still, crypto does not remove Iran’s trade problems. Mello said Iranian firms often rely on handshakes, cash, pro-forma invoices, and wallet transfers.
That creates friction in markets such as Russia, where contracts, labeling rules, certificates, and formal banking trails matter.
The result is clear. Crypto helps Iranian businesses move money when formal systems are blocked. But it cannot replace legal structure, market knowledge, or trust in cross-border trade.
The post Bitcoin Instead of Oil: How Crypto Keeps Iranian Business Moving appeared first on BeInCrypto.
Ripple Custody entered a strategic partnership with Kyobo Life Insurance on April 15, making Ripple Custody Korea’s first blockchain-based government bond settlement platform for a Tier 1 insurer, targeting a compression of the standard T+2 settlement cycle to near real-time execution.
Summary
- The pilot uses Ripple Custody to hold, transfer, and settle tokenised Korean government bonds, with stablecoin payment rails also under exploration through Ripple’s RLUSD stablecoin.
- Jin Ho Park, Senior Executive VP at Kyobo Life, said the partnership is “not simply about digital assets” but about validating how traditional financial instruments can operate on blockchain.
- SBI Holdings, Ripple’s long-term Japanese partner, is also an investor in Kyobo Life, linking Ripple’s Japan and Korea strategies through the same financial network.
Ripple Custody signed its first deal with a Korean insurance institution on April 15, partnering with Kyobo Life Insurance, one of the country’s three largest life insurers with approximately $92 billion in assets.
As crypto.news reported, the arrangement targets a compression of Korea’s standard T+2 bond settlement cycle into near real-time on-chain execution. The official Ripple press release confirmed the partnership as a “landmark strategic partnership” and the first of its kind in Korea’s insurance sector.
Jin Ho Park, Senior Executive Vice President at Kyobo Life, said: “Our partnership with Ripple is not simply about digital assets — it’s about validating how traditional financial instruments can operate securely and efficiently on blockchain.”
As crypto.news documented, Ripple added a second Korean institutional deal on April 27, partnering with KBank, the country’s first internet-only lender and Upbit’s exclusive banking partner, to test blockchain-based cross-border remittances.
The two April deals confirm Ripple is building a connected institutional stack across insurance, banking, custody, and stablecoins in Korea. As crypto.news tracked, the partnership does not use Ripple’s On-Demand Liquidity product and does not create direct XRP purchase demand from settlement itself, though the RLUSD component could generate XRP Ledger throughput over time.
Bitget, the world’s largest Universal Exchange (UEX), has recorded a new milestone in its CFD business, with daily trading volume reaching $8 billion, less than half a month after surpassing $6 billion in March.
The surge comes amid a broader rise in global gold demand and trading activity. Investment demand for gold increased 84% year-on-year to a record level in 2025, while prices have continued to hover near historic highs, surpassing $5,000 per ounce in early 2026 as investors respond to macroeconomic uncertainty and geopolitical tensions.
This environment has translated into heightened activity across gold-linked instruments on Bitget. XAUUSD accounted for approximately 95% of the incremental volume during the period, underscoring gold’s role as a primary driver of cross-asset trading demand. As market-moving events increasingly impact multiple asset classes at once, traders are turning to gold CFDs to adjust exposure in real time.
Growth has also been broadly distributed across regions. China contributed 42% of the incremental volume, followed by Europe at 27% and Southeast Asia at 16%, together accounting for 85% of the increase. The pattern reflects a global shift in trading behavior, where participation is expanding simultaneously across multiple markets rather than being concentrated in a single region.
“Gold has always been a reference point when markets become uncertain,” said Gracy Chen, CEO of Bitget. “What’s changing is how users access it. Trading is becoming more continuous and more connected across markets, and platforms need to reflect that.”
Bitget’s CFD offering allows users to trade contracts linked to commodities, forex, and indices while maintaining margin in USDT, enabling capital to move efficiently across asset classes within a single account. Combined with competitive spreads and a streamlined interface, the platform is increasingly being used as a gateway for gold CFD trading.
The trend also reflects a broader evolution in investor behavior. In major markets, demand for gold as an investment asset continues to rise, with retail participation increasing alongside institutional flows. As access to global markets becomes more immediate, users are shifting toward platforms that enable them to respond quickly to macro developments without operational friction.
Within Bitget’s Universal Exchange model, where crypto and traditional assets are integrated into a unified trading environment, the growth of CFD activity highlights a broader convergence in how markets are approached. As users move between asset classes based on opportunity rather than category, Bitget continues to expand its role as a platform for multi-asset trading at scale.
About Bitget
Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 100+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships with LALIGA and MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry’s lowest fees and highest liquidity across 150 regions worldwide.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
For media inquiries, please contact: media@bitget.comRisk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
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Paradigm Bitcoin general partner Dan Robinson published a proposal on May 1 for Provable Address-Control Timestamps, or PACTs, a system that lets dormant Bitcoin holders privately timestamp proof of key ownership before quantum computers arrive, creating a potential rescue path for Satoshi Nakamoto’s estimated 1.1 million BTC.
Summary
- PACTs use three steps: a secret salt, a BIP-322 ownership proof, and an OpenTimestamps commitment anchored on-chain, all without any public on-chain transaction.
- If Bitcoin later implements a quantum sunset soft fork, PACT holders can submit a STARK zero-knowledge proof to reclaim coins while keeping their keys hidden.
- Robinson wrote that Satoshi revealing keys in any forced migration would mean having to “tell the world that they are alive and still in possession of their keys.”
Robinson published PACTs on May 1, framing the design as a hedge against what he calls the Satoshi Problem inside Bitcoin’s quantum threat discussion. The official Paradigm post outlined the dilemma: if quantum computers arrive before Bitcoin adapts, old addresses with exposed public keys face theft.
If Bitcoin rushes a sunset soft fork to freeze those addresses, dormant holders face a forced, public coin migration. PACTs offer a third path, letting holders timestamp proof of ownership silently in 2026 without doing anything further until a rescue mechanism is standardised.
As crypto.news reported, approximately 1.7 million BTC remain in quantum-exposed address types, including Satoshi-linked wallets worth roughly $75 billion.
The proposal builds on BIP-361, authored by Casa CSO Jameson Lopp, which defines a phased migration away from legacy signatures after which unmigrated coins would be frozen.
Bitcoin.com noted that Robinson acknowledged multisig, complex scripts, and hardware wallet support would all require further standardisation, and that Bitcoin may never implement a quantum sunset.
As crypto.news documented, Bitcoin’s quantum debate has been intensifying in 2026 after Blockstream CEO Adam Back argued at Paris Blockchain Week for optional, opt-in quantum-resistant upgrades rather than forced wallet freezes, directly challenging the BIP-361 approach PACTs are designed to complement.
As crypto.news tracked, Naoris Protocol CEO David Carvalho warned that dormant wallets including Satoshi’s would be “ripe for the picking” once quantum computers reach sufficient capability, and that a quantum hack on Bitcoin “would lead to a real loss of trust” in the asset.
ZeroStack CEO Daniel Reis-Faria says the CLARITY Act stablecoin deal reduces investor uncertainty but has not resolved institutional hesitation yet.
Summary
- Senators Tillis and Alsobrooks reached a CLARITY Act yield compromise on May 1, banning passive stablecoin yield and preserving activity-based rewards.
- Polymarket odds of the CLARITY Act passing in 2026 jumped from 46% to 64% hours after the stablecoin deal landed.
- Reis-Faria says larger investors will still hold back until implementation rules are fully in place, not just agreed in principle.
The stablecoin deal was finalised on May 1 by Senators Thom Tillis and Angela Alsobrooks, drawing a clear line: crypto platforms cannot pay interest on stablecoins in any way that functions like a bank deposit. Activity-based rewards tied to payments and platform use are still permitted.
As crypto.news reported, the Senate Banking Committee is now targeting a markup during the week of May 11, with a Senate floor vote targeted before the May 21 Memorial Day recess.
“With lawmakers getting closer to a deal on stablecoin rules, that takes away one of the bigger reasons investors have been holding back,” said Daniel Reis-Faria, CEO of ZeroStack.
The institutional hesitation that remains
But Reis-Faria stopped short of calling this a turning point. “Right now, it’s not the rules themselves. It’s not knowing how they’re going to play out over time. That’s what’s keeping larger players from stepping in,” he said.
As crypto.news documented, JPMorgan had previously described CLARITY Act passage by midyear as a “key positive catalyst” for digital asset markets. The SEC, CFTC, and Treasury are directed to jointly issue implementation rules within one year. That one-year window is precisely the ambiguity Reis-Faria is pointing to.
Blockchain Association CEO Summer Mersinger said the yield resolution “brings us meaningfully closer to comprehensive market structure legislation becoming law” and urged the committee to move without delay.
As crypto.news tracked, five steps remain: Senate Banking markup, committee vote, a 60-vote floor threshold, reconciliation with the Agriculture version, and reconciliation with the House text.
“This advancement helps, but it’s not a full shift yet,” Reis-Faria said. “Until there’s more clarity, you’re still likely to see a more cautious approach from bigger players.”
As crypto.news noted, Standard Chartered estimated that uncapped stablecoin yield could redirect up to $500 billion in deposits from traditional banks by 2028, explaining the banking lobby’s sustained resistance throughout negotiations.
Elon Musk’s net worth crossed $800 billion this weekend, and the Tesla and SpaceX chief is not slowing down. Pressed on the figure, Musk fired back with a $10 trillion target.
Musk’s wealth now equals 2.7% of the US gross domestic product. That share is unmatched since John D. Rockefeller’s Standard Oil era in 1913.
Using World Bank 2024 data, the average GDP across 176 countries was about $612.36 billion. So, Musk is now worth more than the average national economy.
Wealth Concentration Last Seen in 1913
Diamandis posted the comparison on X. He noted that no individual had matched Rockefeller’s grip on the American economy in more than 100 years. Rockefeller built his fortune on oil. Musk built his on electric vehicles, rockets, satellites, and artificial intelligence.
Tesla, SpaceX, Twitter, or X, and xAI together form the bulk of his paper wealth. Tesla shares carry its largest exposure, while privately held SpaceX is now valued near $400 billion in secondary markets. Both companies also retain meaningful Bitcoin reserves on their balance sheets.
His exposure stretches beyond corporate treasuries. His father has claimed the brothers hold more than 23,000 BTC, valued at more than $1.6 billion at current prices. Musk has vocally backed Bitcoin and Dogecoin in the past.
Musk’s Path to $10 Trillion
Reaching $10 trillion would require Musk’s combined holdings to multiply more than twelvefold from current levels.
Supporters point to autonomous taxis, Optimus humanoids, Starship cargo missions, and xAI data centers as the primary drivers of growth. Tesla’s market capitalization alone would need to rival the largest publicly traded companies in history.
X, now bundled with xAI, sits at the center of his consumer strategy. The platform has rolled out X Money in select US states and is testing in-feed crypto trading features. Musk has also signaled future integration of Dogecoin, though X has not confirmed any specific token.
Critics see the target as theatrical. Tesla’s stock trades on aggressive growth assumptions. Regulators are sharpening their review of SpaceX launch operations. Antitrust watchdogs are tracking X’s expansion into financial services. Any setback could quickly compress Musk’s paper wealth.
Musk’s reply drew 1.3 million views within hours. It reignited debate over whether any founder should hold this much of the American economy. Rockefeller’s record may stand or fall based less on Wall Street. The deciding factor may be how regulators define the limits of private wealth concentration.
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Oil price neared $120 a barrel on Monday after a drone strike on a UAE oil tanker in the Strait of Hormuz. The UAE has blamed Iran for the attack, the 24th on regional shipping since the war began.
The Abu Dhabi National Oil Company tanker Barakah was hit by two drones near Fujairah. The strait is now effectively shut to commercial traffic for a second time this spring.
Iran Blamed for Drone Strike on Empty ADNOC Tanker
As of this writing, the Brent crude oil price was trading for $119,191, after establishing an intra-day high of $120.363, before investors started booking early profits.
The Barakah, operated by ADNOC’s maritime logistics unit, was transiting the strait empty when the strike hit. UKMTO, the British military’s maritime warning service, said the tanker was struck by “unknown projectiles.”
No crew members were injured, the UAE Ministry of Foreign Affairs said in a statement. Officials directly accused Iran’s Islamic Revolutionary Guard Corps of carrying out the strike. The ministry called the incident a “terrorist attack” and “acts of piracy.”
The UAE called the strike a “flagrant violation” of UN Security Council Resolution 2817 on freedom of navigation.
It demanded Iran halt all attacks and commit to a cessation of hostilities. Abu Dhabi also pressed for the unconditional reopening of the strait to global shipping.
Hormuz Closure Resumes as US Prepares Project Freedom
A separate strike on a northbound cargo ship off Sirik on Iran’s southern coast was reported on Sunday. UKMTO described the regional threat level as “critical” and said all crew were unharmed. It was the first reported attack in the area since April 22.
Iran first closed the strait on February 28, 2026, when the war began. Tehran re-imposed restrictions on April 18 after Washington refused to lift its counter-blockade.
The waterway carries roughly one-fifth of global oil supply. Brent crude futures had already gained about 8% over the past week on rising supply fears.
US President Donald Trump said last week that the Navy would begin escorting stranded vessels through Hormuz on Monday. The humanitarian operation, called Project Freedom, is backed by US warships.
“Countries from all over the World… have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz… We have told these Countries that we will guide their Ships safely out of these restricted Waterways… God Bless All Our Troops Engaged in Project Freedom,” Trump indicated.
Iran has warned it will strike any US or Israeli forces entering the strait. Iranian state media has claimed the country’s navy turned back “enemy destroyers” and hit US vessels. US Central Command has denied those reports.
The next 48 hours will test Project Freedom’s ability to clear backlogged shipping without triggering wider escalation. Markets are watching whether oil holds the gains or fades the geopolitical risk premium.
The post Oil Tops $120 as Iran Strikes UAE Tanker and Hormuz Closes Again appeared first on BeInCrypto.
Capital B raised 1.1 million euros ($1.28 million) through a warrant issuance subscribed by Blockstream CEO Adam Back, extending the cryptographer’s backing of the French-listed Bitcoin treasury company.
Back subscribed to 10 million subscription warrants at $0.13 each, according to a Monday announcement from Capital B. Each warrant gives Back the right to buy one new share of future company stock at the exercise price of $0.98, corresponding to the company’s market net asset value (mNAV) of 1.1 per share, the company said.
The deal would increase Back’s exposure to Capital B, where he is already one of the company’s largest strategic investors. Back now holds over 39.5 million shares or 9.97% of Capital B’s shares on a fully diluted basis. Back is best known as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.
The raise comes as some Bitcoin treasury companies continue seeking capital for accumulation strategies, while others are using derivatives or asset sales to manage balance sheet risk during Bitcoin’s downturn. Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month.
XCE’s $794,000 capital raise on April 23 was also backed by Adam Back.
Capital B raises $1.28 million from Adam Back. Source: Capital B
Capital B shares rise 6% after capital raise announcement
Capital B said the new capital will be used to “accelerate” its Bitcoin treasury strategy, which was perceived as a positive signal from shareholders.
Capital B’s stock price rose by over 6.5% on Monday, but is still down over 16% since the beginning of 2026, data from Yahoo! Finance shows.
Capital B (ALCB.PA) stock price, year-to-date chart. Source: Yahoo! Finance
Capital B is the 25th largest Bitcoin treasury company, holding 2,943 BTC currently worth about $234 million, according to Bitcointreasuries.net data.
Related: Adam Back says Bitcoin’s post-quantum shift may reveal true Satoshi stash
Other Bitcoin treasury companies are reducing the balance sheet risk associated with Bitcoin’s downturn.
On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced an actively managed Bitcoin derivatives program seeking to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure.
Nakamoto is the 20th-largest Bitcoin treasury firm and the largest to disclose selling part of its holdings earlier this year. The company announced a sale of 284 Bitcoin (worth about $20 million at the time) in a March 30 filing with the US Securities and Exchange Commission.
A month earlier, in February, Bitcoin treasury company Genius Group said it liquidated its entire treasury holdings of 84 BTC for about $5.7 million, which it used in repaying an $8.5 million debt obligation, according to an SEC filing.
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