This week’s top crypto headlines span from legal drama in Russia to stablecoin legislation in the U.S. and major blockchain integrations.

Blum Co-Founder Detained in Russia

Vladimir Smerkis, co-founder of Telegram-based crypto app Blum and a former Binance Russia executive, was arrested in Moscow on fraud allegations. The Zamoskvoretsky District Court approved his detention, though specific charges remain unclear. Blum has since announced that Smerkis resigned as CMO and is no longer affiliated with the project.

U.S. Senate to Debate Stablecoin Bill

The “GENIUS Act” (Guiding and Establishing National Innovation for U.S. Stablecoins) is moving toward a full Senate debate. Senator Bill Hagerty, the bill’s sponsor, called it a historic step toward a pro-growth regulatory framework for payment stablecoins.

Trump-Affiliated WLFI Taps Chainlink for Cross-Chain USD1

At Consensus 2025, World Liberty Financial announced it is integrating Chainlink’s CCIP (Cross-Chain Interoperability Protocol) to make its USD1 stablecoin operable across multiple blockchains. The move was highlighted in a joint announcement featuring Chainlink’s Sergey Nazarov and Eric Trump.

Other Notable Developments:

  • A man in Alabama was sentenced for his role in the SEC social media hack using a SIM-swap technique.

  • The DOJ dropped certain charges against Tornado Cash developer Roman Storm but continues prosecution.

  • Judge Analisa Torres rejected a proposed Ripple-SEC settlement.

  • FTX creditors will begin receiving $5 billion in repayments on May 30.

  • Coinbase is offering a $20M bounty for information on a blackmail attempt tied to stolen user records.

  • Telegram shut down a $27B Asia-based crypto black market linked to Haowang Guarantee.

  • DeFi Development Corp. bought $23.6M in Solana to grow its treasury.

  • India increased crypto surveillance near its borders to curb illicit finance.

  • Strategy (formerly MicroStrategy) acquired 13,390 BTC, bringing its holdings to 568,840 BTC.

The crypto landscape continues to evolve at breakneck speed—marked by regulatory shifts, technological leaps, and ongoing legal turbulence.

#CryptoRegulation