Here’s the latest in the cryptocurrency world as of May 20, 2025:
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🏛️ U.S. Senate Advances Stablecoin Regulation
The U.S. Senate has progressed the GENIUS Act, a bipartisan bill aimed at regulating stablecoins—cryptocurrencies pegged to assets like the U.S. dollar. The legislation mandates that stablecoin issuers maintain reserves in liquid assets, comply with anti-money-laundering protocols, and prioritize investor repayment in bankruptcy scenarios. It also restricts major tech companies from issuing their own stablecoins. While the bill enjoys bipartisan support, some Democrats express concerns over potential conflicts of interest, particularly regarding President Trump's involvement in the crypto industry.
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🏦 JPMorgan Embraces Bitcoin $BTC Despite CEO's Skepticism
JPMorgan Chase has announced plans to offer its clients access to Bitcoin investments, marking a significant shift in its approach to digital assets. This move comes despite CEO Jamie Dimon's longstanding criticism of cryptocurrencies. The bank's decision reflects growing client demand and a broader trend of traditional financial institutions integrating crypto offerings.
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🚨 Minnesota Targets Crypto ATMs Amid Fraud Concerns
Several cities in Minnesota, including Stillwater and St. Paul, are implementing or considering bans on cryptocurrency ATMs. This action follows a surge in scams associated with these machines, with over 5,500 fraud cases in 2023 leading to losses exceeding $189 million nationwide, disproportionately affecting seniors. Critics argue that these ATMs facilitate fraud due to high fees and limited functions.
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⚖️ Barry Silbert Accused of Fraud in Crypto Market Collapse
Barry Silbert, founder of Digital Currency Group, faces allegations of engaging in widespread fraud that contributed to the crypto market's 2022 collapse. Creditors claim that Silbert demanded over $100 million in repayments from Genesis Capital after warnings of a potential market crash, misled investors about financial health, and withdrew millions while urging investors to keep their funds in Genesis. The creditors are seeking $2.3 billion in restitution.
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🌍 Ripple Launches Cross-Border Payments in UAE
Ripple has launched blockchain-based cross-border payment services in the United Arab Emirates through partnerships with Zand Bank and fintech company Mamo. This development follows Ripple's acquisition of a crypto payments license from the Dubai Financial Services Authority, aiming to enhance the efficiency of international money transfers in the region.
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📈 Crypto Market Overview
As of today, the global cryptocurrency market capitalization stands at approximately $3.32 trillion, reflecting a 2.46% increase over the last day.
