Old Sport

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GENIUS stablecoin bill blocked in US Senate.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) of 2025 Act was blocked by Democrat lawmakers in the Senate on May 8, stalling the bill's progress.

Although the bill initially received bipartisan support from US lawmakers, Democrats opposed the bill last minute due to concerns over President Donald Trump pushing crypto policies for self-benefit.

Senior officials in the Trump administration have repeatedly stated that using stablecoins to protect the US dollar's global reserve status was a key policy objective.

Following the stalling of the GENIUS stablecoin bill in the Senate, Treasury Secretary Scott Bessent wrote:

The Treasury Secretary added that if the US does not encourage innovation in digital assets then crypto firms will move offshore. #BTC #GENIUSAct #FederalReserve $BTC $ETH $BNB

Good Times are round the corner. Just WAIT. @ ALAMGIR HOSSAIN @PAKMEX @SadaShah @KeanuLeafes @Wadood555 #BTCBackto100K $BTC $ETH $BNB

Global Crypto Market Capital Crossed 3 Trillion.

The cryptocurrency market trades in the green on Thursday, with Bitcoin breaking above $99,000. US President Donald Trump announced a major trade deal with major nations in the Oval Office on his Truth Social post.

The total crypto market cap reaches $3 trillion, wiping out 71.4% of leverage short positions, according to Old Sport.
#BTCtrade #BTCBreaks99K $BTC

Ethereum’s “Pectra” network upgrade goes live

Ethereum — the network that unleashed smart contracts on the world — moves on to the next chapter with today’s Pectra upgrade, but what does it mean?

Pectra went live on the Ethereum mainnet at the start of epoch 364032, May 7, 2025, at about 10:00 am UTC. The three main EIPs included are EIP-7702, EIP-7251 and EIP-7691.

EIP-7702 allows externally owned accounts to act as smart contracts and cover gas expenses (transaction fees) and payments in tokens that are not Ether (ETH). EIP-7251 increases the validator staking limit from 32 ETH to 2,048 ETH, which makes operations for large stakers easier and simpler.

Finally, EIP-7691 increases the number of data blobs per block, which allows for better layer-2 scalability and potentially significantly reduces transaction fees. Sergej Kunz, co-founder of Ethereum decentralized exchange (DEX) aggregator 1inch, said Pectra “introduces ‘smart account’ functionality” at deeper protocol levels and “improves Ethereum’s scalability” through layer-2 solutions.

#EthereumNews #ETH $ETH

INIT with a descending triangle on 4 hour chart. Who else is expecting a break out? Next Target $0.98. #INIT $INIT

🍀 KEEP AN EYE ON FET COIN 🍀

Fetch.AI has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. The currency has support at points 0.37 and resistance at points 0.82. Positive volume balance, with high volume on days of rising prices and low volume on days of falling prices, strengthens the currency in the short term. The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. #FET #PriceAnalysis $FET

Pi Network Caught Lying About BNP Paribas Partnership — Will PI Coin Crash Further?
Pi Coin has plunged over 80% since February, driven by fake news and speculative hype.

Binance listing hopes remain uncertain despite strong community support and a prior vote.

Technical patterns point to a potential 50% further drop, with bearish momentum dominating. #PiNetwork #PiCoreTeam

Kuwait cracks down on cryptocurrency mining amid power crisis.

Kuwait has launched a crackdown on cryptocurrency miners it accuses of being a "major" cause of a power crisis that has led to blackouts, as authorities seek to ease pressure on the grid before the start of a sweltering summer.

Authorities started a "wide-ranging" security operation last week, the interior ministry said in a statement, targeting homes used for cryptocurrency mining, an activity it said was illegal. #KuwaitEnergyCrisis #BTC $BTC

Pro-crypto Democrats pull support for stablecoin bill in last minute.

A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.

The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.

Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.

Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.

The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Pakistan is seen as a credible player in the global cryptocurrency landscape.

Supported by the government, the council’s swift progress has surprised many observers, particularly in a region where regulatory inertia often slows innovation. The PCC has already signed major international agreements, appointed world-class advisors, and begun drafting a comprehensive regulatory framework, all while promoting Pakistan as a hub for blockchain-based financial solutions.

One of the council’s most notable achievements is the appointment of Binance founder Changpeng Zhao (CZ) as a strategic advisor. CZ’s extensive experience in global compliance, crypto infrastructure, and blockchain adoption offers the PCC and Pakistan an unparalleled advantage.

Pakistan is currently the only country in the region to bring a figure of CZ’s stature into national crypto advisory, signaling its serious intent to lead in digital finance.

Adding to its growing profile, the PCC has entered into a Letter of Intent with World Liberty Financial (WLF), a US-backed blockchain initiative associated with former President Donald Trump. This agreement marks the first time a US crypto project has signed a formal partnership with any institution in Pakistan.

The WLF delegation, led by Zachary Witkoff, son of real estate magnate and former envoy Steve Witkoff, aims to collaborate on developing stablecoins, DeFi platforms, and cross-border blockchain infrastructure tailored for Pakistan’s unique needs.

The timing of these agreements has amplified their global impact, especially as regional tensions escalate. The deal with WLF has been widely covered in both international and regional media, including Indian outlets, which have taken note of Pakistan’s accelerating progress in contrast to India’s more conservative and tax-heavy approach to digital assets. #Pakistan #India

Maldives signs $9 billion deal to become international crypto hub.

The government of the Maldives signed a $9 billion deal with Dubai-based family office MBS Global Investments to develop a crypto hub in the island nation's capital of Malé and to attract foreign investment opportunities.

Part of the development deal includes plans for an 830,000-square-meter facility used to house and host blockchain, crypto, and Web3 firms.

According to the Financial Times, which first reported the story, the deal was signed in the hopes of diversifying the Maldives' economy away from tourism and low-margin exports like providing fishing stock.

The project's total funding will exceed the gross domestic product (GDP) of the Maldives, which is around $7 billion annually. #BTC #Dubai

Binance deepens Government Ties With Latest Initiative in Kyrgyzstan

The partnership, announced on May 4, formalizes a Memorandum of Understanding (MoU) to expand the use of digital assets in Kyrgyzstan.

This builds upon an earlier agreement signed during the Council for the Development of Digital Assets meeting, which President Sadyr Japarov attended.

Under the latest arrangement, Binance Pay will be introduced as a tool to support seamless crypto payments across the region.

The rollout will simplify international money transfers and trade flows, especially between Kyrgyzstan, neighboring Central Asian countries, and members of the Eurasian Economic Union (EAEU). $BNB $BTC #DigitalAssetBill #StrategicBTCReserve

WORLD COIN WITH OUT OF WORLD AMBITIONS.

OpenAI CEO Sam Altman’s crypto-tied digital identity project World, formerly Worldcoin, said on April 30 that it will make its US debut, first coming to the so-called “key innovation hubs” of Atlanta, Austin, Los Angeles, Miami, Nashville and San Francisco.

World offers a crypto token, Worldcoin (WLD), to those who verify their humanity with its spherical device called an Orb that scans a user’s face and eyeballs, which can then be used to make a World ID on the company’s platform to verify they are human on connected services including Minecraft, Reddit and Discord

The firm had previously stayed away from the US due to regulatory concerns over offering a token, fears now seemingly allayed with the crypto-friendly Trump administration.

World also announced a tie-up with Visa for a card that allows payments in WLD, and a pilot program testing out World ID with the online dating giant Match Group, which owns Tinder, Hinge, Match.com, and Plenty of Fish #WLD #WorldCoin $WLD

RIPPLE MULTI-BILLION BID TO PURCHASE CIRCLE REJECTED — Report

Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected.

According to an April 30 Bloomberg report, Ripple put in a bid of $4 billion to $5 billion as part of an attempted takeover of Circle, which was rejected as being too low. Ripple hasn’t considered whether to make another bid to purchase the stablecoin issuer.

The reported acquisition attempt came less than 30 days after Circle applied for an initial public offering (IPO) in the US. Old Sport reached out to representatives of Circle and Ripple for comment, but had not received a response from either at the time of publication. #RippleUpdate #StablecoinPayments $XRP $USDC

#Vaulta Vaulta is a UK-based fintech platform designed to streamline financial reporting for accountancy firms, particularly those using FreeAgent. It offers automated dashboards, PDF reports, and integrated Loom video commentary, enabling accountants to deliver clear, branded insights to freelancers, contractors, and micro-businesses. With features like automated client importing and account manager assignments, Vaulta enhances efficiency and client engagement. Its user-friendly interface and affordable pricing, starting at £2 per client per month, make it an accessible tool for practices aiming to add value and reduce churn. Vaulta empowers firms to provide timely, insightful financial data, fostering stronger client relationships. ​

The price of Donald Trump's cryptocurrency has soared after the US president promised to host two special events for its top investors.

The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the "most EXCLUSIVE INVITATION in the world."

According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January.

The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the "crypto president".

As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be "an ultra-exclusive private VIP reception with the President" for the top 25 coin holders, the coin's website said.

Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January.

The move was criticised by several people in the crypto industry, with some calling it "a stunt".

#BTCvsMarkets #DinnerWithTrump #MarketRebound $BTC $ETH $XRP

#BTCvsMarkets While on one hand $3.25 trillion wiped out from the US stock market yesterday.
At the same time about $5.4 billion was added to the crypto market. $BTC #StopLossStrategies #DiversifyYourAssets

RECESSION FEAR SKYROCKETS 🚀

Wall Street 1 Day Loss Is More Than The Entire Crypto Market Capital. IS CRYPTO MARKET IN DANGER?

Share Your Thoughts.

#TrumpTariffs #WallStreetNews #Bitcoin $ETH $SOL $BNB #XRP