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Today in crypto, a group of pro-crypto US Senate Democrats have said they would oppose a stablecoin bill in its current form, OKX founder and CEO has responded to Justin Sun’s criticism, and Warren Buffett announces he wants to step down as CEO of Berkshire Hathaway by the end of 2025.
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.
Cryptocurrencies, Warren Buffett, Bitcoin Regulation, Freedom, Stocks, Berkshire Hathaway, Bitcoin Reserve
OKX fires back at Tron’s Justin Sun over mysterious “freeze notice”
OKX founder and CEO Star Xu has publicly defended the crypto exchange after Tron founder Justin Sun accused it of failing to act on a law enforcement request to freeze stolen funds following a recent hack of Tron’s official X account.
“OKX also has consumers protection policy according to law, we can’t freeze a customer’s funds according to your personal X post or an oral communication. I think you should understand it as the CEO of HTX,” Xu said in an X post.
Xu said that the crypto exchange had not received any related correspondence through OKX’s official channels. “Our LE cooperation team just checked the email, including the spam box; we haven’t received any request related with this case,” Xu said.
In what is now an unavailable X post, but was screenshotted by Xu, Sun had earlier claimed that OKX has not responded to a “freeze notice” sent to its official email address from a “relevant law enforcement agency.” Sun said that he had no other way to contact OKX’s compliance department.
“These stolen funds do not belong to me; I’m acting to protect the community,” Sun said.
Berkshire Hathaway CEO and notable investor Warren Buffett to step down by the end of 2025
Warren Buffett, the CEO and founder of the Berkshire Hathaway investment firm, announced he is stepping down by the end of 2025 and letting his successor Greg Abel, the company's vice chairman of non-insurance operations, take the helm.
The decision is still subject to the approval of the company's board of directors. However, Buffett said he was confident that the board would fully back the decision to elevate Abel, who has been groomed for this position for years, to the position of CEO.
Speaking at the Berkshire Hathaway annual shareholder meeting on May 3, 2025, Buffett announced his decision:
"The time has arrived when Greg should become the Chief executive officer of the company at year-end, and I want to spring that on the directors effectively and give that as my recommendation."
Although investors have long anticipated the move, Buffett's announcement officially signals the end of an era at the publicly traded investment company.
Cryptocurrencies, Warren Buffett, Bitcoin Regulation, Freedom, Stocks, Berkshire Hathaway, Bitcoin Reserve
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The European Union (EU) has implemented a general ban on anonymity coins and covert cryptocurrency accounts that will come into effect on July 1, 2027. The measure is included as part of the recently adopted Anti-Money Laundering Regulation (AMLR), which targets increased transparency as well as counteracting illegal money laundering activities across the crypto industry.
Key Provisions of the AMLR
• Ban on Privacy Coins: Cryptocurrencies that enable anonymous transactions, including Monero (XMR), Zcash (ZEC), and Dash, will be banned in the EU.
• Prohibition of Anonymous Accounts: Banks and crypto-asset service providers (CASPs) will be prohibited from holding or managing anonymous accounts or wallets.
• Forced Identity Verification: All transactions in crypto exceeding €1,000 will need to be fully verified by identity, bringing crypto transactions in line with the standards applied in traditional banking.
• Creation of AMLA: A new EU agency, the Anti-Money Laundering Authority (AMLA), will regulate large crypto companies in the bloc, specifically those with more than 20,000 clients or more than €50 million in annual transaction volumes.

Implications for Stakeholders
• Crypto Service Providers: Financial institutions and exchanges will have to introduce strong Know Your Customer (KYC) mechanisms and end services for privacy-oriented cryptocurrencies in order to adapt to the new regulations.
• Privacy Coins Users: Holders or users of privacy coins in the EU will be impacted, as such assets will no longer be maintained on regulated exchanges. Peer-to-peer transfers and self-custody of such coins might still remain, but subject to greater scrutiny.
• Market Dynamics: In spite of the looming ban, privacy coins such as Monero and Zcash have remained resilient, with recent price gains of 5% and 3%, respectively, reflecting sustained demand and possible migration to more friendly jurisdictions.
Global Context
The EU action is part of a wider global trend towards tighter regulation of privacy-oriented cryptocurrencies. South Korea and Australia have already delisted such coins from exchanges under regulatory pressure.
Although these steps are intended to stem illegal activities, they also create issues regarding individual privacy and the possibility of stifling innovation in the crypto sector. The long-term effect of such regulations on the adoption and growth of privacy-enhancing technologies is yet to be determined.
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