Today’s edition of the weekly recap covers Ethereum’s successful Pectra activation, Binance, Coinbase, stablecoin legislation and Doodles’ ecosystem expansion. CZ begins Trump pardon application process Former Binance CEO Changpeng “CZ” Zhao revealed he has started seeking a presidential pardon from President Donald Trump after completing his four-month prison sentence for money laundering charges. In speaking with Farokh Sarmad of Rug Radio, Zhao dismissed reports claiming he was attempting to exchange Binance.US equity for a pardon. Coinbase buys Deribit, Armstrong says ‘no’ to Saylor’s strategy Coinbase CFO Alesia Haas disclosed during the first quarter 2025 earnings call that the company purchased $150 million in cryptocurrency, “predominantly bitcoin.” During a Q&A session on X, Haas and CEO Brian Armstrong explained that Coinbase once considered putting most of the company balance sheet into crypto, but ultimately chose a more cautious path. The company also acquired Dubai-based crypto derivatives exchange Deribit for $2.9 billion MicroStrategy (or Strategy), led by CEO Phong Le and Executive Chair Michael Saylor, recently acquired 1,895 Bitcoin worth $180 million. The company now holds a total of 555,450 BTC, Ethereum revamp The first phase of the Ethereum ( ETH ) Pectra upgrade went live Wednesday morning. Network finality was achieved at 6:18 am ET, following a tense waiting period after the hard fork implementation. Vitalik Buterin, co-founder of Ethereum, has proposed using RISC-V architecture in place of the Ethereum Virtual Machine (EVM). The proposal aims to improve the blockchain’s performance while simultaneously simplifying its technical operation. You might also like: Crypto VC funding: Sentora, T-Rex and Sonic Labs collect fresh capital GENIUS Act rejected U.S. Treasury Secretary Scott Bessent condemned the Senate’s decision to block the GENIUS Act and warned that it could threaten U.S. “leadership” in digital assets. President Trump’s memecoin, Official Trump ( TRUMP ), and the profits he and his family members generate from it are becoming a central sticking point in bipartisan negotiations over stablecoin legislation. Steak ‘n Shake to accept Bitcoin payments The American fast food chain announced Thursday it will implement Bitcoin ( BTC ) payment options across all U.S. locations beginning May 16. This initiative will provide over 100 million customers the ability to purchase food items using Bitcoin. EU plans cryptocurrency transfer tracking system Eurogroup President Paschal Donohoe revealed the European Union is developing mechanisms to monitor cryptocurrency transfers. Speaking at the European Anti-Financial Crime Summit 2025, Donohoe, who also serves as Ireland’s Finance Minister, discussed applying established anti-money laundering regulations to cryptocurrency transactions. Judge dismisses most celebrity FTX promotion claims U.S. District Judge K. Michael Moore dismissed the majority of claims against high-profile celebrities sued for promoting the collapsed cryptocurrency exchange FTX. The Wednesday opinion stated investors failed to shows that stars including Tom Brady, Stephen Curry, Naomi Osaka, Larry David, and Kevin O’Leary knew the exchange was engaged in fraudulent activities. SEC, Ripple finalize settlement agreement The SEC officially announced its settlement with Ripple Labs on Thursday. This concluded over four years of litigation. To settle the matter, two executives CEO Brad Garlinghouse and Executive Chairman Chris Larsen along with Ripple will pay a total $50 million. You might also like: AAVE climbs 95% since April lows, tight supply sparks rally Celsius founder sentenced to 12 years Alex Mashinsky, founder and former CEO of bankrupt crypto lending platform Celsius Network, received a 12-year prison sentence on Thursday for fraud. Arizona approves digital asset retention law Governor Katie Hobbs signed House Bill 2749 on Wednesday and created provisions that allow the state to maintain unclaimed digital assets in their original form. Movement Labs terminates co-founder amid controversy The company terminated co-founder Rushi Manche following controversy regarding an undisclosed market-making arrangement. This decisive action follows the earlier suspension of Manche. CFTC drops Kalshi appeal The Commodity Futures Trading Commission has withdrawn its appeal against New York-based prediction market Kalshi, according to Monday’s court filing. Doodles expands ecosystem The NFT project launched its DOOD token on Solana ( SOL ) on Friday. They also distributed airdrops to existing NFT holders following a CEO change in January. Alongside the token release, Doodles unveiled DreamNet, a decentralized storytelling platform powered by artificial intelligence. German authorities swarm eXch Officials confiscated servers and cryptocurrency valued at €34 million ($37.4 million) from crypto exchange eXch. The exchange is accused of allowing money laundering for North Korean threat actors linked to February’s Bybit hack. Read more: Senate crypto bill collapses: Is partisan divide or Trump’s digital fortune to blame?
