Today in crypto, Democrats in the United States block the GENIUS stablecoin bill from advancing, Coinbase has agreed to acquire crypto options trading platform Deribit in a deal worth $2.9 billion, Arizona’s governor signed a “Bitcoin Reserve Fund” into law.
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:
"This bill represents a once-in-a-generation opportunity to expand dollar dominance and US influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework."
The Treasury Secretary added that if the US does not encourage innovation in digital assets then crypto firms will move offshore.
Coinbase to acquire options trading platform Deribit for $2.9 billion
Coinbase, the largest cryptocurrency exchange in the US by trading volume, has agreed to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms.
Coinbase Global will acquire Deribit for about $2.9 billion, the exchange announced on May 8.
The acquisition will allow Coinbase to expand into the profitable crypto derivatives market and continue scaling the platform’s global growth, Greg Tusar, Coinbase’s vice president of institutional product, said in the announcement.
“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” he said.
The $2.9 billion deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.
“This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end,” the announcement said.
Previous reports in March suggested that Coinbase and Deribit had alerted regulators in Dubai about the potential deal, as Deribit holds a license in Dubai, which would need to be transferred to Coinbase if the deal is successful.
Arizona gets a crypto stockpile
Arizona Governor Katie Hobbs signed a bill into law on May 7 that allows the state to keep crypto that’s been unclaimed for at least three years to put into a “Bitcoin and Digital Assets Reserve Fund.”
House Bill 2749 allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years. The state’s custodians can stake the crypto to earn rewards or get airdrops.
Hobbs had vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for "untested assets.”
Meanwhile, on the same day, a Texas House Committee passed a Republican-backed bill to create a Bitcoin reserve in a 9-4 vote down party lines, which now only needs a successful full floor vote before heading to Governor Greg Abbott’s desk.