Today in crypto, SEC Commissioner Caroline Crenshaw blasted a settlement agreement between the SEC and Ripple, which she says could erode SEC lawyers’ credibility in the court. Democrats in the United States block the GENIUS stablecoin bill from advancing and Coinbase has agreed to acquire crypto options trading platform Deribit in a deal worth $2.9 billion.
SEC’s Crenshaw slams Ripple settlement, warns of “regulatory vacuum”
A crypto-skeptical commissioner at the US Securities and Exchange Commission has blasted her agency over its settlement letter that could finally end the Ripple legal saga.
The SEC and Ripple filed a joint settlement letter in a New York court asking for the August 2024 injunction against Ripple to be dissolved and $75 million of the $125 million in civil penalties held in escrow to be returned to the crypto firm, according to a May 8 statement from the SEC.
SEC Commissioner Caroline Crenshaw blasted the pending deal in a May 8 statement, saying it would damage the regulators’ ability to keep crypto firms in line and undermine the court’s ruling.
“This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws,” she said.
“In the meantime, the settlement joins a line of dismissals that collectively erode the credibility of our lawyers in court who are being asked to take legal positions today contrary to the ones taken just months ago.”
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.