Decentral Block Post

Blockchain technology could enable “a broad swath of novel use cases for securities” and foster “new kinds of market activities that many of the Commission’s legacy rules and regulations do not contemplate today,” Securities and Exchange Commission (SEC) Chairman Paul Atkins said.

During his keynote address at the Commission’s May 12 roundtable on tokenization and digital assets, Atkins welcomed “a new day at the SEC,” adding that “policymaking will no longer result from ad hoc enforcement actions. Instead, the Commission will utilize its existing rulemaking, interpretive, and exemptive authorities to set fit-for-purpose standards for market participants.”

Source: U.S. Securities and Exchange Commission

A key priority will be to “develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.”

In particular, Atkins said the SEC would focus on establishing “clear and sensible guidelines” for crypto assets that could be considered securities. Another area of focus would be to allow brokers to offer a broader range of investment products on their platforms, which in some cases may mix securities and non-securities.

Atkins’ approach moves away from former SEC Chair Gary Gensler’s, whose tenure was criticized by some industry participants for its “regulation by enforcement” method of oversight.

Key points:

Bitcoin price saw profit booking near $105,819, signaling that bears remain active at higher levels.

Select altcoins have continued to move higher, indicating increased investor interest.  

The SPX and the DXY are playing catch-up to Bitcoin following the US-China trade deal.

Bitcoin (BTC) has started the new week on a cautious note, falling below $103,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement. One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in the near term.

New York City Mayor Eric Adams announced partnerships between the city and financial firms as part of his crypto plans.

In a May 12 press conference at Gracie Mansion, the the city’s official mayoral residence, Adams said June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, would be assisting the city in its crypto efforts. He spoke of Ou and Hecker acting as advisers for New York City’s next steps in “economic development and opportunities to serve the public using digital assets.” 

“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” said Adams, adding:

“If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business.”Eric Adams addressing reporters on May 12. Source: Yedda Araujo/Cointelegraph

Adams made digital assets a large part of his policy platform after assuming office in January 2022, when he announced plans to accept his first three paychecks in Bitcoin (BTC). In a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin, but suggested it was worth more in a December 2024 press conference.

Trump DOJ dismissed the corruption case against Adams

Adams had been facing corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene. The case was dismissed with prejudice, meaning it cannot be reopened, in April, and Adams traveled to the White House on May 9 to reportedly thank Trump for his “words of support” during his 2024 campaign.

Key takeaways:

Bitcoin lags as investors shift toward stocks after the US and China strike a deal that could end the current trade war.

Macroeconomic conditions are swinging away from gold investing and back to stocks. 

Bitcoin (BTC) reached its highest price in over three months at $105,720 on May 12, but was unable to maintain its bullish momentum. Interestingly, the drop to $102,000 came after a temporary easing in the US-China tariff conflict. This has left traders puzzled as to why Bitcoin reacted negatively to what seemed like positive developments.

The 90-day truce reduced import tariffs, and US Treasury Secretary Scott Bessent noted that the agreement could be extended, provided there is a genuine effort and constructive dialogue. According to Yahoo Finance, the topics under discussion include “currency manipulation,” “steel price dumping,” and restrictions on semiconductor exports.

Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing. 

On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows.

“[I]f quantum computing technology is able to advance […] it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin,” BlackRock said.

It is the first time the asset manager has explicitly flagged this risk in its IBIT disclosures. The IBIT ETF is the largest spot Bitcoin (BTC) ETF, with approximately $64 billion in net assets, according to its website. 

Quantum computing is an emergent field that seeks to use the principles of quantum mechanics to greatly enhance computers’ processing capabilities. 

Tether’s USDt (USDT) surpassed a $150 billion market capitalization for the first time on May 12, marking a new milestone amid growing stablecoin adoption.

USDt’s circulating supply has expanded by over 36% in the past year, with growth accelerating in November following the election of US President Donald Trump.

USDt’s market cap growth over the past year. Source: CoinMarketCap

At its current supply, Tether accounts for 61% of the global stablecoin market, according to CoinMarketCap data. It’s followed by Circle’s USDC (USDC), which accounts for nearly 25% of the stablecoin market. 

As the world’s largest stablecoin, Tether is widely viewed as a barometer for cryptocurrency demand, given its central role in providing liquidity and funding for crypto trading.

Tether is part of a broader trend toward digital fiat currencies, with recent data from Dune and Artemis showing that the number of active stablecoin wallets has surged more than 50% over the past year, from 19.6 million to 30 million.

Key takeaways:

Possible de-risking ahead of the May 13 CPI print could be playing a role in today’s BTC price correction.

Bitcoin market structure and qualitative fundamentals remain bullish, suggesting today’s correction could be short-lived.

Bitcoin (BTC) price briefly stumbled on May 12, falling to $102,388 after hitting an intraday high at $105,819 during the US trading session. At first glance, the abrupt correction seemed unexpected given the positive news of the day. Since Sunday evening (May 11), mainstream media headlines have reported on the positive headway made in the US-China trade talks occurring in Switzerland, and throughout the evening, US President Donald Trump ran his victory lab via Truth Social posts heralding the positives of the deal. 

BREAKING: U.S. Announces China Trade Deal in Geneva pic.twitter.com/JjgvYAvAGe

Patel Real Estate Holdings (PREH) has launched a $100 million tokenization fund on the Chintai blockchain, aiming to give accredited investors access to institutional-grade real estate opportunities.

The new PREH Multifamily Fund is a tokenized investment vehicle focused on vintage Class A multifamily units across the top 20 US growth markets, the company told Cointelegraph on May 12.

“The entire structure is digital-native from the start — compliant onboarding, reporting, capital calls, and (potential) secondary market transfers,” a PREH spokesperson said.

The fund is part of a broader $750 million investment vehicle co-developed by PREH and several institutional firms, including Carlyle, DRA Advisors, Walton Street Capital, RPM and KKR. Initially, the company said that $25 million of the $100 million allocation would be tokenized on Chintai. 

According to PREH, the tokenization structure helps alleviate many transparency and liquidity constraints investors typically face in private market placements.

Opinion by: Robin Singh, CEO of Koinly

Is there a catch for Bitcoin hodlers, with the asset’s price up over 600,000% since the beginning of 2013? 

Perhaps — if governments keep waking up to Bitcoin’s value, the whole “you only pay tax when you sell” mantra could soon be a thing of the past.

What if a wealth tax is the answer for revenue-hungry tax agencies with no time to lose? It’s a yearly tax on a person’s total net worth — cash, investments, property and other assets — minus any debts, applied whether or not those assets are sold or generating income. The idea is to boost public revenue and curb inequality, mainly by taxing the ultra-rich. A wealth tax takes a clip off what you own, not what you earn.

Countries such as Belgium, Norway and Switzerland have had wealth taxes baked into their tax systems for ages, yet some of the world’s biggest economies — like the US, Australia and France — have largely steered clear. 

Key points:

Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.

Nearby order book liquidity forms potential targets for traders, which now include $102,000.

A classic moving average retest suggests that a new all-time high should result.

Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.

Key points:

Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.

Nearby order book liquidity forms potential targets for traders, which now include $102,000.

A classic moving average retest suggests that a new all-time high should result.

Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.

Bitcoin mining firm American Bitcoin is going public through a merger with crypto mining firm Gryphon Digital Mining, the companies announced on May 12.

Under the terms of the deal, Gryphon Digital Mining will acquire American Bitcoin in a stock-for-stock transaction. After the merger, the new company will operate under the American Bitcoin brand and be led by its board of directors, which includes Eric Trump, son of US President Donald Trump.

News of the merger coincided with a sharp rise in Graphon Digital Mining’s stock price, which climbed from $0.52 on May 9 to $2.15 at the time of writing, a gain of more than 313%, according to Google Finance.

The announcement follows early April reports that American Bitcoin was considering an initial public offering (IPO).

Gryphon Digital Mining share price. Source: Google Finance

American Bitcoin is a majority-owned subsidiary of energy infrastructure, crypto mining, and data center firm Hut 8. Hut 8 CEO Asher Genoot said the company aims to make American Bitcoin “a purpose-built vehicle for low-cost Bitcoin accumulation at scale.” He added:

“By taking American Bitcoin public, we expect to unlock direct access to dedicated growth capital independent of Hut 8’s balance sheet, while preserving long-term exposure to Bitcoin upside for our shareholders.”

Related: Top Bitcoin miners produced nearly $800M of BTC in Q1 2025

Key takeaways

Though Bitcoin doesn’t support native staking, holders can earn yield through centralized lending platforms, Wrapped Bitcoin (WBTC) on Ethereum, and Bitcoin-related networks like Babylon and Stacks.

WBTC allows BTC holders to participate in lending, liquidity pools and yield farming on Ethereum-based DeFi platforms like Aave and Curve but introduces bridge and smart contract risks.

Protocols like Babylon and Stacks use mechanisms like native time-locked scripts or stacking to offer rewards without removing BTC from the Bitcoin blockchain.

Custodial, smart contract and regulatory risks persist. Bitcoin’s community also remains divided on whether Bitcoin yield generation features align with its decentralized and trust-minimized ethos.

Unlike proof-of-stake (PoS) blockchains like Ethereum or Cardano, Bitcoin relies on proof-of-work (PoW) mining for network security. However, with the rise of decentralized finance (DeFi) and layer-2 innovations, Bitcoin (BTC) holders can now generate passive income through various yield-generating methods. These include centralized lending, Wrapped Bitcoin (WBTC) on Ethereum, and layer-2 solutions like Babylon and Stacks.

A 90-day tariff agreement between the US and China may set the stage for a broader recovery of stock and cryptocurrency markets, as investors look ahead to a potential tax relief package.

The White House announced on May 12 that the two countries will reduce their respective tariffs to 10% for an initial 90-day period beginning May 14 — a 24% cut from current levels.

Speaking at a news conference in Geneva, US Treasury Secretary Scott Bessent said both governments are aligned on avoiding further economic decoupling.

“The consensus from both delegations is neither side wants to be decoupled,” Bessent said. “What has occurred with these very high tariffs was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade.”

Joint statement on US-China meeting in Geneva. Source: The White House

Related: Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back

Update (May 12, 1:25 pm UTC): This article has been updated to reflect that Strategy lifted its 2025 Bitcoin yield target from 15% to 25% in early May.

Michael Saylor’s Strategy purchased a fresh batch of Bitcoin as the cryptocurrency pushed above $100,000 last week.

Strategy acquired 13,390 Bitcoin (BTC) for $1.34 billion between May 5 and May 11, the firm announced in its filing with the US Securities and Exchange Commission published on May 12.

The acquisition has increased Strategy’s total Bitcoin holdings by 2.4% to a total of 568,840 BTC, acquired for about $39.4 billion at an average price of $69,287 per coin.

An excerpt from the Form-8 by Strategy filed on May 12. Source: Strategy

The newly announced purchases were made at an average price of $99,856 per BTC, with Bitcoin reclaiming the psychological mark of $100,000 on May 8.

Healthcare services provider KindlyMD has merged with Bitcoin-native holding company Nakamoto Holdings to build a BTC treasury.

According to a May 12 announcement, Nakamoto Holdings — a new company founded by David Bailey, a crypto adviser to US President Donald Trump — plans to build the first global network of Bitcoin (BTC) treasury companies in partnership with BTC Inc. Bailey said:

“Traditional finance and Bitcoin-native markets are converging. The securitization of Bitcoin will redraw the world’s economic map. We believe a future is coming where every balance sheet – public or private – holds Bitcoin.”The website of the new Nakamoto company. Source: Nakamoto

Long-term, the firm’s plan includes developing an ecosystem of Bitcoin-native companies, including media, advisory and financial services, all aiming to accelerate Bitcoin adoption and utility. The company resulting from the new merger aims to accumulate Bitcoin and grow the BTC held per share.

Related: Trump crypto adviser David Bailey raises $300M for Bitcoin investment firm

Not the first kid on the block

Much like Michael Saylor’s Strategy (formerly MicroStrategy), the new firm plans to leverage equity, debt and other offerings to achieve its objectives. The announcement promises that the company will provide “market exposure to Bitcoin within a compliant, transparent structure.”

The creator of the non-fungible token (NFT) collection DeGods announced that he has stepped down as the CEO of the project amid an uptick in sales. 

Rohun Vora, known online as “Frank DeGods” on X, said he has stepped down as the project’s CEO, concluding a three-year stint as the head of one of the most popular Solana-based NFT collections. 

He identified pseudonymous figures 0x_chill and Pastagotsauce as the new leaders of DeGods. “There are no investigations, because I have never done anything illegal. That’s the boring truth,” Vora wrote, addressing speculation about his departure.  

The announcement came as the NFT collection started gaining traction on the Ethereum and Solana blockchains. 

Source: Frankdegods

DeGods’ sales are up 101% on Solana

Data tracker CryptoSlam shows that in the last seven days, DeGods NFTs have seen a significant increase in sales. 

Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service.

According to a May 12 X post, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification.

Backpack’s support page also said that the KYC details on the platform must match the ones provided to FTX EU:

“If they do not, you will need to contact Backpack EU support at This email address is being protected from spambots. You need JavaScript enabled to view it. to update your Backpack EU account to reflect the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.”

Related: Former FTX exec’s wife says gov’t ‘induced a guilty plea’

FTX EU claims process begins

Backpack opened the claims process for former FTX EU exchange users on April 1. To access their claims through the platform, users had to create an exchange account and go through the aforementioned KYC checks. No deadline has been set for users going through the process.

Hundreds of billions of dollars in cross-border cryptocurrency payments flow globally, driven primarily by speculative investment, according to a recent report by the Bank for International Settlements (BIS).

The BIS study, published May 8, found cross-border payments using the two largest cryptocurrencies, Bitcoin (BTC) and Ether (ETH), and the two largest stablecoins, USDt (USDT) and USDC (USDC), totaled about $600 billion during the second quarter of 2024, the final observation period covered by the analysis.

“Our findings highlight speculative motives and global funding conditions as key drivers of native crypto asset flows,” the BIS said.

Cross-border crypto asset flows by quarter. Source: BIS

Still, the report noted that stablecoins and low-value Bitcoin transactions are frequently driven by practical use cases, particularly as alternatives to traditional remittances. The researchers pointed out that geographical barriers have less influence on cryptocurrency transactions compared with traditional financial systems.

Related: Spar supermarket in Switzerland starts accepting Bitcoin payments

Cryptocurrency investment products continued receiving healthy inflows last week, attracting $882 million as global crypto funds approached all-time high asset levels.

Global crypto exchange-traded products (ETPs) recorded $6.3 billion of inflows in the past four weeks, accounting for 93% of total inflows year-to-date (YTD), according to data from European crypto investment firm CoinShares.

Total YTD inflows now stand at $6.7 billion, closing in on the record $7.3 billion posted in early February, according to CoinShares’ head of research James Butterfill.

Weekly crypto ETP inflows since late 2024. Source: CoinShares

Amid strong investor demand, crypto exchange-traded funds (ETFs) in the United States reached a record $62.9 billion in cumulative net inflows since launch in January 2024, surpassing the previous high of $61.6 billion set in February, Butterfill noted in a May 12 fund flows update.

Total AUM nears historic record of $173 billion

The continued inflow streak has brought total assets under management (AUM) in global crypto funds to $169 billion, just 2.5% below the historic record of $173.3 billion seen in the last week of January, according to CoinShares data.

Bitcoin (BTC) launches into US CPI week with new multimonth highs as traders dig in for volatility.

BTC price action is giving increasingly bullish signals, joined by a key cross on the weekly MACD indicator.

The weekly close fell just short of expectations, raising doubts over whether price discovery will return in the immediate future.

CPI and PPI headline the week’s US macro data drops, but markets are all about the US-China trade deal and its implications.

Bitcoin supply in loss drops below 2% in a rare test of hodlers’ staying power.

Ether’s market capitalization surged 42% in five days following the successful launch of Ethereum’s Pectra upgrade on its mainnet. 

On May 12, the company data tracker 8marketcap showed Ether (ETH) surpassing Coca-Cola and Alibaba, ranking as the world’s 39th-largest asset by market capitalization. ETH was trading at about $2,550 at publication time, with a market cap exceeding $308 billion. 

By comparison, Coca-Cola stock trades at around $70, giving it a market cap of $303.5 billion. Alibaba stock trades at about $125, with a market capitalization of $303.7 billion. 

ETH’s recent price action comes on the heels of a network upgrade that improved the storage of layer-2 scaling data, validator user experience and smart account wallet user experience features. 

Ether surpasses Coca-Cola and Alibaba in market capitalization. Source: 8marketcap

Ethereum implements Pectra upgrade on mainnet

Originally scheduled for March 2025, Pectra faced delays after technical challenges arose during testing.

Goldman Sachs-backed cryptocurrency custody firm BitGo is the latest cryptocurrency company to secure regulatory approval to operate across the European Union.

Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), granted BitGo Europe a Markets in Crypto-Assets Regulation (MiCA) license to provide digital asset services in the EU, the firm announced on May 12.

The license allows BitGo to offer services to crypto-native firms and traditional finance institutions, including banks and asset managers within the EU.

Source: BitGo

“This license underscores our commitment to the highest standards of security, transparency, and trust,” BitGo Europe managing director Harald Patt said.

BitGo set up the EU headquarters in 2023

Founded in 2013 in Palo Alto, California, BitGo is a major platform in the cryptocurrency industry specializing in crypto custodial services, holding cryptocurrencies like Bitcoin (BTC) on behalf of its clients. 

Key takeaways:

Bitcoin broke above $105,700 after the US and China agreed to slash tariffs.

A confirmed bull flag breakout on the weekly chart projects $150,000.

Bitwise’s sentiment index warns of potential short-term overheating.

Bitcoin (BTC) bulls cheered a major development in the ongoing US-China tariff talks, with the cryptocurrency climbing over the $105,700 mark on May 12 for the first time in four months, further confirming a bullish continuation setup with a $150,000 price target.

US federal prosecutors have rebutted claims they suppressed evidence in their case against the co-founders of the crypto mixing service Samourai Wallet, arguing their disclosure of a conversation with Treasury Department staff was made within the required timeframes. 

In a May 9 letter to a Manhattan federal court, prosecutors opposed a request for a hearing, claiming they handed over “all known substantive communications” between them and the Treasury’s Financial Crimes Enforcement Network (FinCEN) regarding Samourai “months in advance of pretrial motions and trial.”

“The defendants will have seven months to make use of the information before trial,” they wrote. “Nothing more is warranted.”

On May 5, Samourai co-founders Keonne Rodriguez and William Hill asked the court for a hearing, claiming that prosecutors were late to disclose that FinCEN representatives told them six months before they charged the pair that under the agency’s guidance, the service “would not qualify as a ‘Money Services Business’ requiring a FinCEN license.”

However, prosecutors still charged the pair in February 2024 with conspiracy to operate an unlicensed money transmitting business and money laundering conspiracy, unsealing the charges and arresting the pair in April that year. They have both pleaded not guilty.

Decentralized exchange Uniswap has hit a whopping $3 trillion in aggregate all-time volume, the first decentralized exchange to hit the number. 

Uniswap founder Hayden Adams noted the achievement in an X post on May 12, which included a screenshot of a Dune Analytics dashboard counting down to the milestone. 

Uniswap also has a current daily volume of $3.3 billion, according to Dune. DeFillama meanwhile shows Uniswap is the leading DEX with a 23% market share in daily volumes, which it reports as slightly lower at $3 billion over the past 24 hours. 

The second-largest DEX in volume is PancakeSwap, with $2.7 billion and a 21% DEX market share. 

Uniswap has a current total value locked of just under $5 billion. However, this figure is around half of its 2021 all-time high, as overall DeFi total value locked (TVL) is about half of what it was in late 2021.

Crypto users could be looking for a more sustainable yield this cycle, as total value locked in decentralized finance (DeFi) lending continues to hit new highs while decentralized exchanges (DEXs) have lagged in comparison.

DeFi lending protocols are currently the leading DeFi vertical in TVL at $53.6 billion, representing 43% of the $124.6 billion locked across all DeFi protocols. The figure also surpasses liquid staking.

Multichain lending protocol Aave currently holds $25 billion of locked value, accounting for nearly half of the DeFi lending market.

Change in crypto lending protocol TVL since 2019. Source: DeFiLlama

In stark contrast, DEXs, which once held nearly double the TVL of their closest competitor, have dropped from $85.3 billion in November 2021 to $21.5 billion today.

Explaining the rise in DeFi lending and fall in DEX TVL, the founder of crypto fund Apollo Capital, Henrik Andersson, told Cointelegraph that lending is arguably the “only sustainable way to produce yield” in DeFi, as DEX liquidity pooling has largely become unprofitable due to impermanent loss.

Three teenagers have been accused of kidnapping a man at gunpoint after he was returning from a crypto event in Las Vegas, before driving him an hour outside of the city and robbing him of $4 million in crypto and non-fungible tokens.

According to police, the incident occurred last November. The victim had finished hosting a crypto-related event in downtown Las Vegas, and when he returned home, the suspects forced him into a vehicle and drove him to a remote desert area an hour away from the city. 

There, they forced him to hand over passwords to his accounts, according to a May 10 report from Las Vegas local news outlet 8 News Now. 

The man was allegedly told to comply with the teens’ demands if he wanted to “live to see another day,” and because they also “had his dad and would kill him,” according to the report. 

It’s also alleged that a fourth person may have been communicating with the three young men through a phone call during the incident, which the victim could hear through a speakerphone.