Crypto had another eventful week as we head into the latter part of May. On Monday, the GENIUS Act, a bill aimed at regulating stablecoins by enforcing reserve requirements, anti-money laundering rules, and consumer protections, faced a setback on the Senate floor as Democrats resisted the bill. This rejection proved short-lived, however, as only a day later, the GENIUS Act passed, signaling a major shift in how the U.S. plans to integrate digital assets into its financial system.
Another key news from the start of the week was Moody’s decision to downgrade the U.S. credit score, putting the Fed in a tight spot as interest rate decisions will now become even more important. With the downgrade, investors have started reevaluating their outlook on Treasury bonds, causing yields to rise across the curve.
Also on Tuesday, Katherine Reilly was appointed SEC Acting Inspector General following the resignation of Deborah Jeffrey, who had led the agency’s Office of Inspector General since 2023.
Bitcoin Hits New ATH
Undoubtedly, the biggest story of the week was Bitcoin’s performance. By Wednesday, the world’s largest cryptocurrency broke above the $109,000 zone for the first time in history, marking a new all-time high (ATH) and solidifying its bullish momentum.
Also on Wednesday, a significant security breach came to light, as Coinbase confirmed a data leak affecting 69,461 users. The incident, which occurred on December 26, 2024, remained undiscovered until May 11, 2025, when Coinbase finally identified the breach.
Democrats Target Trump’s Crypto Ventures
On Thursday, Representative Maxine Waters (D-CA) introduced the Stop TRUMP in Crypto Act, a bill aimed at preventing U.S. officials—including the President, Vice President, and members of Congress—from owning, promoting, or profiting from cryptocurrency while in office.
Meanwhile, Bitcoin continued its ascension, reaching $112,000 on Thursday, marking yet another milestone in its historic rally. Bitcoin ETFs also saw record-breaking inflows, with BlackRock’s IBIT leading the charge.
U.S. States Advance on Crypto Developments
Friday started off with Michigan lawmakers introducing a series of crypto-focused bills, aiming to integrate digital assets into public finance, oppose CBDCs, and incentivize Bitcoin mining. Meanwhile, in Texas, SB 21 officially passed the House, marking a major step toward establishing a state-run Bitcoin reserve. The bill, which cleared the House with a 101–42 vote, now awaits a final concurrence vote in the Senate before heading to Governor Greg Abbott’s desk for approval.
Bond Market Problem Continues, European Tariffs in Question
Meanwhile, Bond Market Crisis Treasury yields continued their climb this week, with the 10-year surpassing 4.6% and the 30-year breaking 5% for the first time in nearly two years. This surge in borrowing costs has intensified concerns over the Fed’s rate-cut timeline, especially as Powell previously signaled a “wait and see” approach.
Finally, Trump’s tariff announcement once again affected global markets. On Friday, the President announced a new 50% tariff on European products, which sent stock and crypto markets downward. Bitcoin reacted swiftly to the escalating trade tensions. After reaching a new all-time high earlier in the week, BTC dropped to $108,000 within hours of Trump’s statement, marking a 3.6% decline before stabilizing.
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