Crypto Markets Shake Up: U.S. Rules Near, Tokenized Stocks Rise, $6B Founders Fund, Bitcoin Merger

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Crypto market recap: What happened today?

On May 3, the cryptocurrency market was mainly focused on news about U.S. regulations, the growing interest in tokenized securities, venture capital investments in the space, and companies getting involved with Bitcoin.

Summary

  • Coinbase said Senate negotiators reached a stablecoin rewards deal, easing delays around the CLARITY Act.
  • NYSE filed to trade tokenized securities under DTC’s pilot while preserving traditional share rights rules.
  • Founders Fund raised $6 billion as Tether backed a Bitcoin merger involving Strike and Elektron.

As an analyst, I’m watching two interesting developments. Coinbase shared positive updates regarding a significant piece of crypto legislation, and the New York Stock Exchange is progressing with a pilot program that could pave the way for trading tokenized stocks through the Depository Trust & Clearing Corporation (DTC).

Coinbase says CLARITY Act deal clears key hurdle

Coinbase announced that Senate negotiators have found common ground on a key issue – rewards for stablecoins – related to the CLARITY Act. This agreement could allow the bill to advance to the next stage, after being stalled for several months.

The disagreement centered on whether cryptocurrency companies and stablecoin providers should be allowed to offer incentives to their users. Banks worried these rewards could attract money away from traditional banks, but crypto companies maintained they need to be able to reward active participation on their platforms.

According to Coinbase’s Chief Policy Officer, Faryar Shirzad, banks successfully pushed for some limits on rewards programs, but crypto companies still have the freedom to reward users based on genuine activity on their networks and platforms.

I’m following this closely – Senators Tillis and Alsobrooks have apparently reached a deal on crypto regulations. From what I understand, it would effectively outlaw rewards systems that function similarly to traditional bank interest or yield. It’s a big deal for anyone earning through staking or lending, as it could significantly change how those platforms operate.

This compromise offers banks some of their desired outcomes while still allowing for potential crypto rewards based on how customers use their services. What happens next with this bill relies on approval from the relevant committee, the specifics of the final rules, and broader political support.

The Securities and Exchange Commission (SEC) is holding a meeting in May to discuss the CLARITY Act and how digital assets are traded. This is another important event for cryptocurrency companies as they follow changes in U.S. regulations.

Founders Fund raises record $6B vehicle

Founders Fund, led by Peter Thiel, has raised a record $6 billion in its latest fund. The money will primarily be used to invest in more mature startups.

Approximately $4.5 billion of the total funding came from investors like sovereign wealth funds. The remaining $1.5 billion was contributed by Peter Thiel, the company’s management team, and its employees.

This new fund gives Founders Fund more power to invest in established private tech companies. It also demonstrates that leading venture capital firms can still secure funding for later-stage startups, despite the current trend of companies postponing their IPOs.

NYSE files for tokenized securities trading

The New York Stock Exchange has asked the SEC for permission to let digital versions of stocks and bonds be traded on its platform. This would be tested as part of a three-year program run by the Depository Trust & Clearing Corporation (DTC) to explore tokenization.

Digital versions of securities need to maintain the same identifying information, rights, and benefits as standard securities. They will be traded on the same market and processed in the same order as traditional securities.

As a researcher following this, it seems that the standard clearing and settlement process through the Depository Trust Company will continue, operating on a T+1 schedule. The NYSE has also indicated they’re exploring different ways to use tokenization and might submit further proposals if they decide to move forward with a different system.

Tether backs Bitcoin merger plan

Shares of Twenty One Capital increased in value after Tether announced its support for a plan to merge Strike and Elektron Energy. This merger would bring together Bitcoin holdings, payment systems, and mining operations.

Strike will expand into offering payments and other financial services, and Elektron will bring its mining expertise. Tether believes this combination will unite Strike’s popular products, strong brand, and position as a leader in Bitcoin with Raphael Zagury’s skills in running businesses and navigating financial markets.

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2026-05-03 17:52