1. U.S. Crypto Stocks Lead the Market

U.S. stocks closed higher on Thursday, with the Dow Jones Industrial Average up 0.6%, the S&P 500 up 0.58%, and the Nasdaq up 1.07%. Cryptocurrency-related stocks led the market, with Canaan Inc. (CAN.O) rising nearly 9%, Robinhood (HOOD.O) up 8%, and MicroStrategy (MSTR.O) up over 5%. Google A (GOOGL.O) rose nearly 2%, and Tesla (TSLA.O) was up 3%.   -Original

2. U.S. Banks to Custody Cryptocurrency

3. Coinbase CEO Says Stablecoin Bill Needs Amendments

Coinbase CEO Brian Armstrong stated that the U.S. Senate's first vote on stablecoin legislation is "the first round of negotiations," with a new round of voting expected early next week. He pointed out that the clause in the bill "prohibiting interest on stablecoins" needs to be amended, emphasizing that the GENIUS Act may ultimately approach presidential signature with bipartisan support. Armstrong noted that "the 52 million American voters holding crypto assets are closely watching."   -Original

4. Meta Re-enters the Stablecoin Space

Three years after abandoning the Libra/Diem project, Meta is in preliminary talks with several crypto companies regarding stablecoin applications, exploring cross-border payments for creators to reduce costs. Since January of this year, former Plaid executive Ginger Baker has been serving as Meta's Vice President of Product, leading the related initiatives.   -Original

5. U.S. Senate to Vote on Stablecoin Bill

According to crypto journalist Eleanor Terrett, the U.S. Senate is scheduled to hold a procedural vote on the updated version of the stablecoin regulatory bill, the GENIUS Act, at 1:45 PM Eastern Time (1:45 AM Beijing time on May 9). It is reported that after late-night negotiations and last-minute text updates between Senate Republicans and Democrats, the voting situation will be a "fierce showdown." The GENIUS Act, formally known as the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins," is legislation proposed in the U.S. Senate on February 4, 2025, aimed at establishing a comprehensive regulatory framework for "payment stablecoins" within the U.S. to promote financial innovation, protect consumers, prevent illegal financial activities, and reinforce the dollar's dominance in the global financial system.   -Original

6. Oregon Passes Digital Asset Legal Standards

Oregon Governor Tina Kotek signed Senate Bill 167 (SB 167) on May 7, updating the state's commercial laws to the Uniform Commercial Code (UCC) and explicitly including provisions related to digital assets. The new law introduces UCC Article 12, establishing a legal framework for cryptocurrencies, tokenized records, and electronic money, and amends UCC Article 9 to allow digital assets to be used as collateral in secured transactions. Additionally, the bill recognizes the legal validity of electronic records, electronic signatures, and hybrid transactions to support the development of digital commerce. The new regulations include transitional provisions to ensure that transactions made before the law takes effect remain legally valid and grant existing secured interests a one-year compliance grace period. Another cryptocurrency-related bill in Oregon, House Bill 2071 (HB 2071), is still in the legislative process and has not yet reached the voting stage. This bill aims to protect the rights to use Bitcoin and other digital assets, prohibiting state and local governments from restricting individuals from accepting cryptocurrency as payment for legal goods or services, and ensuring the legality of peer-to-peer blockchain transactions. Currently, Oregon has not proposed legislation to establish a state Bitcoin reserve, unlike some other states.   -Original

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