On May 3, the crypto landscape saw notable developments in U.S. regulatory progress, tokenized securities, venture capital funding, and Bitcoin-focused corporate maneuvers.
Coinbase reported that Senate negotiators have struck a compromise on stablecoin rewards tied to the CLARITY Act. This deal could pave the way for the bill’s advancement after months of deadlock. The core dispute revolved around whether crypto firms could offer rewards similar to interest. Banks argued this could siphon deposits, while crypto entities insisted on flexibility for legitimate platform incentives. Under the agreement, rewards that mimic bank interest are prohibited, but crypto companies retain the ability to reward actual network usage.
The New York Stock Exchange filed a proposed rule change with the SEC to allow tokenized versions of eligible securities. This initiative would operate under the DTC’s three-year tokenization pilot. These tokenized assets would maintain identical CUSIP, ticker, and shareholder rights as traditional shares, trading on the same order book with standard settlement via DTC on a T+1 basis.
Founders Fund, led by Peter Thiel, closed a record $6 billion fund, the largest in the firm’s history. The vehicle is primarily aimed at late-stage startup investments, with about $4.5 billion from limited partners including sovereign wealth funds, and the remainder from internal sources.
Tether has backed a merger plan involving Strike and Elektron Energy. Twenty One Capital shares rose following the announcement. The proposal aims to combine Bitcoin treasury exposure, payments, and mining infrastructure. Strike contributes payment services, while Elektron brings mining operations. Tether highlighted the potential for synergies between Jack Mallers’ consumer brand and Raphael Zagury’s operational expertise.