Today’s edition of the Weekly Crypto Recap covers President Donald Trump’s controversial dinner plans with TRUMP token holders, Strategy’s aggressive Bitcoin accumulation, major SEC policy shifts under new leadership, and a celebrity settlement in the ongoing FTX fallout.
Trump Plans Private Dinner for Meme Coin Holders, Sparking Ethics Debate
Former President Donald Trump is set to host an exclusive “Gala Dinner” on May 22 at Trump National Golf Club near Washington, D.C., offering an intimate gathering for the top 220 holders of the $TRUMP Official Trump token. Special perks, such as a pre-dinner reception and a White House tour, are reserved for the top 25 token holders.
However, the event has already drawn sharp criticism from political opponents. Democrats argue that by effectively selling access to himself in exchange for meme coin investments, Trump risks committing an impeachable offense. Critics claim this arrangement financially benefits the Trump family and blurs ethical lines between political influence and private enrichment.
The event organizers have issued a disclaimer reserving the right to cancel or reschedule, and if Trump cannot attend, qualified participants will reportedly receive a limited-edition TRUMP NFT instead.
SEC Leadership Changes Direction: Crypto Sees a Friendlier Future
Newly appointed SEC Chair Paul Atkins delivered his first full remarks on Friday, sharply criticizing former Chair Gary Gensler’s approach to crypto regulation. Atkins stressed that innovation had been “stifled” under previous leadership due to a lack of clear regulatory guidelines.
In stark contrast to the Gensler era during which most crypto tokens were treated as unregistered securities Atkins signals a regulatory shift favoring crypto innovation. His tenure has already seen the SEC drop several lawsuits against prominent blockchain companies, including Dragonchain, Coinbase, Gemini, Uniswap, and Ripple.
In a further sign of a more accommodating approach, the SEC withdrew its fraud case against Richard Heart, the founder of HEX, PulseChain, and PulseX. Meanwhile, the agency announced delays in decisions regarding ETFs tied to Polkadot (DOT), Hedera (HBAR), and a combined Bitcoin-Ethereum (BTC-ETH) index.
Strategy Increases Bitcoin Holdings by Over $500 Million
Michael Saylor’s company, Strategy (formerly known as MicroStrategy), revealed it had purchased 6,556 Bitcoin between April 14–20 for approximately $555.8 million, at an average price of $84,785 per Bitcoin.
Following this purchase, Strategy’s total Bitcoin holdings now stand at an impressive 538,200 BTC, reinforcing its position as one of the largest corporate Bitcoin holders globally. Saylor remains one of Bitcoin’s most vocal advocates, emphasizing the asset’s long-term strategic value.
Shaquille O’Neal Reaches Settlement in FTX Investor Lawsuit
NBA legend Shaquille O’Neal has settled a lawsuit filed by a group of FTX investors who accused him of promoting the now-defunct crypto exchange without properly disclosing risks. The settlement terms have not been publicly disclosed, but the agreement marks the latest celebrity resolution following FTX’s catastrophic collapse.
O’Neal had faced allegations of misleading marketing after appearing in high-profile FTX advertising campaigns.
Other Major Updates
- WazirX to Resume Trading: Indian exchange WazirX, recovering from a $230 million security breach, is set to restart operations pending court approval of its restructuring plan.
- Sam Bankman-Fried Relocated: FTX founder Sam Bankman-Fried has been transferred to the low-security Federal Correctional Institution Terminal Island in Los Angeles following a stint in Victorville, California.
- Meteora Faces Rug Pull Lawsuit: Meteora, a major decentralized exchange (DEX) on the Solana blockchain, faces a class-action lawsuit alleging a $69 million rug pull related to its M3M3 meme coin.
- SOL Strategies’ $500M Solana Investment: Canadian firm SOL Strategies secured a $500 million convertible note to invest heavily in Solana (SOL).
- CME Launches XRP Futures: CME Group will launch XRP futures contracts beginning May 19, offering contracts in two sizes — 2,500 and 50,000 XRP units.
- Stripe Expands into Stablecoins: Payments giant Stripe is developing a stablecoin-based payment product through Bridge, the stablecoin-focused firm it acquired in October 2024.
Final Thoughts
This week’s events signal a pivotal moment for the crypto industry. Regulatory winds are shifting under new SEC leadership, major institutions are deepening crypto bets, and political entanglements like Trump’s $TRUMP Gala Dinner spotlight both the opportunities and ethical pitfalls of blockchain’s growing influence. As meme coins surge and traditional players like CME and Stripe innovate, the crypto landscape promises even more drama and evolution in the weeks ahead.
