This week in crypto has been packed with major developments across regulations, enterprise moves, legal proceedings, and blockchain upgrades. From Ethereum’s much-anticipated Pectra activation to Coinbase’s strategic acquisition and controversial political developments, the digital asset space continues to evolve rapidly.
Ethereum’s Pectra Upgrade Activates Successfully
Ethereum developers successfully rolled out the Pectra upgrade a significant step forward for the network. Finality was confirmed at 6:18 a.m. ET on Wednesday following a tense few hours post-hard fork implementation. The upgrade includes 11 EIPs aimed at improving validator operations, blob throughput, account abstraction, and stake management.
Adding to the excitement, Ethereum co-founder Vitalik Buterin proposed transitioning from the Ethereum Virtual Machine (EVM) to RISC-V architecture, a move that could significantly enhance network efficiency and developer accessibility.
Coinbase Acquires Deribit, Takes Conservative Approach to Treasury Crypto
In its Q1 2025 earnings call, Coinbase announced the acquisition of Dubai-based crypto derivatives exchange Deribit for $2.9 billion, further strengthening its position in the global derivatives market.
Coinbase also revealed it had added $150 million in crypto, mainly Bitcoin, to its treasury. However, CEO Brian Armstrong clarified that unlike Michael Saylor’s MicroStrategy, Coinbase will not allocate the majority of its balance sheet to crypto assets.
GENIUS Act Blocked, Regulatory Debates Heat Up
In the U.S., the GENIUS Act, which aimed to enhance digital asset innovation, was blocked by the Senate. Treasury Secretary Scott Bessent criticized the decision, warning it could undercut America’s leadership in crypto innovation.
Complicating matters, President Trump’s memecoin (TRUMP) and its earnings have sparked bipartisan debates on stablecoin legislation, adding a political twist to the already complex regulatory discussions.
Binance’s CZ Seeks Trump Pardon
Former Binance CEO Changpeng “CZ” Zhao, currently serving a four-month sentence for money laundering-related charges, revealed in an interview that he is now seeking a presidential pardon from Donald Trump. CZ denied rumors that he attempted to exchange Binance.US equity for leniency.
Legal and Enforcement Updates
- Ripple Labs and the SEC finally reached a $50 million settlement, ending a four-year legal saga.
- FTX celebrity lawsuits suffered a setback as a U.S. judge dismissed most claims against high-profile endorsers including Tom Brady, Naomi Osaka, and Larry David, citing insufficient proof of their knowledge of FTX’s fraud.
- Celsius founder Alex Mashinsky was sentenced to 12 years in prison for fraud.
- German police raided eXch, seizing $37.4 million in assets for allegedly enabling North Korean-linked laundering.
Doodles Launches DOOD Token on Solana
NFT project Doodles launched its DOOD token on the Solana blockchain, accompanied by airdrops to NFT holders. The team also introduced DreamNet, a decentralized AI-powered storytelling platform marking a significant expansion of its ecosystem.
More Headlines
- Steak ‘n Shake will accept Bitcoin payments across all U.S. locations starting May 16.
- The European Union unveiled plans to track cryptocurrency transfers under its anti-money laundering framework.
- Movement Labs terminated co-founder Rushi Manche after controversy regarding undisclosed market-making deals.
- Arizona passed a law allowing the state to retain unclaimed digital assets in their native crypto form.
- CFTC dropped its legal appeal against prediction market Kalshi.
Final Thoughts
This week reflects a broader theme: mainstream adoption is accelerating, but regulatory and political hurdles remain. Ethereum’s successful upgrade sets a new benchmark in scalability, while Coinbase’s Deribit acquisition signals institutional confidence in crypto derivatives. Meanwhile, legal battles and government debates continue to shape the industry’s next phase.
As the market eyes inflation data and international regulatory signals, all signs point to another volatile and consequential week ahead.
