{"id":8586,"date":"2025-05-11T16:55:50","date_gmt":"2025-05-11T16:55:50","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=8586"},"modified":"2025-05-11T16:55:52","modified_gmt":"2025-05-11T16:55:52","slug":"weekly-recap-ethereum-upgrade-launches-coinbase-acquires-deribit-genius-act-shelved","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/05\/11\/weekly-recap-ethereum-upgrade-launches-coinbase-acquires-deribit-genius-act-shelved\/","title":{"rendered":"Weekly Recap: Ethereum Upgrade Launches, Coinbase Acquires Deribit, Genius Act Shelved"},"content":{"rendered":"\n

This week in crypto has been packed with major developments across regulations, enterprise moves, legal proceedings, and blockchain upgrades. From Ethereum\u2019s much-anticipated Pectra activation to Coinbase\u2019s strategic acquisition and controversial political developments, the digital asset space continues to evolve rapidly.<\/p>\n\n\n\n

Ethereum\u2019s Pectra Upgrade Activates Successfully<\/strong><\/h3>\n\n\n\n

Ethereum developers successfully rolled out the Pectra upgrade<\/strong> a significant step forward for the network. Finality was confirmed at 6:18 a.m. ET<\/strong> 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.<\/p>\n\n\n\n

Adding to the excitement, Ethereum co-founder Vitalik Buterin<\/strong> proposed transitioning from the Ethereum Virtual Machine (EVM) to RISC-V architecture<\/strong>, a move that could significantly enhance network efficiency and developer accessibility.<\/p>\n\n\n\n

Coinbase Acquires Deribit, Takes Conservative Approach to Treasury Crypto<\/strong><\/h3>\n\n\n\n

In its Q1 2025 earnings call, Coinbase<\/strong> announced the acquisition of Dubai-based crypto derivatives exchange Deribit<\/strong> for $2.9 billion<\/strong>, further strengthening its position in the global derivatives market.<\/p>\n\n\n\n

Coinbase also revealed it had added $150 million in crypto<\/strong>, mainly Bitcoin, to its treasury. However, CEO Brian Armstrong<\/strong> clarified that unlike Michael Saylor\u2019s MicroStrategy<\/strong>, Coinbase will not allocate the majority of its balance sheet<\/strong> to crypto assets.<\/p>\n\n\n\n

GENIUS Act Blocked, Regulatory Debates Heat Up<\/strong><\/h3>\n\n\n\n

In the U.S., the GENIUS Act<\/strong>, which aimed to enhance digital asset innovation, was blocked by the Senate. Treasury Secretary Scott Bessent<\/strong> criticized the decision, warning it could undercut America\u2019s leadership in crypto innovation.<\/p>\n\n\n\n

Complicating matters, President Trump\u2019s memecoin (TRUMP)<\/strong> and its earnings have sparked bipartisan debates on stablecoin legislation<\/strong>, adding a political twist to the already complex regulatory discussions.<\/p>\n\n\n\n

Binance\u2019s CZ Seeks Trump Pardon<\/strong><\/h3>\n\n\n\n

Former Binance CEO Changpeng \u201cCZ\u201d Zhao<\/strong>, currently serving a four-month sentence<\/strong> for money laundering-related charges, revealed in an interview that he is now seeking a presidential pardon<\/strong> from Donald Trump<\/strong>. CZ denied rumors that he attempted to exchange Binance.US equity for leniency.<\/p>\n\n\n\n

Legal and Enforcement Updates<\/strong><\/h3>\n\n\n\n
    \n
  • Ripple Labs<\/strong> and the SEC<\/strong> finally reached a $50 million settlement<\/strong>, ending a four-year legal saga.<\/li>\n\n\n\n
  • FTX celebrity lawsuits<\/strong> suffered a setback as a U.S. judge dismissed most claims against high-profile endorsers including Tom Brady, Naomi Osaka<\/strong>, and Larry David<\/strong>, citing insufficient proof of their knowledge of FTX\u2019s fraud.<\/li>\n\n\n\n
  • Celsius founder Alex Mashinsky<\/strong> was sentenced to 12 years in prison<\/strong> for fraud.<\/li>\n\n\n\n
  • German police raided eXch<\/strong>, seizing $37.4 million in assets for allegedly enabling North Korean-linked laundering.<\/li>\n<\/ul>\n\n\n\n

    Doodles Launches DOOD Token on Solana<\/strong><\/h3>\n\n\n\n

    NFT project Doodles<\/strong> launched its DOOD token<\/strong> on the Solana blockchain<\/strong>, accompanied by airdrops to NFT holders. The team also introduced DreamNet<\/strong>, a decentralized AI-powered storytelling platform marking a significant expansion of its ecosystem.<\/p>\n\n\n\n

    More Headlines<\/strong><\/h3>\n\n\n\n
      \n
    • Steak ‘n Shake<\/strong> will accept Bitcoin<\/strong> payments across all U.S. locations starting May 16<\/strong>.<\/li>\n\n\n\n
    • The European Union<\/strong> unveiled plans to track cryptocurrency transfers<\/strong> under its anti-money laundering framework.<\/li>\n\n\n\n
    • Movement Labs<\/strong> terminated co-founder Rushi Manche<\/strong> after controversy regarding undisclosed market-making deals.<\/li>\n\n\n\n
    • Arizona<\/strong> passed a law allowing the state to retain unclaimed digital assets<\/strong> in their native crypto form.<\/li>\n\n\n\n
    • CFTC<\/strong> dropped its legal appeal against prediction market Kalshi<\/strong>.<\/li>\n<\/ul>\n\n\n\n

      Final Thoughts<\/strong><\/h3>\n\n\n\n

      This week reflects a broader theme: mainstream adoption is accelerating<\/strong>, but regulatory and political hurdles remain. Ethereum\u2019s successful upgrade sets a new benchmark in scalability, while Coinbase\u2019s Deribit acquisition signals institutional confidence in crypto derivatives. Meanwhile, legal battles and government debates continue to shape the industry\u2019s next phase.<\/p>\n\n\n\n

      As the market eyes inflation data and international regulatory signals, all signs point to another volatile and consequential week ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"

      This week in crypto has been packed with major developments across regulations, enterprise moves, legal proceedings, and blockchain upgrades. From Ethereum\u2019s much-anticipated Pectra activation to Coinbase\u2019s strategic acquisition and controversial political developments, the digital asset space continues to evolve rapidly. Ethereum\u2019s Pectra Upgrade Activates Successfully Ethereum developers successfully rolled out the Pectra upgrade a significant…<\/p>\n","protected":false},"author":3,"featured_media":8587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,63],"tags":[166,156,1003],"class_list":["post-8586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-crypto-news","tag-coinbase","tag-cryptocurrency","tag-genius-act-2"],"yoast_head":"\nWeekly Recap: Ethereum Upgrade Launches, Coinbase Acquires Deribit, Genius Act Shelved - Crypto News<\/title>\n<meta name=\"description\" content=\"Catch up on the top crypto stories this week: Ethereum's Pectra upgrade goes live, Coinbase acquires Deribit, the GENIUS Act is blocked, and CZ seeks a Trump pardon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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