Bitcoin price rockets past $103K — Is it headed for new highs?
By: thestreet|2025/05/11 05:15:04
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Bitcoin delivered extreme volatility this week, with its price swinging sharply. It dropped from $97,000 to $93,000 before surging to $102,000 and climbing. What’s driving the wild movement? Vibes are strong.Senate blocks GENIUS amid democratic backlash over Trump family tiesThe U.S. Senate failed to advance the GENIUS Act, a stablecoin regulation bill, after Democrats withdrew support over concerns about President Trump's family’s crypto business ties. The measure initially received bipartisan backing, but fell short in a 48-49 vote as all Democrats and two Republicans, Rand Paul and Josh Hawley, opposed it. Tensions escalated following reports of a $2 billion investment from an Abu Dhabi-backed firm in World Liberty Financial, a crypto company linked to the Trump family. Senate Majority Leader John Thune accused Democrats of abandoning a bill they helped shape. At the same time, Jonathan Jachym, Kraken's Global Head of Policy and Government Relations, urged lawmakers to "come together in the coming months to finalize stablecoin and market structure bills by August."Ripple and SEC reach settlementThe U.S. Securities and Exchange Commission (SEC) has reached a settlement with Ripple Labs and its top executives, Bradley Garlinghouse and Christian Larsen, to resolve their long-running legal battle over allegations of unregistered securities sales. As part of the agreement, the SEC and Ripple have asked a federal court to dissolve an existing order against Ripple and release $125 million held in an escrow account. Ripple will pay $50 million to the SEC, while the remaining funds will be returned to the company. The SEC emphasized that the settlement is intended to advance its broader efforts to establish clearer crypto regulations, without taking a position on the validity of its initial claims against Ripple.Alex Mashinsky sentenced to 12 years for fraudAlex Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison after pleading guilty to fraud. His sentencing follows a $4.7 billion settlement between Celsius and the Federal Trade Commission, one of the largest in the agency’s history, which addressed allegations of misleading investors. Mashinsky’s downfall is part of an ongoing crackdown on crypto industry leaders, including FTX founder Sam Bankman-Fried, who is serving 25 years for fraud, Binance’s CZ, who served time for enabling money laundering, and Terraform Labs’ Do Kwon, who settled with the SEC for $4.5 billion. Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of TheStreet Crypto. This piece is for informational purposes only and should not be considered financial or investment advice.
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