French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Crypto entrepreneurs and their families in France will receive enhanced security measures amid a recent rise in crypto-related kidnappings in the country, Politico reported.

According to the May 16 report, the measures include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed.

France’s Interior Minister Bruno Retailleau introduced the security measures as part of a broader effort to counter the recent wave of attacks.

“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry.”

Law enforcement officers will also undergo “anti-crypto asset laundering training,” Retailleau noted.

Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months.

Two kidnappings and a failed attempt in France this year

The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight. 

The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, local police said.

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot.

Related: SEC hacker sentenced to 14 months in prison

In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release.

Retailleau said earlier this week that he believes the incidents were likely connected.

There have been over 150 crypto-related robbery or kidnapping incidents since 2014, with 23 of those incidents occurring in 2025 alone, according to a GitHub database maintained by Bitcoin cypherpunk Jameson Lopp.

Lopp noted many of these criminals typically identify future victims through social media posts, public conversations, meetups, and conferences.

He strongly advises against peer-to-peer trades — particularly with people you don’t trust — flaunting wealth on social media and wearing crypto-branded clothing.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens

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Tokenization makes investing more accessible — Robinhood exec

Tokenization could open new opportunities for retail investors to access traditionally restricted asset classes, according to Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, who called it “very important for financial inclusion.”

Speaking at the Consensus 2025 event in Toronto, Kerbrat said that some real-world assets, such as real estate and private equity, are available only to up to 10% of the US population. “You need to be an accredited investor to invest in private equity right now,” he said.

“How many people can afford a house or an apartment in New York?” he elaborated. “But you can get a piece of it with fractionalization, through tokenization. And so we think it makes it a lot easier to be exchanged, a lot more accessible for everybody.”

Tokenization makes investing more accessible — Robinhood exec
Robinhood’s Johann Kerbrat at Consensus 2025. Source: Cointelegraph

Robinhood has been one of a handful of investment firms or brokerages that have explored RWA tokenization in recent months. Others include BlackRock, Franklin Templeton, Apollo, and VanEck.

RWA tokenization is often touted as a means to enhance financial accessibility, with most tokenized funds currently concentrated on the private credit and US treasury markets. According to RWA.xyz on May 16, the total market capitalization of onchain RWA is $22.5 billion across just 101,457 asset holders. On average, each holder owns $221,867 in onchain assets.

Related: MultiBank, MAG, Mavryk ink world’s largest $3B RWA tokenization deal

Stablecoin evolution will create more ‘specialized’ tokens

Kerbrat also touched on stablecoins, which have emerged as a key crypto use case this cycle. “You will see 100 stablecoins,” he predicted.

Kerbrat expects a rise in stablecoins that are “more specialized in a specific market.” According to DefiLlama, dollar-pegged stablecoins dominate the stablecoin sector. The two largest, Tether’s USDt (USDT) and Circle’s USDC (USDC), account for $211.8 billion or 87.1% of the $243.3 billion stablecoin market cap.

“If you’re trying to move funds from the US to Singapore, maybe you will use a specific stablecoin,” he said. “The shift is going to go from just stablecoin to platforms that are managing all these stablecoins.”

Tokenization makes investing more accessible — Robinhood exec
Tether’s USDT has seen its market share surge over the past few years. Source: DefiLlama

Fireblocks policy chief Dea Markova recently told Cointelegraph that there is a growing demand for non-dollar-pegged stablecoins. In April, the Italian finance minister warned that dollar-pegged stablecoins represent a greater risk than US President Donald Trump’s tariffs.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

This baby boy was treated with the first personalized gene-editing drug

Doctors say they constructed a bespoke gene-editing treatment in less than seven months and used it to treat a baby with a deadly metabolic condition. The rapid-fire attempt to rewrite the child’s DNA marks the first time gene editing has been tailored to treat a single individual.

The baby who was treated, Kyle “KJ” Muldoon Jr., suffers from a rare metabolic condition caused by a particularly unusual gene misspelling. Researchers say their attempt to correct the error demonstrates the high level of precision new types of gene editors offer.

The project also highlights what some experts are calling a growing crisis in gene-editing technology. That’s because even though the technology could cure thousands of genetic conditions, most are so rare that companies could never recoup the costs of developing a treatment for them. Read the full story.

—Antonio Regalado

Access to experimental medical treatments is expanding across the US

—Jessica Hamzelou

A couple of weeks ago I was in Washington, DC, for a gathering of scientists, policymakers, and longevity enthusiasts. They had come together to discuss ways to speed along the development of drugs and other treatments that might extend the human lifespan.

One approach that came up was to simply make experimental drugs more easily accessible. Now, the state of Montana has passed a new bill that sets out exactly how clinics can sell experimental, unproven treatments in the state to anyone who wants them.

The passing of the bill could make Montana something of a US hub for experimental treatments. But it represents a wider trend: the creep of Right to Try across the US. And a potentially dangerous departure from evidence-based medicine. Read the full story.

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

Take a new look at AI’s energy use

Big Tech’s appetite for energy is growing rapidly as adoption of AI accelerates. But just how much energy does even a single AI query use? And what does it mean for the climate?

Join editor in chief Mat Honan, senior climate reporter Casey Crownhart, and AI reporter James O’Donnell at 1.30pm ET on Wednesday May 21 for a subscriber-only Roundtables conversation exploring AI’s energy demands now and in the future. Register here.

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 xAI has blamed Grok’s white genocide fixation on an ‘unauthorized modification’
Made by an unnamed employee at 3.15am. (TechCrunch)
+ The topic is one the far-right comes back to again and again. (The Atlantic $)
+ Memphis residents are struggling to live alongside xAI’s supercomputer. (CNBC)

2 Meta has delayed the launch of its next flagship AI model
Its engineers are struggling to improve its Behemoth LLM enough. (WSJ $) 

3 Elon Musk is tapping up friends and allies for federal jobs
It’s creating an unprecedented web of potential conflicts of interests. (WSJ $)
+ Musk is posting on X less than he used to. (Semafor)

4 The US is slashing funding for scientific research
Such projects produced GPS, LASIK eye surgery, and CAPTCHAs. (NYT $)
+ US tech visa applicants are under seriously heavy scrutiny. (Wired $)
+ The foundations of America’s prosperity are being dismantled. (MIT Technology Review)

5 Big Tech wants its AI agents to remember everything about you 🧠
They’re focusing on improving chatbots’ memory—but critics are worried. (FT $)
+ AI agents can spontaneously develop human-like behavior. (The Guardian)
+ Generative AI can turn your most precious memories into photos that never existed. (MIT Technology Review)

6 People keep making anti-DEI modifications for The Sims 4
And the gamemaker EA’s attempts to stamp them out aren’t working. (Wired $)

7 This chatbot promises to help you get over your ex 
Closure creates an AI version of ex-partners for users to vent their frustrations at. (404 Media)
+ The AI relationship revolution is already here. (MIT Technology Review)

8 How this AI song became a viral megahit in Japan
YAJU&U is completely inescapable, and totally nonsensical. (Pitchfork)
+ AI is coming for music, too. (MIT Technology Review)

9 Your future overseas trip could be by zeppelin
If these startups get their way. (WP $)
+ Welcome to the big blimp boom. (MIT Technology Review)

10 Are you a ‘dry texter’? 💬
It’s a conflict-averse teen’s worst nightmare. (Vox)

Quote of the day

“It’s OK to be Chinese overseas.”

—Chris Pereira, the CEO of iMpact, a communications firm advising Chinese companies expanding abroad, tells Rest of World that DeepSeek has given Chinese startups the confidence not to hide their origins.

One more thing

We’ve never understood how hunger works. That might be about to change.

When you’re starving, hunger is like a demon. It awakens the most ancient and primitive parts of the brain, then commandeers other neural machinery to do its bidding until it gets what it wants.

Although scientists have had some success in stimulating hunger in mice, we still don’t really understand how the impulse to eat works. Now, some experts are following known parts of the neural hunger circuits into uncharted parts of the brain to try and find out.

Their work could shed new light on the factors that have caused the number of overweight adults worldwide to skyrocket in recent years. And it could also help solve the mysteries around how and why a new class of weight-loss drugs seems to work so well. Read the full story.

—Adam Piore

We can still have nice things

A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.)+ Who knew—Harvard Law School’s Magna Carta may be the real deal after all.
+ Early relatives of reptiles might have walked the Earth much earlier than we realised.
+ New York University’s MFA Students are a talented bunch.
+ The Raines sandwich sounds unspeakably awful 🥪

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A couple of weeks ago I was in Washington, DC, for a gathering of scientists, policymakers, and longevity enthusiasts. They had come together to discuss ways to speed along the development of drugs and other treatments that might extend the human lifespan.

One approach that came up was to simply make experimental drugs more easily accessible. Let people try drugs that might help them live longer, the argument went. Some groups have been pushing bills to do just that in Montana, a state whose constitution explicitly values personal liberty.

A couple of years ago, a longevity lobbying group helped develop a bill that expanded on the state’s existing Right to Try law, which allowed seriously ill people to apply for access to experimental drugs (that is, drugs that have not been approved by drug regulators). The expansion, which was passed in 2023, opened access for people who are not seriously ill. 

Over the last few months, the group has been pushing further—for a new bill that sets out exactly how clinics can sell experimental, unproven treatments in the state to anyone who wants them. At the end of the second day of the event, the man next to me looked at his phone. “It just passed,” he told me. (The lobbying group has since announced that the state’s governor Greg Gianforte has signed the bill into law, but when I called his office, Gianforte’s staff said they could not legally tell me whether or not he has.)

The passing of the bill could make Montana something of a US hub for experimental treatments. But it represents a wider trend: the creep of Right to Try across the US. And a potentially dangerous departure from evidence-based medicine.

In the US, drugs must be tested in human volunteers before they can be approved and sold. Early-stage clinical trials are small and check for safety. Later trials test both the safety and efficacy of a new drug.

The system is designed to keep people safe and to prevent manufacturers from selling ineffective or dangerous products. It’s meant to protect us from snake oil.

But people who are seriously ill and who have exhausted all other treatment options are often desperate to try experimental drugs. They might see it as a last hope. Sometimes they can volunteer for clinical trials, but time, distance, and eligibility can rule out that option.

Since the 1980s, seriously or terminally ill people who cannot take part in a trial for some reason can apply for access to experimental treatments through a “compassionate use” program run by the US Food and Drug Administration (FDA). The FDA authorizes almost all of the compassionate use requests it receives (although manufacturers don’t always agree to provide their drug for various reasons).

But that wasn’t enough for the Goldwater Institute, a libertarian organization that in 2014 drafted a model Right to Try law for people who are terminally ill. Versions of this draft have since been passed into law in 41 US states, and the US has had a federal Right to Try law since 2018. These laws generally allow people who are seriously ill to apply for access to drugs that have only been through the very first stages of clinical trials, provided they give informed consent.

Some have argued that these laws have been driven by a dislike of both drug regulation and the FDA. After all, they are designed to achieve the same result as the compassionate use program. The only difference is that they bypass the FDA.

Either way, it’s worth noting just how early-stage these treatments are. A drug that has been through phase I trials might have been tested in just 20 healthy people. Yes, these trials are designed to test the safety of a drug, but they are never conclusive. At that point in a drug’s development, no one can know how a sick person—who is likely to be taking other medicines— will react to it.

Now these Right to Try laws are being expanded even more. The Montana bill, which goes the furthest, will enable people who are not seriously ill to access unproven treatments, and other states have been making moves in the same direction.

Just this week, Georgia’s governor signed into law the Hope for Georgia Patients Act, which allows people with life-threatening illnesses to access personalized treatments, those that are “unique to and produced exclusively for an individual patient based on his or her own genetic profile.” Similar laws, known as “Right to Try 2.0,”  have been passed in other states, too, including Arizona, Mississippi, and North Carolina.

And last year, Utah passed a law that allows health care providers (including chiropractors, podiatrists, midwives, and naturopaths) to deliver unapproved placental stem cell therapies. These treatments involve cells collected from placentas, which are thought to hold promise for tissue regeneration. But they haven’t been through human trials. They can cost tens of thousands of dollars, and their effects are unknown. Utah’s law was described as a “pretty blatant broadbrush challenge to the FDA’s authority” by an attorney who specializes in FDA law. And it’s one that could put patients at risk.

Laws like these spark a lot of very sensitive debates. Some argue that it’s a question of medical autonomy, and that people should have the right to choose what they put in their own bodies.

And many argue there’s a cost-benefit calculation to be made. A seriously ill person potentially has more to gain and less to lose from trying an experimental drug, compared to someone who is in good health.

But everyone needs to be protected from ineffective drugs. Most ethicists think it’s unethical to sell a treatment when you have no idea if it will work, and that argument has been supported by numerous US court decisions over the years. 

There could be a financial incentive for doctors to recommend an experimental drug, especially when they are granted protections by law. (Right to Try laws tend to protect prescribing doctors from disciplinary action and litigation should something go wrong.)

On top of all this, many ethicists are also concerned that the FDA’s drug approval process itself has been on a downward slide over the last decade or so. An increasing number of drug approvals are fast-tracked based on weak evidence, they argue.

Scientists and ethicists on both sides of the debate are now waiting to see what unfolds under the new US administration.  

In the meantime, a quote from Diana Zuckerman, president of the nonprofit National Center for Health Research, comes to mind: “Sometimes hope helps people do better,” she told me a couple of years ago. “But in medicine, isn’t it better to have hope based on evidence rather than hope based on hype?”

This article first appeared in The Checkup, MIT Technology Review’s weekly biotech newsletter. To receive it in your inbox every Thursday, and read articles like this first, sign up here.

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Brazil fintech gets approval to become a Bitcoin treasury company

Méliuz’s executive chairman says his fintech firm has become Brazil’s first publicly-traded Bitcoin treasury company following shareholder approval, with the firm also announcing it bought $28.4 million worth of Bitcoin to add to its existing stack.

“Historic day! Our shareholders have approved, by a wide majority, the transformation of Méliuz into the first Bitcoin Treasury Company listed in Brazil,” Israel Salmen posted to X on May 15.

Salmen said the firm snapped up 274.52 Bitcoin (BTC) for an average purchase price of $103,604, achieving a BTC yield of 600%. 

Méliuz now holds 320.3 Bitcoin, worth a little over $33 million, with the latest purchase adding to the Brazilian fintech firm’s first purchase of 45.73 Bitcoin on March 6.

Brazil fintech gets approval to become a Bitcoin treasury company
Details of Méliuz’s latest Bitcoin purchase. Source: Israel Salmen

In a May 15 statement, Méliuz said it would accumulate Bitcoin in an “accretive way” for shareholders using a range of financial instruments.

“Rather than just allocating part of its cash to Bitcoin as a hedge against inflation or currency devaluation, the Company has repositioned its purpose to act by maximizing the amount of Bitcoin per share.”

According to Salmen, Méliuz is the first Bitcoin treasury company in Latin America because the planned Bitcoin investments are now part of its “business strategy.”

BitcoinTreasuries.NET data shows that e-commerce platform MercadoLibre holds more, with over 570 Bitcoin, worth $59.2 million, after its latest purchase of 157.7 Bitcoin on March 31.

Méliuz has been one of Brazil’s top-performing stocks of late

Méliuz (CASH3.SA) has been one of the best-performing stocks on the Brasil Bolsa Balcão since the firm announced its first Bitcoin purchase on March 6, increasing more than 117% since then, according to Google Finance data.

Méliuz’s market cap now sits at 727.9 Brazilian real, or more than $128 million.

Related: ‘The world is trying to hoard Bitcoin right now’ — Eric Trump

The fintech firm is well-known for its cashback program and serves over 30 million users across Brazil.

Brazil fintech gets approval to become a Bitcoin treasury company
Source: Israel Salmen

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

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AI scammers are now impersonating US government bigwigs, says FBI

Deepfake-assisted hackers are now targeting US federal and state officials by masquerading as senior US officials in the latest brazen phishing campaign to steal sensitive data. 

The bad actors have been operating since April, using deepfake voice messages and text messages to masquerade as senior government officials and establish rapport with victims, the FBI said in a May 15 warning. 

“If you receive a message claiming to be from a senior US official, do not assume it is authentic,” the agency said.  

If US officials’ accounts are compromised, the scam could become far worse because hackers can then “target other government officials, or their associates and contacts, by using the trusted contact information they obtain,” the FBI said. 

As part of these scams, the FBI says the hackers are trying to access victims’ accounts through malicious links and directing them to hacker-controlled platforms or websites that steal sensitive data like passwords. 

FBI, Cybercrime
Source: FBI

“Contact information acquired through social engineering schemes could also be used to impersonate contacts to elicit information or funds,” the agency added. 

Crypto founders targeted in separate deepfake attacks 

In an unrelated deepfake scam, Sandeep Narwal, co-founder of blockchain platform Polygon, raised the alarm in a May 13 X post that bad actors were also impersonating him with deepfakes. 

Nailwal said the “attack vector is horrifying” and had left him slightly shaken because several people had “called me on Telegram asking if I was on zoom call with them and am I asking them to install a script.” 

FBI, Cybercrime
Source: Sandeep Narwal

As part of the scam, the bad actors hacked the Telegram of Polygon’s ventures lead, Shreyansh and pinged people asking to jump in a Zoom call that had a deepfake of Nailwal, Shreyansh and a third person, according to Nailwal. 

“The audio is disabled and since your voice is not working, the scammer asks you to install some SDK, if you install game over for you,” Nailwal said. 

“Other issue is, there is no way to complain this to Telegram and get their attention on this matter. I understand they can’t possibly take all these service calls but there should be a way to do it, maybe some sort of social way to call out a particular account.” 

At least one user replied in the comments saying the fraudsters had targeted them, while Web3 OG Dovey Wan said she had also been deepfaked in a similar scam. 

FBI, Cybercrime
Source: Dovey Wan

FBI and crypto founder says vigilance is key to avoid scams 

Nailwal suggests the best way to avoid being duped by these types of scams is to never install anything during an online interaction initiated by another person and to keep a separate device specifically for accessing crypto wallets

Related: AI deepfake attacks will extend beyond videos and audio — Security firms

Meanwhile, the FBI says to verify the identity of anyone who contacts you, examine all sender addresses for mistakes or inconsistencies, and check all images and videos for distorted hands, feet or unrealistic facial features. 

At the same time, the agency recommends never sharing sensitive information with someone you have never met, clicking links from people you don’t know, and setting up two-factor or multifactor authentication. 

Magazine: Deepfake AI ‘gang’ drains $11M OKX account, Zipmex zapped by SEC: Asia Express

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Tornado Cash dev Roman Storm trial goes ahead with slight trim

US federal prosecutors are pressing ahead with their case against Tornado Cash founder Roman Storm, but will drop a small part of their indictment after the Department of Justice rolled back its crypto enforcement last month.

Jay Clayton, the acting US Attorney for Manhattan, told federal court judge Katherine Polk Failla in a May 15 letter that the charges against Storm still stand, bar one part of a conspiracy to operate an unlicensed money transmitting business charge.

“After review of this case, this Office and the Office of the Deputy Attorney General have determined that this prosecution is consistent with the letter and spirit of the April 7, 2025 Memorandum from the Deputy Attorney General,” Clayton wrote.

Deputy Attorney General Todd Blanche’s April memo said the Justice Department would end the so-called “regulation by prosecution” of crypto, and added that the agency wouldn’t prosecute crypto mixers like Tornado Cash “for the acts of their end users or unwitting violations of regulations.”

Tornado Cash dev Roman Storm trial goes ahead with slight trim
A highlighted excerpt of Blanche’s memo stating that the Department of Justice was rolling back its crypto enforcement. Source: US Department of Justice

Clayton added that the indictment against Storm will cut the accusation that he failed to comply with money transmitting business registration requirements.

Prosecutors were pursuing that charge as part of their allegation that Storm conspired to run Tornado Cash as an unlicensed money transmitter.

The government will still push ahead with the charge under the accusation that Storm transmitted funds while knowing they were derived from a criminal offence or were intended to support unlawful activity. 

The Justice Department alleged that Tornado Cash helped launder over $1 billion worth of crypto, including for the sanctioned North Korean state-backed hacking collective the Lazarus Group.

Clayton said the Justice Department will also still pursue the other two charges in its indictment, one count of money laundering conspiracy and one count of conspiracy to violate US sanctions.

Related: NFT founder stole millions from Bitcoin project, investors allege 

The money laundering and sanctions violations conspiracy charges each carry a maximum sentence of 20 years in prison, while the unlicensed money transmitter conspiracy charge carries a maximum sentence of five years.

Storm has pleaded not guilty, and his trial is scheduled for July 14. He was charged alongside fellow founder Roman Semenov, who is at large and believed to be in his native Russia.

Blanche memo cited in bids to toss

Other crypto executives facing charges have pointed to Blanche’s memo in a bid to have their cases dismissed.

Crypto mixer Samourai Wallet co-founders Keonne Rodriguez and William Hill had pointed to the memo to try to dismiss their charges of conspiracy to operate an unlicensed money transmitter and money laundering conspiracy.

Braden John Karony, the CEO of crypto firm SafeMoon, has also cited the memo in an attempt to have the charges of securities fraud, wire fraud and money laundering conspiracy against him dismissed.

Legal Panel: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set 

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Wisconsin Investment Board sold off its Bitcoin ETF stash

The State of Wisconsin Investment Board (SWIB), which oversees the state’s retirement funds, unloaded its shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT) during the first quarter, filings show.

The Wisconsin Investment Board reported no spot Bitcoin ETF positions in its 13F filing to the US Securities and Exchange Commission on May 15, liquidating all 6,060,351 IBIT shares it reported holding from the previous quarter. 

The more than 6 million IBIT shares are worth around $355.6 million at current prices.

SWIB was one of the first state investment funds to provide Bitcoin exposure to US retirees when it bought $164 million worth of Bitcoin ETFs in Q1 2024 — the same quarter the Bitcoin products launched.

Wisconsin Investment Board sold off its Bitcoin ETF stash
Source: Julian Fahrer

The mass sell-off comes only a quarter after SWIB reported additional purchases of IBIT shares in Q4, while reallocating all 1 million shares held in the Grayscale Bitcoin Trust (GBTC) to IBIT.

SWIB reported managing more than $166 billion worth of assets at the end of 2024, meaning the Bitcoin ETFs represented around 0.2% of SWIB’s entire portfolio before it sold them off.

Related: Jim Chanos takes opposing bets on Bitcoin and Strategy

Meanwhile, Abu Dhabi sovereign wealth fund Mubadala snapped up another 491,439 shares of IBIT in Q1, according to its latest 13F filing.

Its purchases brought Mubadala’s total IBIT shares to 8,726,972 as of March 31, worth around $512 million at current prices.

IBIT has been on a tear

IBIT’s net inflows surpassed the $45 billion mark on May 14 after recording a net inflow of $232.9 million, Farside Investors data shows.  

IBIT’s impressive 20-day streak of net inflows came to an end the day before — May 13 — when it registered a “0” inflow on the day. The BlackRock-issued Bitcoin product still hasn’t seen an outflow since April 9 — more than five weeks ago.

The Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARK) trail IBIT in all-time net inflows at $11.6 billion and $2.7 billion, respectively.

Wisconsin Investment Board sold off its Bitcoin ETF stash
Flow data of the 11 US-based spot Bitcoin ETFs since April 28. Source: Farside Investors

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary

Global foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O’Leary said during a keynote address at Consensus 2025.

Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference. 

“Currency trading is a multi-trillion dollar market — and it’s old and ugly and inefficient,” O’Leary said, adding that “[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin.” 

“Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said. 

Legacy forex, payments platforms ‘hate’ stablecoin adoption — Kevin O’Leary
Kevin O’Leary speaking at Consensus. Source: Cointelegraph

Stablecoin legislation

US lawmakers are working on legislation that stands to accelerate global stablecoin adoption, O’Leary added. 

US Senators are aiming to pass the so-called Genius Act — a framework for regulating stablecoins — before the end of May. “As soon as the SEC approves the stablecoin act, every regulator in the US’s circle — Abu Dhabi, Switzerland, England — will follow,” O’Leary said.

“Who’s worried about this? The financial services industry. They hate this idea, and they’re working very hard to stop that bill from happening right now,” he added.

O’Leary said regulatory clarity for stablecoins may be a precursor to broader cryptocurrency reform that could potentially unlock trillions of dollars in institutional capital.

“When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,” US Senator Kirsten Gillibrand said during an event hosted by Coinbase’s lobbying arm, Stand with Crypto.

As of May 15, stablecoins are collectively worth nearly $250 billion in market capitalization, according to data from CoinGecko. Tether’s US-dollar pegged stablecoin USDT is the leader, with a market cap of around $150 million, the data showed. It’s followed by Circle’s USDC, another US-dollar pegged stablecoin with a market cap of more than $60 billion.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

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