TL;DR

Trump signs U.S. stablecoin law; BlackRock, ETH ETFs see record inflows; Schwab to offer BTC/ETH trading.

Highlights

• Trump signed the GENIUS Act, establishing the first U.S. federal stablecoin regulations with 1:1 reserve backing, monthly reserve disclosures, and a licensing regime1.
• U.S. House advanced the CLARITY digital asset market-structure bill and an anti-CBDC proposal; Trump pledged to sign comprehensive crypto market legislation by year-end110.
• BlackRock bought $2.5B in Bitcoin and $395M in Ethereum for its ETFs as Ethereum ETFs saw a record $1B weekly inflow; cumulative ETH ETF inflows now exceed $7B23.
• Ethereum demand was further driven by Tom Lee’s plan to acquire 5% of ETH supply, Joe Lubin’s $5B ETH purchase plan, and BlackRock ’s filing for an Ethereum Staking ETF3.
• Charles Schwab will launch spot Bitcoin and Ethereum trading for 40M clients within 12 months4.
• Block Inc. (Square) joined the S&P 500, adding 8,584 BTC to the index and increasing passive institutional exposure to Bitcoin6.
• Bullish , backed by Peter Thiel, filed for a NYSE IPO under ticker BLSH despite a $349M Q1 loss7.
• MEI Pharma raised $100M to convert its treasury to Litecoin , the first U.S.-listed company to adopt LTC as its primary reserve asset; Litecoin creator Charlie Lee joins its board8.
• Indian exchange CoinDCX suffered a $44M hack but will fully cover losses from treasury, with no customer impact5.
• Coinbase , Robinhood , Circle , and MicroStrategy shares rallied on regulatory progress; Coinbase hit an all-time high, Circle trades at 8x IPO price, and more crypto firms are planning IPOs12.
• Trump reiterated opposition to CBDCs, threatened tariffs on BRICS, and positioned dollar-backed stablecoins as tools to defend the U.S. dollar9.
• Solana ecosystem token $PUMP dropped toward its presale price despite high liquidity, with debate over its near-term outlook and possible Solana leadership support13.

Commentary

U.S. crypto regulation advanced significantly, with the GENIUS Act establishing the first federal framework for stablecoins—mandating full reserve backing and clear oversight111. The House’s passage of the broader CLARITY bill and anti-CBDC measures, coupled with Trump’s commitment to additional legislation by year-end, signals a move toward greater regulatory certainty for U.S. crypto markets110. This clarity is being welcomed by both institutional investors and public markets, as reflected in the rally of crypto-linked equities and ETF inflows1112.

Ethereum led institutional flows, with record-setting ETF inflows and large-scale accumulation plans from Tom Lee and Joe Lubin3. BlackRock ’s continued expansion—including a filing for an Ethereum Staking ETF—further underscores the shift in institutional preference toward ETH, especially as it benefits from reduced transaction fees and positive regulatory developments23. In contrast, Bitcoin ETF flows were mixed, with BlackRock driving most of the new allocations while other providers saw flat or negative flows23. Block ’s addition to the S&P 500 increases passive BTC exposure for traditional index investors6.

Mainstream financial adoption is accelerating, with Charles Schwab preparing to offer direct BTC and ETH spot trading to its 40 million clients4. The IPO pipeline remains active, as Bullish and other crypto firms seek public listings despite profitability challenges, indicating ongoing investor appetite for regulated crypto platforms712. MEI Pharma ’s Litecoin treasury move marks a rare corporate bet on altcoin reserves, while the $PUMP token’s price decline highlights the volatility and sentiment-driven dynamics in the Solana ecosystem813.

Security remains a concern: CoinDCX’s $44M hack was contained by treasury backstopping, but the event underscores ongoing risks for centralized exchanges5. Meanwhile, Trump’s vocal opposition to CBDCs and support for dollar-backed stablecoins reinforce the U.S. policy tilt toward private-sector digital dollar solutions amid global currency competition9.

Traders should monitor regulatory implementation timelines, ETF flow trends (especially ETH vs. BTC), and TradFi integration pace. Security incidents and liquidity events in altcoins and exchanges remain critical risk factors.