Daily News: Bitcoin Hits $100K, ETH at $2K as GENIUS Act Fails, CZ Seeks Pardon

Other updates include Bitcoin Magazine CEO launching a Bitcoin investment firm and CZ confirming a request for a Trump pardon.

The US-UK Trade Agreement Will Retain 10% Tariffs

According to Jin10.com, the US-UK trade agreement will retain 10% US tariffs.

Previously, Trump stated in a post that the agreement reached with the UK is comprehensive and complete, with other agreements currently under negotiation.

White House Plans Trade Agreements with Multiple Countries, Tariffs May Be Around 10%, Different Policies for China According to Fox Business reporter Charles Gasparino, Wall Street executives revealed that the White House is preparing to reach trade agreements with India, Japan, South Korea, and Australia, with tariff levels expected to be similar to the UK’s, around 10%. However, trade policies with China are a different matter altogether.

US Senate Rejects Advancement of the GENIUS Act with a 48-49 Vote

According to NBC, the US Senate on Thursday rejected the advancement of the GENIUS Act with a 48-49 vote. The act was originally intended to establish the first regulatory framework for stablecoins in the US but failed to secure the required 60 votes due to a deadlock in bipartisan negotiations.

Democratic senators unanimously opposed the bill, citing concerns over potential conflicts of interest involving recent cryptocurrency collaborations between the Trump family and Abu Dhabi investors. They demanded the inclusion of provisions prohibiting executive branch officials from trading cryptocurrencies. Republican senators Hawley and Paul also voted against the bill, citing concerns over excessive regulation.

Despite intensive negotiations, the two parties failed to reach a consensus on key provisions related to anti-money laundering and national security. The bill has now been shelved, but Republican leader Thune indicated that it might be resubmitted for a vote in the future.

Missouri May Become the First US State to Exempt Capital Gains Tax on Cryptocurrencies and Stocks

According to Fortune, Missouri may become the first US state to exempt capital gains tax. The proposal stipulates that capital gains from the sale of stocks, real estate, and other assets will no longer be subject to state income tax.

The bill was passed by the Missouri legislature on May 7 and has been submitted to the governor. If signed, it will officially take effect.

ETH Surpasses $2,000 with a Daily Gain of 10.23%

According to HTX, ETH has broken through the $2,000 mark and is currently trading at $2,003.77 per token, with a daily gain of 10.23%.

Binance to Airdrop SXT to Users with at Least 150 Alpha Points

According to an official announcement, Binance has announced that Binance Alpha and spot trading will list SXT. Eligible users with at least 150 Alpha Points will receive an airdrop of 512 SXT tokens within 10 minutes of Alpha's listing.

Additionally, users with Alpha Points between 66 and 149 (inclusive) and Binance UIDs ending in 1 will receive a lucky airdrop of 512 SXT tokens.

DeFi Development Increases SOL Holdings by 20,473 Tokens, Totaling 420,690 Tokens

According to Globenewswire, DeFi Development has purchased an additional 20,473 Solana (SOL) tokens, with a transaction amount of approximately $2.97 million. This marks the company's ninth purchase under its digital asset reserve strategy.

As of now, DeFi Development Corp. holds a total of 420,690 SOL tokens, valued at approximately $61.9 million (including staking rewards).

WSJ: Coinbase to Acquire Crypto Options Platform Deribit for $2.9 Billion

According to the Wall Street Journal, Coinbase will acquire the crypto options platform Deribit for $2.9 billion.

Bitcoin Magazine CEO David Bailey Raises $300 Million to Launch Bitcoin Investment Firm

According to Cointelegraph, Bitcoin Magazine CEO and Trump cryptocurrency advisor David Bailey has raised $300 million (including $200 million in equity and $100 million in convertible debt) to establish a Bitcoin investment firm named "Nakamoto."

The company is expected to go public as early as next week through a merger with a Nasdaq-listed company. Meanwhile, the Office of the Comptroller of the Currency (OCC) has confirmed that banks under its supervision can provide custody and trading services for cryptocurrencies and allow certain crypto operations to be outsourced to third parties.

Meta Revives Stablecoin Business, Hires Former Plaid Executive as VP of Product

According to Fortune, Meta is reviving its cryptocurrency business and is in talks with several crypto companies to deploy a stablecoin solution, primarily for cross-border payment processing.

Meta hired former Plaid executive Ginger Baker as VP of Product in January to lead the initiative. Sources revealed that Meta plans to initially apply stablecoins on the Instagram platform to handle small cross-border payments for creators, aiming to reduce the high fees of existing payment channels.

This marks Meta's first return to the cryptocurrency space since terminating the Diem (formerly Libra) project in early 2022. Discussions are still in the early stages, and Meta remains open to specific stablecoin providers. At the Stripe conference this week, Zuckerberg reflected on the past, stating, "That project [referring to Diem] is over."

Binance Founder CZ Confirms Request for Trump Pardon

According to Cointelegraph, Binance founder Changpeng Zhao (CZ) confirmed in a recent podcast that his legal team has submitted a pardon request to former US President Trump.

Previously, Bloomberg and the Wall Street Journal reported on CZ seeking a pardon, which he denied at the time. CZ stated that part of the reason for the pardon request was inspired by Trump’s previous pardon of the BitMEX founder.

In November last year, CZ pleaded guilty to violating the Bank Secrecy Act, paid a $50 million fine, and was sentenced to four months in prison. According to the US Department of Justice, even if pardoned, the money laundering charges would not be erased, but it could allow him to resume management duties at Binance.US.