Today’s edition of the weekly recap covers Ethereum’s successful Pectra activation, Binance, Coinbase, stablecoin legislation and Doodles’ ecosystem expansion.
CZ begins Trump pardon application process
Former Binance CEO Changpeng “CZ” Zhao revealed he has started seeking a presidential pardon from President Donald Trump after completing his four-month prison sentence for money laundering charges.
In speaking with Farokh Sarmad of Rug Radio, Zhao dismissed reports claiming he was attempting to exchange Binance.US equity for a pardon.
Coinbase buys Deribit, Armstrong says ‘no’ to Saylor’s strategy
Coinbase CFO Alesia Haas disclosed during the first quarter 2025 earnings call that the company purchased $150 million in cryptocurrency, “predominantly bitcoin.”
During a Q&A session on X, Haas and CEO Brian Armstrong explained that Coinbase once considered putting most of the company balance sheet into crypto, but ultimately chose a more cautious path.
The company also acquired Dubai-based crypto derivatives exchange Deribit for $2.9 billion.
MicroStrategy (or Strategy), led by CEO Phong Le and Executive Chair Michael Saylor, recently acquired 1,895 Bitcoin worth $180 million. The company now holds a total of 555,450 BTC.
Ethereum revamp
The first phase of the Ethereum (ETH) Pectra upgrade went live Wednesday morning.
Network finality was achieved at 6:18 am ET, following a tense waiting period after the hard fork implementation.
Vitalik Buterin, co-founder of Ethereum, has proposed using RISC-V architecture in place of the Ethereum Virtual Machine (EVM). The proposal aims to improve the blockchain’s performance while simultaneously simplifying its technical operation.
GENIUS Act rejected
U.S. Treasury Secretary Scott Bessent condemned the Senate’s decision to block the GENIUS Act and warned that it could threaten U.S. “leadership” in digital assets.
President Trump’s memecoin, Official Trump (TRUMP), and the profits he and his family members generate from it are becoming a central sticking point in bipartisan negotiations over stablecoin legislation.
Steak ‘n Shake to accept Bitcoin payments
The American fast food chain announced Thursday it will implement Bitcoin (BTC) payment options across all U.S. locations beginning May 16.
This initiative will provide over 100 million customers the ability to purchase food items using Bitcoin.
EU plans cryptocurrency transfer tracking system
Eurogroup President Paschal Donohoe revealed the European Union is developing mechanisms to monitor cryptocurrency transfers.
Speaking at the European Anti-Financial Crime Summit 2025, Donohoe, who also serves as Ireland’s Finance Minister, discussed applying established anti-money laundering regulations to cryptocurrency transactions.