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The crypto market recap for May 3 centered on U.S. regulation, tokenized securities, venture funding and Bitcoin-focused corporate activity.\u00a0<\/strong><\/p>\n \n Summary<\/span>\n <\/p>\n <\/p>\n Coinbase reported progress on a key crypto bill, while the NYSE moved closer to tokenized stock trading under a DTC pilot.<\/p>\n Coinbase said Senate negotiators reached<\/a> a compromise on a disputed stablecoin rewards provision tied to the CLARITY Act. The agreement could help the bill move toward a Senate markup after months of delay.<\/p>\n The dispute focused on whether crypto firms and stablecoin issuers can offer rewards to users. Banks argued that yield-like rewards could pull deposits away from lenders, while crypto firms said they need room to reward real platform use.<\/p>\n <\/p>\n Coinbase Chief Policy Officer Faryar Shirzad said, \u201cIn the end, the banks were able to get more restrictions on rewards, but we protected what matters.\u201d He said crypto platforms kept the ability to offer rewards based on real network and platform activity.<\/p>\n Meanwhile, the reported compromise was negotiated by Senators Thom Tillis and Angela Alsobrooks. The language would ban rewards that work like interest or yield on a bank deposit.<\/p>\n That gives banks part of what they wanted while leaving a path for crypto rewards tied to user activity. The bill\u2019s next step depends on committee support, final rule details and wider political backing.<\/p>\n The SEC has also scheduled a May roundtable tied to the CLARITY Act and digital asset market structure. That meeting adds another policy event for crypto firms watching U.S. rules.<\/p>\n Peter Thiel\u2019s Founders Fund closed<\/a> a new $6 billion fund, marking the largest raise in the firm\u2019s history. The vehicle will focus mainly on late-stage startup investments.<\/p>\n About $4.5 billion came from limited partners, including sovereign wealth funds. Thiel, management and employees contributed the remaining $1.5 billion.<\/p>\n The fund places Founders Fund in a stronger position to compete for large private technology deals. It also shows that major venture firms can still attract capital for mature startups, even as many companies delay public listings.<\/p>\n The New York Stock Exchange filed a proposed<\/a> rule change with the SEC to allow tokenized versions of eligible securities to trade on its market. The plan would run under DTC\u2019s three-year tokenization pilot.<\/p>\n Eligible tokenized securities must keep the same CUSIP, ticker, rights and privileges as their traditional versions. They would trade on the same order book and follow the same execution priority.<\/p>\n Clearing and settlement would remain through DTC on a T+1 basis. The NYSE also said it is \u201cassessing various methods of tokenization\u201d and may file more proposals if it chooses another structure.<\/p>\n Twenty One Capital shares rose after hours after Tether backed<\/a> a merger plan involving Strike and Elektron Energy. The proposal would combine Bitcoin treasury exposure, payments and mining infrastructure.<\/p>\n Strike would add payments and financial services, while Elektron would add mining operations. Tether said the deal could bring together \u201cMallers\u2019 product, brand, and consumer Bitcoin leadership\u201d with Raphael Zagury\u2019s operating and capital markets experience.<\/p>\n <\/p><\/div>\n\n\n\n
Coinbase says CLARITY Act deal clears key hurdle<\/strong><\/h2>\n
Founders Fund raises record $6B vehicle<\/strong><\/h2>\n
NYSE files for tokenized securities trading<\/strong><\/h2>\n
Tether backs Bitcoin merger plan<\/strong><\/h2>\n