KEYTAKEAWAYS
- Arizona has become the first state to pass legislation creating a Strategic Bitcoin Reserve, though Governor Katie Hobbs may veto the bill as she has pledged to reject all bills until a new budget is passed.
- Three major UAE entities—ADQ, IHC, and First Abu Dhabi Bank—are launching a central bank-regulated dirham-backed stablecoin for everyday use across the Emirates.
- JPMorgan predicts stablecoin market cap will grow to $500-750 billion, potentially making issuers the third largest buyer of US Treasury securities, while Bitcoin climbs 7% as Fed eases crypto banking restrictions.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Arizona Legislature Approves First State Bitcoin Reserve Bill
Arizona became the first state in the nation to pass legislation creating a Strategic Bitcoin Reserve after both chambers of the legislature approved the measure on April 28.
The legislation, sponsored by Republican Senator Wendy Rogers, authorizes the state treasury to invest a portion of public funds in Bitcoin.
According to details shared by Satoshi Action Fund CEO Dennis Porter, the bill passed the House 29-25 and the Senate 31-25, with four lawmakers not voting in the Senate.
The bill now heads to Governor Katie Hobbs, who has pledged to veto all bills until the state legislature passes a new budget, throwing uncertainty over the bill’s prospects.
2. Ether.fi Launches $40 Million Venture Capital Fund for Crypto Founders
Ether.fi has announced the launch of its $40 million venture capital fund, Ether.fi Ventures Fund I, designed to support ambitious founders in the cryptocurrency industry.
The fund aims to back the boldest founders, fostering a new wave of crypto projects that could potentially reshape the industry.
Ether.fi Ventures Fund I has already disclosed its first batch of investment projects, including Resolv, Rise Chain, and Symbiotic.
3. Ethereum Foundation Clarifies Pectra Upgrade Will Not Include EOF Changes
Ethereum Foundation has clarified that the upcoming Pectra upgrade will not include the highly debated EOF changes as those will come with the next upgrade, Fusaka.
In his April 28 post on X, Ethereum Foundation Co-executive Director Tomasz K. Stańczak said, “The Pectra upgrade does not include EOF, nor [is it] intended to include EOF. Everything on Pectra is going as planned for the May 7th release.”
Pectra, set for May 7, is aimed at improving Ethereum’s validator UX, making it possible for users to pay transaction fees in USD Coin (USDC) instead of ETH, increasing validator staking limit, and more.
4. UAE Entities to Launch Dirham-Backed Stablecoin
Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC, and the UAE’s biggest lender First Abu Dhabi Bank (FAB) are planning to launch a new stablecoin backed by dirhams, they said on Monday.
The stablecoin, which will be fully regulated by the UAE’s central bank, will be issued by FAB subject to regulatory approval.
“This stablecoin will be used as a reliable digital currency across a wide range of everyday scenarios – by citizens and consumers, businesses and institutions,” they said in a statement.
In December, the UAE introduced its first dirham-backed stablecoin – AE Coin, and last month investment group MGX made a $2 billion investment in Binance.
5. Coinbase Appoints Deutsche Bank Veteran as New Chief Compliance Officer
Coinbase has announced the appointment of Joe Salama as its new Chief Compliance Officer from Deutsche Bank.
The announcement was made by Paul Grewal, Coinbase’s Chief Legal Officer, via a post on X, noting Salama’s previous role as Global Head of Anti-Financial Crime and Group Anti-Money Laundering Officer at the major German bank.
This strategic hire brings a wealth of traditional finance compliance expertise directly from the heart of global banking to the cryptocurrency exchange.
NOON NEWS
1. U.S. Lawmakers Return to Congress with Focus on Advancing Crypto Legislation
U.S. lawmakers have returned to Congress after the Easter recess with a focus on advancing cryptocurrency legislation.
The aim is to finalize the stablecoin and market structure bills by the August deadline set by President Donald Trump.
The House Financial Services Committee and the Agriculture Committee are scheduled to hold a joint hearing on May 6 to discuss a legislative framework for digital assets.
Meanwhile, the Senate is working on integrating elements from the 2022 Lummis-Gillibrand bill and the FIT21 bill.
2. Treasury Secretary Bessent Says India Trade Deal Could Come Within Weeks
U.S. Treasury Secretary Scott Bessent said many top trading partners have made “very good” proposals to avert U.S. tariffs, and one of the first deals to be signed would likely be with India.
Speaking to reporters after two early morning television interviews, Bessent said the first such trade agreement might come this week or next.
He told CNBC that the U.S. had also held very substantial negotiations with Japan and discussions with other Asian trading partners were going well.
3. Raydium’s LaunchLab Sets Multiple Records for Token Creation on Solana
The token launch tool LaunchLab of the Solana ecosystem project Raydium set multiple historical highs.
The number of newly created tokens reached 7,704, with 108 successfully launched on the DEX external market.
At the same time, the number of active addresses for LaunchLab on that day reached 30,500.
4. Bitcoin Up 7% Week-on-Week as Market Sentiment Improves
Bitcoin is up over 7% week-on-week, trading at $94,306, while the overall market continues to see huge gains amid a shift towards a more optimistic sentiment.
The Fear and Greed Index has moved into neutral territory, as confidence appears to be returning.
Analysts at Bitfinex wrote that Bitcoin remains “remarkably strong”, holding up well against traditional investments and has climbed over 10% in the past week, outperforming traditional risk assets like the S&P 500.
Meanwhile, the Federal Reserve has changed prior guidance requiring banks to notify regulators before engaging in crypto-asset or dollar token activities, instead overseeing such activities through its regular supervisory process.
5. Coinbase Fixes User Interface Error That Incorrectly Displayed Login Attempts
Coinbase has fixed a user interface error that incorrectly displayed failed password login attempts as “2-step verification failures” in Account Activity logs.
The crypto exchange has updated its system to show “Password attempt failed” when needed.
Several Coinbase users had raised concerns that Coinbase was hacked, as their passwords were unique to the site, there was no sign of malware, and no other accounts were affected.
BleepingComputer noted that the error caused users to reset passwords, scan for malware, and assume their accounts had been compromised.
EVENING NEWS
1. JPMorgan Predicts Stablecoin Market Cap to Reach $500-750 Billion
JPMorgan Chase has estimated that the market capitalization of stablecoins is expected to grow to between $500 billion and $750 billion in the coming years.
This projection is based on the assumption that 70% of this market cap will be allocated to U.S. Treasury securities and 30% to Treasury repurchase agreements.
If this scenario materializes, stablecoin issuers could become the third largest buyer of U.S. Treasury securities.
2. BONK Founder Makes $2,000 Investment in New Tokens on Letsbonk.Fun Platform
BONK founder Tom posted that a new wallet has been created, with an investment of $2,000, planning to purchase interesting non-BONK related tokens newly issued on the Letsbonk.Fun platform before going to sleep.
He will not sell unless a token’s market capitalization reaches $100 million or drops to zero after the purchase.
The first meme token purchased, Grassito, once reached a market capitalization of $2.5 million.
Odaily reminds users that meme coins are highly volatile, and investment should be cautious, paying attention to risk control.
3. Ethereum Foundation Reveals Long-Term Vision Focused on Decentralization
Ethereum Foundation Executive Director Aya Miyaguchi and co-founder Vitalik Buterin have revealed the organization’s long-term vision, which is built on decentralization, community empowerment, and technological resilience.
In an April 28 co-authored blog post, the two stressed a renewed focus on Layer 1s, Blobs, and user experience to support global consumers of the Ethereum ecosystem.
Key priorities include scaling the Ethereum mainnet, advancing blobs technology, improving UX, boosting L1 and L2 interoperability, refining the application layer, and giving more visibility to developers.
The Foundation also announced leadership restructuring, appointing Hsiao-Wei Wang and Tomasz K. Stańczak as co-executive directors.
4. Crypto Leaders Urge White House to Stop Prosecuting Open-Source Software Developers
A group of key crypto players are calling on the White House to stop prosecuting open-source software in light of Tornado Cash co-founder Roman Storm’s imminent trial.
In a letter led by the DeFi Education Fund to White House AI and Crypto Czar David Sacks, leaders urged the Trump administration to change course and end the Justice Department’s “overreach” in prosecuting software developers.
The group said President Trump’s commitment to make the U.S. the “crypto capital of the planet” cannot be realized if developers are prosecuted for building innovative tools.
Over 70 people signed the letter, including Paradigm co-founder Matt Huang, crypto investor and The Block co-founder Mike Dudas, and Multicoin Capital General Counsel Greg Xethalis.
5. Binance Alpha Launches Points System for Early-Stage Project Rewards
Binance Alpha is designed to spotlight tokens aligned with rising Web3 trends, offering users a front-row seat to innovation and the opportunity to earn exclusive rewards for getting in early.
Binance Alpha has introduced a points system to determine eligibility for benefits such as retroactive airdrops and access to token generation events (TGEs).
Retroactive airdrops are passive—users who meet the minimum Alpha Points threshold automatically receive them—while TGE participation requires opting in after accumulating the necessary points.
Projects featured on Binance Alpha gain visibility and may be considered for listing on Binance Spot or Futures markets, though listings are not guaranteed.
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
