The crypto market update for May 3 focused on developments in U.S. regulation, tokenized equities, venture capital activity, and Bitcoin-related corporate moves.
Summary
Coinbase said U.S. lawmakers reached an agreement on stablecoin rewards, reducing delays tied to the CLARITY Act.
The New York Stock Exchange submitted a proposal to trade tokenized securities under a pilot program run by Depository Trust Company while maintaining standard shareholder rights.
Founders Fund raised $6 billion, as Tether supported a Bitcoin-related merger involving Strike and Elektron Energy.
Overall, Coinbase highlighted progress on regulation, while the NYSE advanced toward tokenized stock trading.
Coinbase: CLARITY Act progress clears hurdle
Coinbase reported that Senate negotiators have resolved a key dispute over stablecoin rewards under the CLARITY Act, potentially allowing the bill to move forward after months of delays.
The disagreement centered on whether crypto platforms and stablecoin issuers should be allowed to offer user rewards. Banks pushed for tighter limits, arguing such incentives could divert deposits, while crypto firms maintained that rewards are essential for user engagement.
According to Coinbase’s Chief Policy Officer Faryar Shirzad, the compromise imposes stricter limits but still allows rewards tied to genuine network activity. The deal, negotiated by Thom Tillis and Angela Alsobrooks, would prohibit rewards that resemble traditional interest payments.
The next phase of the bill will depend on committee backing and final regulatory details. Meanwhile, the U.S. Securities and Exchange Commission has scheduled a May roundtable to discuss market structure and digital asset rules.
Founders Fund secures $6B raise
Billionaire Peter Thiel’s Founders Fund closed a record $6 billion fund, primarily targeting late-stage tech investments.
Roughly $4.5 billion came from external investors, including sovereign wealth funds, while Thiel and the firm’s team contributed the remaining $1.5 billion. The new fund strengthens its position in large private deals and highlights continued investor appetite for mature startups despite slower IPO activity.
NYSE advances tokenized securities plan
The New York Stock Exchange filed with the SEC to enable trading of tokenized securities under DTC’s three-year pilot program.
These digital versions would retain the same identifiers—such as ticker symbols and CUSIP numbers—as traditional shares, along with identical rights and privileges. They would also trade on the same order book, with clearing and settlement continuing through DTC on a T+1 basis.
The exchange noted it is still evaluating different tokenization models and may submit further proposals depending on its approach.
Tether backs Bitcoin-focused merger
Shares of Twenty One Capital moved higher after hours following Tether’s backing of a proposed merger involving Strike and Elektron Energy.
The plan aims to combine Bitcoin treasury exposure with payments and mining capabilities. Strike would contribute its payments ecosystem, while Elektron would bring mining infrastructure.
Tether stated the deal could unite Jack Mallers’ product vision and consumer Bitcoin leadership with Raphael Zagury’s expertise in operations and capital markets.
