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Here are the top three news stories presented to you by U.Today.
Major stablecoin bill achieves bipartisan breakthrough
As became known yesterday, May 7, Republican and Democratic senators have reportedly come to an agreement on the GENIUS Act, which would establish a clear regulatory framework for stablecoins. As of now, the bill's text has not been made public. Senate Democrats requested additional time to brief their caucus before moving forward. Meanwhile, Republicans are pushing for a full Senate vote as early as this week, taking advantage of the growing momentum. As a reminder, last year, some pro-crypto Democratic senators opposed the bill, with Massachusetts Senator Elizabeth Warren publicly speaking out against it. However, recent developments suggest a breakthrough. As reported by U.Today, Senate Majority Leader John Thune plans to hold a vote before Memorial Day, May 26.
Ripple reveals SEC's request to vacate injunction in lawsuit
In a recent X post, Bill Morgan, pro-crypto lawyer and XRP enthusiast, pointed to Ripple's "interesting references" to the SEC case in its "Q1 2025 XRP Markets Report." The abstract from the report reads: "Following Ripple’s decision to withdraw its own cross-appeal, the SEC agreed to reduce the proposed penalty from $125 million to $50 million – and request the court vacate the injunction, pending SEC Commission approval. This outcome reaffirmed what had been clear from day one: the facts and the law were on Ripple’s side." According to Morgan, this is the first explicit public reference made by the company that the SEC agreed to request that the court vacate the permanent injunction. Originally, the regulatory agency aimed to impose a permanent injunction to stop Ripple from violating securities laws in the future. However, Ripple has consistently argued that XRP is not a security and should not be regulated as such.
SHIB team issues crucial warning on misleading information
@RagnarShiba, one of Shiba Inu's social media admins, has recently taken to X platform to address several misleading posts regarding his recent contributions to the SHIB ecosystem. Ragnar clarified that he remains an admin of the official SHIB Telegram group, while also collaborating on CEX listings and helping apps to integrate SHIB. He urged SHIB community members to "stay safe and be cautious of misleading information." Meanwhile, another SHIB team member, Lucie, devoted her latest X post to the challenges that holding crypto presents to the community. She acknowledged the frustrations of SHIB holders due to stagnant price action, noting that some community members "have completely lost it" and started expressing negativity towards the team. Apart from this, Lucie has reminded the SHIB Army about the importance of the DYOR principle and that there are no real friends in crypto: "So be smart. Stay safe. Don’t trust—read. Seek facts. Check the blockchain. That’s how you survive this."
Vladislav Sopov