Weekly Update: 2nd of May
What happened between the 25th of April and the 2nd of May?
- The Fed removed crypto guidelines for banks, allowing more freedom while continuing to oversee responsible innovation alongside other regulators. Read more
- Bunq becomes the first major Dutch bank to offer crypto trading via Kraken in six countries, marking a key step in crypto adoption. Read more
- The SEC delayed decisions on XRP and Dogecoin ETFs until June, though analysts expect approvals later this year under new leadership. Read more
- Mastercard, in partnership with OKX and Nuvei, launched a global payment system enabling direct stablecoin use like USDC at millions of stores. Read more
Fed Eases Crypto Guidelines for Banks
Last week, the U.S. Federal Reserve withdrew its previous guidelines that required banks to obtain prior approval before engaging in crypto-related activities. This move marks the end of the restrictive approach in place since 2022 and follows similar actions earlier this year by the FDIC and OCC. The relaxation is part of a broader policy shift under the Trump administration aimed at fostering innovation in the financial sector. While banks now have more freedom to enter the crypto market, the Fed emphasized that it will continue working with other regulators to assess whether additional guidance is needed to support responsible innovation.
Bunq Introduces Crypto Trading Through Partnership with Kraken
Dutch digital bank Bunq has announced that users in six European countries, including the Netherlands and Belgium, can now trade over 300 cryptocurrencies—such as Bitcoin, Ethereum, and Solana—directly within the Bunq app. This service is made possible through a partnership with U.S.-based crypto trading platform Kraken. With this move, Bunq becomes the first major Dutch bank to integrate crypto trading into its service offering, marking a significant milestone in the adoption of digital assets within the traditional banking sector. Bunq also plans to expand this service to other markets, including the United Kingdom and the United States.
SEC Postpones Decision on Crypto ETFs Again
The U.S. Securities and Exchange Commission (SEC) has delayed decisions on several new crypto ETF applications, including those for XRP and Dogecoin, until June 17, 2025. These delays were expected, as many ETF applications have final deadlines in October or later. Analysts, including Bloomberg’s James Seyffart, remain optimistic and anticipate approvals later this year. The delays are partly attributed to the recent appointment of Paul Atkins as the new SEC Chair, which may result in a policy reassessment regarding crypto assets.
Mastercard Launches Global Stablecoin Payments
Mastercard has announced the launch of a global stablecoin payment system in collaboration with crypto platform OKX and payment processor Nuvei. This system allows consumers to use stablecoins like USDC for purchases at more than 150 million merchants worldwide. In addition, a new “OKX Card” has been introduced, enabling users to spend their crypto directly. This development highlights the growing integration of digital assets into traditional payment systems and marks an important step in the adoption of stablecoins as mainstream payment methods.
In other digital assets news
- The SEC has announced it is ending its investigation into PayPal’s stablecoin.
- Galaxy Digital is making progress toward its IPO on the Nasdaq.
- Circle, the issuer of the USDC stablecoin, has rejected a takeover bid from Ripple valued at approximately $4–5 billion.
- BlackRock’s Bitcoin ETF continues to see strong inflows, with around $970 million entering on April 28 alone.
Sign up for our newsletter to stay on top of the digital assets market.
