Italy finance minister warns US stablecoins pose bigger threat than tariffs  

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has received regulatory approval to expand crypto derivatives trading across Europe.Gemini secured a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA), allowing the exchange to offer crypto derivatives in the European Union, it announced on May 9.“Once we commence business activities, we will be able to offer regulated derivatives throughout the EU and EEA [European Economic Area] under MiFID II,” said Gemini’s head of Europe, Mark Jennings.According to the exec, the MiFID II license is a big milestone in Gemini’s European expansion, putting it one step closer to offering derivatives to both retail and institutional users.Advanced traders will get perpetual futuresGemini’s upcoming derivatives offering in the EU and EEA will include perpetual futures and other derivatives, which will be available to advanced users of Gemini, Jennings noted.“Over the coming months, we will be working toward meeting the required conditions to launch these products across Europe,” he added.Source: MFSAAccording to MFSA records, Gemini’s Maltese entity, Gemini Intergalactic EU Artemis, was issued a license on May 8.MiCA license yet to be issuedGemini’s latest license builds on the growing regulatory progress of the US-based exchange in Europe.In January, Gemini officially announced that it would choose Malta as its hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework.The move came shortly after Gemini received its sixth European virtual asset service provider (VASP) registration from the MFSA in December 2024. However, the exchange has not yet obtained full MiCA licensing.Related: Coinbase’s Deribit buy shows growing derivatives marketDerivatives are a hot trend in cryptoGemini’s upcoming crypto derivatives launch in Europe is yet another milestone in a growing trend toward derivatives in the global crypto industry.Coinbase, the biggest crypto exchange in the US by trading volume, on May 8 announced the $2.9 billion acquisition of Deribit, one of the world’s largest crypto derivatives platforms.The deal came just a few days after rival exchange Kraken confirmed plans to purchase the derivatives trading platform NinjaTrader to offer futures trading on May 1. The firm previously said it had agreed to acquire NinjaTrader for $1.5 billion.Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty. Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.Source: Ko Ju-ChunKo’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.Taiwan is an export-oriented economyKo highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.Bitcoin is not the only solutionReferring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.Related: Trump tricked into pushing XRP for crypto reserve: ReportHe previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.Source: Ko Ju-Chun“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

Senate Banking Committee Chairman Tim Scott blamed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act’s failure on partisan politics during a Senate speech on May 8.Scott said the vote, which failed to reach cloture in the Senate, was expected to mark a step toward greater affordability and innovation. Instead, he said, political divisions took precedence. “Instead, we witnessed a disappointing display of political gamesmanship that puts partisan politics above policy, and obstruction above innovation,“ Scott said.The bill had previously undergone multiple amendments to address concerns raised by Democrats, including stricter requirements for stablecoin issuers and further provisions for Anti-Money Laundering.Related: Trump tricked into pushing XRP for crypto reserve: ReportScott criticizes last-minute oppositionScott, a South Carolina Republican, said that “the GENIUS Act was a bipartisan achievement at the Banking Committee.” By working on it, he claimed those involved “made the decision to make America’s economy safer and cheaper for the American people.” Still, in his view, Democrats changed their minds when the “light and cameras were watching.”Scott alleged that the shift was driven not by changes in the bill, but by efforts to deny President Donald Trump a legislative win:“It was a vote against President Trump and President Trump’s legislative agenda. It was a vote to stop President Trump from having a victory in the digital asset space.“Related: Democrat lawmakers object to hearing, citing ‘Trump’s crypto corruption’Democrats cite corruption concernsMassachusetts Senator Elizabeth Warren, a leading voice on crypto regulation, raised concerns that the Trump family-linked stablecoin, USD1, surged in market value due to a “shady crypto deal with the United Arab Emirates.”“The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption,“ she said.On May 1, Abu Dhabi-based investment firm MGX used the Trump-linked stablecoin USD1 to settle a $2 billion investment in Binance. According to CoinMarketCap data, the stablecoin’s market cap shot up from under $137 million on May 1 to nearly $2.13 billion on May 2.USD1’s Market Capitalization. Source: CoinMarketCapDemocrats voiced concerns around Trump’s crypto-related activities and sponsored multiple bills to address those concerns. Four of the five pro-crypto Democrats who passed the GENIUS Act in the Senate Banking Committee signed their names to a statement on May 3, saying that they do not feel comfortable with the direction stablecoin legislation is taking. While the letter did not mention Trump directly, Representative Maxine Waters was more explicit in her opposition.“If there is no effort to block the President of the United States of America from owning his stablecoin business […] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,” Waters said.Democrats propose stricter crypto lawsDemocrats also recently sponsored the Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, to prevent federal officials from profiting from memecoins. US Senator Jeff Merkley and Senate Minority Leader Chuck Schumer also introduced the End Crypto Corruption Act earlier this week.The End Crypto Corruption Act would ban the president, vice president, senior executive branch officials, members of Congress, and their immediate families from financially benefiting from issuing, endorsing or sponsoring crypto assets, such as memecoins and stablecoins.In a statement published on Merkley’s website, he said that “people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls.”“This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government. Let’s end this corruption immediately,” Merkley added.In a statement to CBS News, Warren echoed that sentiment, saying that both Democrats in favor and opposed to the GENIUS Act “agree that green-lighting Donald Trump’s corrupt stablecoin deals is wrong.”“The GENIUS Act will simply facilitate Trump’s crypto corruption,” Warren claimed.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions