NY attorney general urges Congress to keep pensions crypto-free — ‘No intrinsic value’  

The White House announced that talks between the United States and China regarding a trade deal have made “substantial progress,” yet no official deal has been announced at this time, leaving investors in doubt.According to a May 11 announcement from the White House, more details on the trade talks and the proposed “agreement” will be revealed on May 12.“I am happy to report that we made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent said in a joint statement with US trade representative Jamieson Greer.US Treasury Secretary Scott Bessent tells the media that the US-China trade walks were productive. Source: Fox News”We will be giving details tomorrow, but I can tell you that the talks were productive,” Bessent continued, without mentioning the word “deal” once in his statement.Greer made mention of the deal but did not give any details on the talks, leaving investors in doubt about the substance of the announcement, as market participants continue to monitor the ongoing trade tensions for signs of relief for financial markets.Related: Bitcoin nears $100K as Trump set to reveal trade deal with UKTrump’s tariffs cause chaos in markets and draw widespread criticismAlthough traditional financial and digital asset markets have recovered and retraced some of the value lost following the initial price shock brought on by US President Donald Trump’s sweeping trade tariffs, investor uncertainty still looms over asset markets.The Trump administration has flip-flopped on its tariff policies, reversing course on trade proposals or softening its rhetoric several times, leaving investors on edge and uncertain about investing in riskier assets like tech stocks and crypto.In April 2024, the US Customs and Border Protection, at the behest of the Trump administration, announced that select tech products would be exempt from tariffs including, smartphones, processing chips, computers, and other electronics.However, US Commerce Secretary Howard Lutnick walked back the electronic tariff exemptions one day following the announcement.Lutnick said that the tariff exemptions would only be temporary until administration officials decided on a comprehensive tariff regime that featured different tariff rates for economic sectors.The lack of a comprehensive, decisive trade policy has called the Trump administration’s plans into question, with many observers saying that the trade tariffs will only create more discord in financial markets and the broader economy.Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

UFC fighter turned Irish political candidate Conor McGregor has endorsed the idea of building a Bitcoin reserve in his country to give more “power back to the people.”“Crypto in it’s origin was founded to give power back to the people. An Irish Bitcoin strategic reserve will give power to the people’s money,” McGregor wrote to X on May 9.The former UFC champion said he would discuss his plans in more detail in an upcoming X spaces, prompting responses from some of the Bitcoin industry’s most prominent leaders.Source: Conor McGregor“We need the greatest minds for this BTC Reserve. Message me and lets chat on my space,” McGregor said in response to Bitcoiner and host of The Pomp Podcast, Anthony Pompliano.One of US President Donald Trump’s crypto advisors, David Bailey, also reached out, to which McGregor responded: “David message me, let’s discuss your ideas!” McGregor announced his independent candidacy for the Irish presidency in late March 2025, centering his campaign on anti-immigration policies and combating crime.Ireland’s next presidential election must take place by Nov. 11, 2025, as the term of the current President, Michael D. Higgins, is set to end the day after.Establishing a Bitcoin reserve — let alone one coming from a minor, independent party — would be no easy feat.Despite recent regulatory progress, the US, El Salvador and Bhutan are among the few countries that have established a Bitcoin reserve to date.Related: US has ‘countless’ ways to bolster Bitcoin reserve: Bo HinesMcGregor’s political visibility was recently boosted by a trip to the White House, where he met Trump and received his support.However, McGregor is facing intense scrutiny in Ireland, having recently been found guilty of sexual assault in a civil case — a conviction which he has since appealed — while also previously being investigated for hate speech crimes.McGregor’s last crypto endeavor failedMcGregor’s push for a Bitcoin reserve comes a little over a month after the McGregor-backed REAL project failed to attract sufficient funding in its token launch pre-sale, prompting a full refund to all token bidders.The team behind the project, Real World Gaming, only raised $392,315 over a 28-hour presale on April 5 and 6, less than half of the $1 million minimum requirement that it initially set.Source: Conor McGregorMagazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

A group of Democratic senators has reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about US President Donald Trump’s ties to cryptocurrency exchange Binance and potential conflicts of interest in regulating the industry. According to a May 9 Bloomberg report, Democratic senators asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to report on the steps Binance had taken as part of its November 2023 plea agreement with US authorities, amid reports that Trump and his family had deepened connections with the exchange. That settlement saw Binance pay more than $4 billion as part of a deal with the Justice Department, Treasury, and Commodity Futures Trading Commission, and had then-CEO Changpeng “CZ” Zhao step down.However, since Trump won the presidency in 2024, many lawmakers have accused the president of corruption from profiting off crypto while being in a position to influence laws and regulations over the industry. Trump has launched his own memecoin — which earns the project millions of dollars in transaction fees — and offered the top tokenholders the opportunity to attend an exclusive dinner in Washington, DC. His family-backed crypto venture World Liberty Financial also recently announced that an Abu Dhabi-based investment firm, MGX, would settle a $2 billion investment in Binance using the platform’s USD1 stablecoin.“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” the senators said in the letter, according to Bloomberg.Related: Trump tricked into pushing XRP for crypto reserve: ReportStablecoin bill fails to pass the US SenateThe letter came less than 24 hours after some of the same senators blocked a crucial vote on a bill to regulate stablecoins, named the GENIUS Act. Senator Elizabeth Warren, who reportedly signed the letter and opposed moving forward on the stablecoin bill, suggested the Senate should not be aligned with “facilitat[ing] this kind of corruption” from Trump.Bessent said the Senate “missed an opportunity” by not passing the stablecoin bill, but did not directly address any of the concerns over Trump’s crypto interests. It’s unclear if or when the chamber could consider another vote on the bill.In an April 23 report, the nonpartisan organization State Democracy Defenders Action said roughly 40% of Trump’s net worth was tied to crypto. The group noted that the GENIUS Act, in its current version, “would not prevent President Trump from using his executive powers to establish a regulatory environment and enforcement agenda that prioritizes his personal enrichment over the broader interests of US stakeholders.”Amid the concerns with the stablecoin and proposed market structure bills, Zhao reportedly applied for a federal pardon from Trump. Though the former CEO already served four months in prison, a pardon for his felony charge could allow him to get more involved with the crypto industry through a management position.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions