US Senator calls for Trump impeachment, cites memecoin dinner  

Former Celsius CEO Alex Mashinsky will probably be allowed to travel for his daughter’s wedding regardless of the outcome of his May 8 sentencing hearing.In a May 8 filing in the US District Court for the Southern District of New York, Judge John Koeltl approved an application for Mashinsky to travel from New York to Memphis, Tennessee, between May 26 and May 29 for his daughter’s wedding. The approval was available on the public docket on May 8, but later appeared to have been removed.Judge Koeltl will determine in a May 8 hearing whether Mashinsky serves prison time following a plea deal with prosecutors.The former Celsius CEO appeared ready to go to trial in 2024 until his lawyers lost a motion to have his charges dismissed. He pleaded guilty to commodities fraud and a fraudulent scheme to manipulate the price of the platform’s native token, CEL.Related: Celsius’ Mashinsky lashes out at ‘death-in-prison sentence’Mashinsky has been free on a $40-million bond since July 2023, with travel outside certain areas requiring court approval, such as the roughly 900-mile (1,500-kilometer) distance between New York and Memphis. At the time of publication, it’s unclear if he will be expected to surrender to authorities.Potentially facing decades in prisonProsecutors have asked the judge to impose a 20-year sentence on the former Celsius CEO, while Mashinsky’s lawyers requested that he serve one year and one day in prison. The hearing could be a bellwether for how criminal cases involving cryptocurrency could change under the Trump administration, which appointed the interim US Attorney for the court district.On April 17, Mashinsky’s lawyers submitted a letter from his oldest daughter, Rena, in support of her father ahead of sentencing. She said he did not deserve a “severe punishment,” claiming that he “never set out to steal from anyone.” Other members of his family penned similar letters.The same court district oversaw the sentencing of former FTX CEO Sam “SBF” Bankman-Fried, who is currently serving 25 years in prison.Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of FlameThis is a developing story, and further information will be added as it becomes available.

The US Office of the Comptroller of the Currency (OCC) has confirmed banks under its jurisdiction can trade crypto on behalf of customers and outsource some crypto activities to third parties. Acting comptroller Rodney Hood said in a May 7 letter that banks and federal savings associations can buy and sell crypto they hold in custody at customers’ direction.The OCC added in a press release that financial institutions can also outsource bank-permissible crypto activities, including custody and execution services, to third parties in compliance with applicable law.“Additionally, these banks may provide other custody services, including record keeping, tax or reporting services for their customers,” Hood said in a May 7 video posted to X. OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services. https://t.co/0ScQdgNaS6 pic.twitter.com/J5dEkx4WUL— OCC (@USOCC) May 7, 2025“OCC banks may use a sub-custodian to provide the same services subject to appropriate third-party risk management practices, while a range of cryptocurrency and digital asset activities may be performed by banks and their third parties,” he added. Previously, the OCC eased its stance on how banks can engage with crypto on March 7 by giving the green light for crypto-asset custody, some stablecoin activities, and participation in independent node verification networks such as distributed ledgers. “More than 50 million Americans hold some form of cryptocurrency. This digitalization of financial services is not a trend; it is a transformation,” Hood said. The OCC is an independent bureau within the US Department of the Treasury that regulates and supervises all national banks and also the federal branches of foreign banks.Industry supports the OCC letters Katherine Kirkpatrick Bos, general counsel at ZK-rollup developer StarkWare, said the letters signal a “shift in the OCC’s approach,” which now appears to favor a focus on integrating crypto within banking frameworks. “More guidance will give further clarity [and] will allow banks to re-enter crypto [without] the fear of existential regulatory risk,” she said. She added the OCC’s “explicit permission today allowing banks to outsource bank-permissible crypto-assets is a boon to regulated crypto native service providers.” Source: Katherine Kirkpatrick BosChief policy officer at crypto exchange Coinbase, Faryar Shirzad, also applauded the move, saying in a May 7 post to X, Hood’s commitment to “regulatory clarity, as well as his adherence to supervisory best practices and the letter of the law,” is appreciated. The Trump administration has taken a friendlier attitude toward crypto since coming into power in January. Related: The lessons learned at Operation Chokepoint 2.0 Congressional hearingsIn April, the US Federal Reserve announced it was withdrawing guidance that was created to deter banks from engaging in crypto and stablecoin activities.US President Donald Trump also signed a joint congressional resolution on April 11, overturning a Biden administration-era rule that would have required decentralized finance protocols to report transactions to the Internal Revenue Service.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a “Bitcoin Reserve Fund” that won’t use any taxpayer money or state funds.Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a Bitcoin and Digital Asset Reserve Fund.“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” the bill’s sponsor, Jeff Weninger, said in a May 7 statement.Arizona House Representative Jeff Weninger’s statement on the signing of HB 2749 into law. Source: Jeff Weninger“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,” Weninger added.On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for “untested assets.”Hobbs’ move gives hope for future crypto billsBitcoin Laws founder Julian Fahrer said on X that Hobbs’ signing of HB 2749 offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.Related: Bitcoin bros at ‘the club’ may stop US gov’t from buying BTC — Arthur HayesSB 1373 would authorize Arizona’s treasurer, currently Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin. The bill’s passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.Bitcoin is currently the only cryptocurrency that meets that threshold.Magazine: Crypto wanted to overthrow banks, and now it’s becoming them in stablecoin fight