The past week has been a rollercoaster ride for the crypto industry, with Coinbase Global Inc. COIN making headlines, the SEC appointing a crypto insider, and the Coinbase CEO predicting the end of the fiat era. Here’s a recap of the top stories:
Coinbase’s S&P 500 Debut: Coinbase made history in May by becoming the first cryptocurrency exchange to be included in the S&P 500 index. This significant milestone signals a growing acceptance of the crypto industry in mainstream markets and positions Coinbase among America’s largest and most influential companies.
SEC’s Crypto-Savvy Leadership: The U.S. Securities and Exchange Commission (SEC) announced Jamie Selway as its new Director of the Division of Trading and Markets. Selway, a recognized figure in market structure and digital assets, will assume his new position on June 17, 2025. This move signals a significant shift towards engaging crypto-savvy leadership at the regulatory helm.
End of Fiat Era: Coinbase CEO Brian Armstrong predicted that Bitcoin may emerge as the world’s new reserve currency. He cited mounting global deficits and rising economic uncertainty as catalysts for a shift away from fiat systems.
Warren’s Warning to Zuckerberg: Senators Elizabeth Warren and Richard Blumenthal raised concerns over Meta Platforms Inc. META CEO Mark Zuckerberg’s potential stablecoin revival plans, citing them as a “national security threat”.
Crypto Credit Card: Coinbase CEO Brian Armstrong unveiled a cryptocurrency credit card that offers cashback rewards in Bitcoin. The card, powered by American Express Co. AXP, offers users up to 4% in Bitcoin rewards for every purchase.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
Photo courtesy: Shutterstock
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