17 May 2025, 14:20

Cincinnati’s Fifth Third Bank expands crypto push as US rules take shape

Ben Hoffman, Chief Strategy Officer and Head of Consumer Products at Fifth Third Bank says the company is considering expanding its cryptocurrency business. This comes after establishing a small clientele that uses deposit accounts and payment features for tasks like sending payroll and collecting money, as US regulations became clearer. According to Hoffman, the Cincinnati-based lender is also looking into using stablecoins to help with cross-border transactions, which will help reduce expenses and improve the efficiency of value transmission. Fifth Third also aims to integrate with additional payment rails, allowing customers to trade digital assets and pay for crypto purchases through its extensive payment network. Trump’s pro-crypto stance influences banks to increase their crypto push Hoffman revealed that Fifth Third Bancorp started establishing connections with cryptocurrency companies about five years ago but deferred significant investments until regulations were clearer. In addition, the collapse of cryptocurrency exchange FTX in 2022, which ultimately resulted in the demise of cryptocurrency-friendly lender Silvergate, also caused banking sentiment toward the asset class to deteriorate. However, Hoffman says the time has come to increase the cryptocurrency push. This came after Hoffman stated in an interview that it became evident that the ideal moment to get involved is now. He added that a group of people was actively researching and experimenting in this area. Moreover, the head of strategy at the bank stated that Fifth Third, which OCC is the primary regulator and has assets worth over $200 billion, comprises a group of full-time workers devoted to digital assets. Hoffman brought up the essence of financial institutions working with all business lines and corporate departments, including compliance, liquidity management, and treasury. According to him, it is a whole bank effort. Rodney Hood, the acting head of the Office of the Comptroller of Currency, also announced a significant modification to the crypto laws that will benefit crypto banks. In early March, Hood explained that banks can now use blockchain technology for payments, custody of crypto-assets, and certain stablecoin activities, which previously required written approval. The US government has greatly influenced this significant shift in cryptocurrency, particularly in financial institutions that carry out crypto activities. Since assuming office, Donald Trump’s administration has placed proponents of digital assets in important government posts, facilitated policies that help the sector, and pursued his own cryptocurrency ventures. Furthermore, some of the biggest banks in America are now planning how to increase their business under less strict regulations as the industry matures. US regulators roll back crypto restrictions to support innovation in banking On April 24, US banking authorities declared that they were removing several documents that advised financial institutions to exercise caution when experimenting with cryptocurrencies and associated activities. This included two supervisory letters that required banks to obtain regulators’ advanced approval before participating in crypto-asset and stablecoin activities. The Fed also joined the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in withdrawing two 2023 statements that advised banks to exercise caution when dealing with cryptocurrency-related risks. In the previous guidance, regulators cautioned banks about the risks of volatility, legal uncertainties, and liquidity when deciding whether to offer services related to cryptocurrency or take on clients that are cryptocurrency companies. The removal of that guidance was the Trump administration’s most recent action to adopt a more pro-crypto stance. The Fed announced that regulators would investigate the appropriateness of new guidance to support innovation, including crypto-asset activities. In March, the OCC was the first US regulator to take action to facilitate banks’ participation in cryptocurrency activities, reversing previous administration guidelines that advised the financial institutions to exercise caution around the industry. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

17 May 2025, 14:10

Sequoia Partner Caught in Coinbase Data Breach, More VCs May Be Affected

A partner at one of Silicon Valley’s most prominent venture firms has reportedly been caught in the fallout of Coinbase’s recent data breach , raising concerns that other high-profile investors may also be at risk. According to a May 16 report from Bloomberg , Roelof Botha, Managing Partner at Sequoia Capital, was among the victims whose personal information was compromised. The breach, which targeted Coinbase users through a social engineering campaign, allegedly stemmed from a bribery scheme involving customer service agents contracted by the exchange. Botha Manages Assets Worth Hundreds of Millions While Botha’s personal holdings remain undisclosed, he is believed to manage assets worth hundreds of millions. Coinbase confirmed the incident in a May 15 blog post, stating that cybercriminals had gained access to customer data by exploiting internal support systems. The attackers reportedly demanded a $20 million ransom, which Coinbase refused. The full scope of the breach remains unclear. Security teams at Kraken and Binance are also investigating similar intrusion attempts, Bloomberg reported, although neither exchange has publicly confirmed exposure. Philip Martin, Coinbase’s Chief Security Officer, revealed that the compromised support staff were based in India and have since been terminated. The company has filed a disclosure with the U.S. Securities and Exchange Commission, estimating remediation costs between $180 million and $400 million. The breach hit Coinbase’s stock hard, with shares (COIN) dropping over 7% to $244 before recovering slightly to $264.24. Coinbase suffered a massive data breach. But no, its systems didn’t get hacked. Humans did. We unpack how bribery, social engineering, and KYC failures put Coinbase users at risk, and why this keeps happening across crypto. w/ @lopp , @jameswester and @Leishman .… pic.twitter.com/RmD7PgZJex — Laura Shin (@laurashin) May 16, 2025 Meanwhile, Coinbase CEO Brian Armstrong was seen in Washington, D.C., engaging with lawmakers as Congress debates two key pieces of crypto legislation — one on stablecoins and another on digital asset market structure. The breach comes at a critical moment for the crypto industry’s regulatory outlook and could influence legislative sentiment as the bills move toward a vote. Coinbase Q1 Revenue Climbs, But Profit Falls 94% Coinbase reported mixed first-quarter results , with revenue rising 24% year-over-year to $2 billion, but falling short of analyst expectations and down 10% from the previous quarter. While transaction revenue grew to $1.26 billion, its subscription and services division—covering staking and custodial offerings—rose 37% to nearly $700 million, reflecting growing diversification beyond trading. Despite the revenue uptick, net income plunged 94% to $66 million as the company marked down its crypto holdings amid market volatility. Adjusted earnings stood at $526.6 million, or $1.94 per share, still below last year’s figure of $2.53. Operating expenses surged 51% to $1.3 billion due to aggressive marketing and asset write-downs. Coinbase’s earnings were weighed down by unpredictable macroeconomic conditions and fluctuations in digital asset prices. However, the company noted its second-highest ever monthly user count, with CFO Alesia Haas highlighting increased engagement across non-trading services. The post Sequoia Partner Caught in Coinbase Data Breach, More VCs May Be Affected appeared first on Cryptonews .

17 May 2025, 13:45

Slots player hits 3.6m USDT jackpot on Gates of Sportsbet.io

May 15, 2025 - One of the biggest jackpots to ever land on Sportsbet.io has seen one player turn a 240 USDT spin into a max win jackpot of 3.6 million USDT. The win took place on Gates of Sportsbet.io , an exclusive game from Pragmatic Play only available to players on the world’s favourite crypto-led sports betting and casino site. Betting in the USDT stablecoin currency, the winning player spun just 240 USDT for the max win, which unfolded via a nerve-wracking free spins round. Alex Haig, Director at Sportsbet.io , said: “Moments like this are why we do what we do here at Sportsbet.io. It was incredible to see 240 USDT turn into 3.6 million USDT over the course of 15 remarkable free spins. I want to give a huge congratulations to the winner. Once again, Sportsbet.io has proven itself to be a place where life-changing wins can be just a spin away.” Because the win took place in USDT, it means the lucky, verified player could withdraw the jackpot in a matter of seconds. Sportsbet.io has earned a reputation as a home of multi-million dollar jackpots. In November, a player won a $3.2m jackpot from a spin of just 5 USDT. And in 2023, Sportsbet.io paid out the largest slots jackpot in online gaming history, when a player on the site took down a $42m prize with a 50 USDT spin on Games Global’s WowPot!™ progressive jackpot. What a replay of the incredible moment a Sportsbet.io player spins a $3.6m jackpot here: https://ouytp.itccgraoft.net/bmwAs2el7m Founded in 2016 as part of Yolo Group, Sportsbet.io is the leading crypto sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience. Official Regional Partner of LALIGA, Official Betting Partner of English football team, Hull City and a Club Partner of Premier League team Newcastle United, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 1M pre-match events per year and comprehensive in-play content. As the first crypto sportsbook to introduce a cash out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community. In December 2023, a lucky Sportsbet.io won the biggest ever online slots jackpot while playing on the site, turning a $50 spin into a prize of more than $42 million. Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of less than 90 seconds, among the fastest in the industry. For more information about Sportsbet.io, please visit https://sportsbet.io . Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

17 May 2025, 13:39

Sportsbet.io launches one million USDT Champions League giveaway

May 15, 2025 - Sportsbet.io , the world’s favourite crypto-led sports betting site, is giving away an incredible one million USDT. The competition is open to all players, and costs just 1 USDT to enter. By correctly answering twenty yes/no predictions, a lucky winner could walk away with the life-changing one million USDT jackpot. There will also be a Cup Finals Leaderboard and a promotion for those using the popular BetBuilder tool to play on Sportsbet.io. It has a 20,000 USDT prize pool. Shane Anderson, Chief Brand Officer for Sportsbet.io (Yolo Entertainment) said: “This season’s Champions League has already been one of the most memorable ever, and as it enters its final stages, Sportsbet.io wanted to do something to celebrate. This is one of our biggest giveaways to date, and the perfect way to celebrate the beautiful game.” You can find out more about how to enter the One Million USDT Champions League giveaway at Sportsbet.io by visiting: URL. Sportsbet.io loves nothing more than rewarding its players with unforgettable prizes and experiences. One lucky player recently won two VIP tickets to watch LALIGA’s El Clásico between Barcelona and Real Madrid. About Sportsbet.io Founded in 2016 as part of Yolo Group, Sportsbet.io is the leading crypto sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience. Official Regional Partner of LALIGA, Official Betting Partner of English football team, Hull City and a Club Partner of Premier League team Newcastle United, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 1M pre-match events per year and comprehensive in-play content. As the first crypto sportsbook to introduce a cash out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community. In December 2023, a lucky Sportsbet.io won the biggest ever online slots jackpot while playing on the site, turning a $50 spin into a prize of more than $42 million. Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of less than 90 seconds, among the fastest in the industry. For more information about Sportsbet.io, please visit https://sportsbet.io . Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

17 May 2025, 13:30

JPMorgan Chase Says US May Have Dodged Recession, Warns Sluggish Growth Incoming

The chief global strategist at JPMorgan Chase says the US may avoid a recession, but the bank’s economic outlook is not yet optimistic. In a new interview on CNBC Television, David Kelly says that tariffs and other economic factors may cause the country’s economy to slow down in the months ahead. However, he says that the economy may be strong enough to weather the slow growth impacts without falling into an outright recession. “No, we’re not [seeing impacts now]. At the moment, I’d have to say the tariff pullback and also this big tax bill, which is going to put stimulus into 2026 and a little stimulus in 2025, that takes us from more than likely going to have a recession to less than likely we’re going to have a recession this year. So I think the economy may be resilient enough to avoid a recession, but it’s going to be slow growth for a while.” Kelly also says that consumer spending is likely to contract given the uncertainty of the economy, as well as potential inflation from tariff impacts in the coming months. “Consumers are resilient, but there comes a point where you squeeze them enough in terms of tariffs, you’re collecting on the student loans again, and then just the general worry, and, of course, the cutbacks to the government sector, all these things I think are beginning to weigh on consumers. I think it is slowing the economy down, still not willing to say recession.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase Says US May Have Dodged Recession, Warns Sluggish Growth Incoming appeared first on The Daily Hodl .

17 May 2025, 13:30

State of Crypto: Consensus Toronto 2025 Reg Highlights

CoinDesk hosted its annual Consensus conference in Toronto this week. It was busy, to put it mildly. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Read more The narrative It's been a hectic week, watching the Senate's ongoing negotiations over its stablecoin bill, trying to track other legislation and the courts (more on that later perhaps) and just generally meeting folks here in Toronto. Why it matters Here's a selection of CoinDesk's coverage from the past week. Breaking it down New York Finance Watchdog Harris Says State's BitLicense Is Still a Global Standard Anchorage Digital CEO Calls 'Bullshit' on Report of DHS Probe Cantor Fitzgerald Chairman Brandon Lutnick Says He Personally Checked Tether’s Reserves Trump Still on Track to Sign Crypto Legislation by August, White House's Bo Hines Says Banks Exploring Stablecoin Amid Fears of Losing Market Share, BitGo Executive Says World Liberty's Stablecoin Now Available on Multiple Networks Via Chainlink Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill Eric Trump Says He Got Into Crypto Amid Political Attack, Calls Bitcoin 'Digital Gold' PayPal Crypto Head Says Banks Are Needed to Unlock Full Stablecoin Potential Dave Portnoy Says Meme Coins Are 'Gambling' and Not Built to Last Kevin O’Leary: 'I Want More Regulation, And I Want It Now' ‘Really Great Example’: Coinbase Praised for Hack Response Amid $400M Crisis Stablecoins Bring 'Meaningful Innovation for Global Payments,' Ripple Exec Says Stories you may have missed Coinbase Could Pay Customers Up to $400M for Data Breach : Crypto exchange Coinbase said it suffered a cybersecurity breach wherein malicious actors were able to secure customer names, addresses, phone numbers, social security numbers and bank account details — some of which were masked — by bribing overseas employees. These actors allegedly scammed customers using their personal details, and Coinbase said it would reimburse customers, expecting to pay anywhere between $180 million and $400 million. Movement Labs Secretly Promised Advisers Millions in Tokens, Leaked Documents Show : Another scoop by CoinDesk's Sam Kessler reveals that Movement Labs promised to send advisers token allotments, though Movement said those agreements were nonbinding. French Minister Agrees on Measures to Protect Crypto Professionals After Kidnappings : Attempted kidnappings of people with crypto or whose loved ones have crypto have become very common recently. French Interior Minister Bruno Retailleau agreed to heightened security measures. Senate's New Stablecoin Draft Doesn't Target Trump's Crypto, Tweaks Big-Tech Approach : The U.S. Senate has new legislative text for its stablecoin bill, with a cloture vote scheduled for Monday. Cloture is the motion to proceed to debate and needs 60 votes in favor to pass, meaning lawmakers will need bipartisan support to advance the bill. U.S. Senate's Stablecoin Push Still Alive as Bill May Return to Floor: Sources : CoinDesk reported earlier this week that new legislative text for the Senate's stablecoin bill was coming and there would be a vote soon. Telegram Shuts Down 'Largest Illicit Online Marketplace' After Elliptic's Insights : Telegram has shut down Huione Guarantee (which renamed itself Haowang Guarantee), citing research firm Elliptic's work identifying over $27 billion in stablecoin transactions. DOJ Will Still Pursue Roman Storm Case Despite Blanche Memo, Prosecutors Say : The Department of Justice said it had reviewed its prosecution of Roman Storm to ensure it is in line with Deputy Attorney General Todd Blanche's April memo on "regulation by prosecution" and would proceed on most of its charges against the Tornado Cash developer. SEC Is Probing Coinbase Over User Number Misstatement Concern : Coinbase is having a heck of a week. FTX to Pay Over $5B to Creditors as Bankrupt Estate Gears Up for Distribution : FTX creditors will start seeing payouts from the exchange's bankruptcy estate on May 30. DOJ Charges 12 With $263M Crypto Theft Linked to Genesis Creditor : The U.S. Department of Justice charged 12 people for allegedly stealing over $263 million, tied to a previous investigation which saw scammers steal north of $243 million from a creditor to bankrupt crypto trading firm Genesis. Ripple-SEC Bid for XRP Settlement Rejected by Judge Citing 'Procedural Flaws' : The federal judge overseeing the Securities and Exchange Commission's long-running case against Ripple rejected their proposed settlement, citing jurisdiction and procedural concerns. Trump-tied World Liberty Financial Rebuffs U.S. Senator's Probe : World Liberty Financial pushed back against Senator Richard Blumenthal's inquiry about its operations. CFTC Commissioner Mersinger to Be CEO at Blockchain Association : Commissioner Summer Mersinger will leave the CFTC on May 30 and become the next CEO of the Blockchain Association next month. CFTC's Pham Said to Plot Exit, Agency May Be Left Without a Party Majority : Acting Chairman Caroline Pham has told people she intends to depart, perhaps as soon as former Commissioner Brian Quintenz is confirmed by the Senate to become the permanent chair of the agency, CoinDesk's Jesse Hamilton reported. CFTC's Christy Goldsmith Romero to Leave Agency at End of Month : Commissioner Christy Goldsmith Romero said she would depart on May 31. This week Monday 17:00 UTC (1:00 p.m. ET) The SEC held the latest of its crypto roundtables , this time focused on tokenization. Wednesday CoinDesk's Consensus Toronto conference started. Elsewhere: ( Variety ) Warner Bros. Discovery will rebrand its Max streaming service as HBO Max, after previously rebranding HBO Max as Max. Dream job: Person who rebrands stuff? ( The New York Times ) Buyers of the TRUMP memecoin told the Times that they explicitly want to try and influence policy with the president. ( The New York Times ) A company with a handful of employees that makes videos for TikTok said it planned to buy up to $300 million of TRUMP memecoin tokens. It registered zero revenue last year. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social . You can also join the group conversation on Telegram . See ya’ll next week!