It’s been a big week for crypto, with Bitcoin hitting a new all-time high, regulators making headlines, and politics taking center stage.
From JPMorgan taking further steps towards Bitcoin adoption to the controversial Trump’s memecoin dinner, here are the week’s top stories in the crypto space.
BTC hits all-time high on Bitcoin Pizza Day
Bitcoin surged past $111,000 on May 22, coinciding with the 15th anniversary of Bitcoin Pizza Day.
The annual celebration marks the first documented real-world transaction using Bitcoin, when 10,000 BTC were exchanged for two pizzas in 2010, now worth over $1.1 billion.
This year’s commemoration was especially significant, as it not only reflected on Bitcoin’s journey from novelty to mainstream asset but also aligned with its highest price ever recorded.
Fueled by six consecutive days of ETF inflows and over $2 billion in institutional buying, BTC’s rally marks a 47% rebound from April’s low.
Despite muted retail interest, analysts forecast further upside as Bitcoin enters a new phase of institutional-led price discovery.
SEC extends reviews of XRP, ETH, and SOL ETFs
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several altcoin ETF proposals, including Bitwise’s Ethereum and Solana filings and Grayscale’s XRP application.
The agency opened new public comment periods and pushed reviews into Q4, aligning with standard 19b-4 timelines.
Bloomberg’s James Seyffart dismissed conspiracy theories, noting the delays are procedural.
Interestingly, analysts suggest Litecoin may gain earlier approval due to regulatory clarity, even as the SEC holds off on more complex products like ETH staking.
Trump hosts exclusive $TRUMP coin dinner amid backlash
President Donald Trump held a black-tie dinner at his Virginia golf club for the top 220 holders of his $TRUMP meme coin, with the average invitee reportedly spending $1.8 million in tokens.
Attendees, including former NBA star Lamar Odom, received commemorative items and a speech from Trump advocating for crypto and a potential BTC reserve.
The event drew protests and bipartisan criticism, with opponents accusing the president of monetizing access.
Blockchain data shows over $324 million in transaction fees have been generated by the PolitiFi token since January, with ownership concentrated in two Trump-affiliated entities.
Michigan lawmakers file four crypto bills in a single day
On May 21, Michigan’s House introduced four crypto-related bills (HB4510, HB4511, HB4512, and HB4513) targeting public fund investments, CBDC restrictions, and mining programs.
One bill would allow the state treasurer to invest in ETFs holding top cryptocurrencies like Bitcoin and Ether.
Another would prohibit support for a U.S. CBDC. Additionally, bipartisan bills propose incentivizing Bitcoin mining at abandoned fossil fuel sites and recognizing crypto mining income in tax law.
The legislative blitz reflects growing interest in positioning Michigan as a blockchain-friendly state.
JPMorgan Chase opens Bitcoin access to clients
JPMorgan Chase CEO Jamie Dimon confirmed on May 19 that the bank now enables its clients to purchase Bitcoin, despite his continued skepticism.
While JPMorgan will not custody BTC, it will include it in client statements. Dimon’s announcement signals a major shift from his past anti-crypto stance and follows updated FDIC guidance allowing banks to engage in crypto without prior approval.
The move reflects growing institutional normalization of digital assets, even as risks remain a focus.
Kraken launches tokenized U.S. stock trading for global users
Kraken, one of the top U.S. crypto exchanges, unveiled on May 22 “xStocks”, digital tokens representing shares of firms like Apple, Tesla, and Nvidia.
The service, not available to U.S. users, offers 24/7 equity trading through blockchain-based tokens.
While still niche, tokenized securities could reshape retail access to traditional financial markets.
Kraken’s launch follows renewed enthusiasm for blockchain-finance integration amid expectations of looser regulations under the Trump administration.
Hong Kong passes stablecoin licensing bill
Hong Kong’s legislature approved a stablecoin bill on May 21, establishing a licensing framework for fiat-backed stablecoin issuers.
Under the law, any stablecoin issued in or referencing the Hong Kong dollar must be licensed by the HKMA.
The new regulation includes reserve and redemption standards and is part of the city’s push to become a global digital asset hub.
The ordinance is expected to take effect later this year and could help attract institutional players to Hong Kong’s crypto sector.
