Warren Slams Stablecoin Bill Over Trump Ties as JP Morgan Opens Bitcoin Access to Clients
From Circle’s $5B IPO plans and Coinbase’s cyberattack fallout to JP Morgan’s Bitcoin pivot and Senator Warren’s warning on Trump-backed stablecoins, crypto continues to collide with Wall Street, regulation, and political controversy.
Because Bitcoin
May 19, 2025
Circle Eyes $5B IPO Amid Acquisition Interest from Ripple and Coinbase
Stablecoin issuer Circle is moving ahead with plans for a $5 billion IPO but is also in informal acquisition talks with Ripple and Coinbase, according to Fortune. Ripple reportedly offered up to $5 billion on April 30, but the bid was rejected. If either deal progresses, Ripple would use a mix of cash and XRP, while Coinbase would offer cash and stock. Circle and Coinbase share a longstanding partnership, having co-founded the Centre Consortium in 2018 to support USDC. Although Circle filed for an IPO on April 1, economic uncertainty may delay the process. With improving market conditions and easing tariffs, 2025 is shaping up to be a breakout year for crypto IPOs, with Gemini and Kraken also considering listings.
DOJ Investigates $20M Ransom Attempt on Coinbase Following Cyberattack
The U.S. Department of Justice is investigating a cyberattack on Coinbase in which hackers attempted to extort $20 million by threatening to leak stolen customer data, according to Bloomberg. The breach, which affected less than 1% of Coinbase users, did not compromise customer funds, private keys, or login systems. Coinbase estimates potential costs from the incident could reach up to $400 million due to remediation and customer reimbursements. Chief Legal Officer Paul Grewal confirmed the company is cooperating with U.S. and international law enforcement as they pursue criminal charges.
JP Morgan Reverses Stance: Jamie Dimon Says Clients Can Now Buy Bitcoin
JP Morgan CEO Jamie Dimon announced that the bank will allow its clients to buy Bitcoin, marking a major shift from his long-standing criticism of the cryptocurrency. Speaking at JP Morgan’s annual investor day, Dimon clarified that while the bank won’t custody the asset, it will reflect client Bitcoin holdings in account statements. This move reflects increasing client demand and growing institutional acceptance of Bitcoin, even from figures like Dimon who once called it a “fraud” and a “pet rock.” Other major banks, such as Morgan Stanley, are also expanding their crypto offerings as U.S. regulators adopt a more crypto-friendly stance under the current administration. Despite Dimon’s skepticism toward Bitcoin, he has consistently supported blockchain technology for its utility.
Sen. Warren Blasts Stablecoin Bill, Says It Boosts Trump’s Crypto Interests
Senator Elizabeth Warren is set to speak out against the GENIUS Act on the Senate floor, warning that the stablecoin regulation bill could enrich President Donald Trump and his family’s crypto ventures. Warren argues the bill would expand the stablecoin market and give Trump control over USD1, a stablecoin tied to his financial interests. She claims this creates a conflict of interest and accuses Congress of enabling corruption if it passes the bill without changes. Once enjoying bipartisan support, the legislation has lost favor among Democrats following Trump’s deeper involvement in crypto, including the launch of a meme coin and exclusive events for its top investors. Warren also warns that the bill could increase the risk of a future financial crisis.
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