GM,
Welcome to this week's Phenom Weekly Update, Bitcoin is pumping and there is a ton of exciting news in crypto land this week. Safemoon CEO is going to prison, The HAWK Tua girl is back in the news and stablecoins regulations are finally coming!
SafeMoon CEO Convicted of Fraud
Braden John Karony, the CEO of SafeMoon, has been convicted on all counts—including securities fraud, wire fraud, and money laundering—by a federal jury in New York. If you were around for last cycle you probably remember Safemoon. It was massively hyped and pumped up to $8 billion with a ton of drama. Looks like things are finally coming full circle.
GENIUS Act Advances in Senate
In a significant move toward regulating the stablecoin market, the U.S. Senate has advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a 66-32 vote. The bipartisan bill aims to establish a comprehensive federal framework for stablecoins, including requirements for reserve disclosures and consumer protections. If enacted, it could bolster the U.S. dollar's position in the digital asset space. Check out this X Post and the long form article below. I know legislation isn’t the most exciting thing but this could be a HUGE catalyst towards an explosion of crypto use.
Check out our Youtube Channel. We’ve got some great content on there and will be posting regular video updates.
Scroll down for more of this weeks news.
READING CORNER
A collection of longer form content we are consuming this week
Video Update on two of our biggest mining stock holdings
NEWS
Quick Hitters from the week
Sam Altman’s World Raises $135M in Token Sale to a16z and Bain Capital Crypto
The AI-linked crypto project World, backed by OpenAI’s Sam Altman, secured $135 million in a token sale. The capital will fuel expansion of its ecosystem and the Worldcoin (WLD) token. 🔗 Read moreStablecoin Bill Could Spark Multi-Year Crypto Bull Market, Says Bitwise
Bitwise believes passage of the U.S. stablecoin bill could catalyze a long-term crypto rally by providing the regulatory clarity needed for stablecoins and related DeFi assets to thrive. 🔗 Read moreKraken to List Tokenized Apple, Tesla, Nvidia Shares
Kraken is rolling out tokenized stock trading for major equities like Apple, Tesla, and Nvidia, giving users 24/7 access to “xStock” assets via its partnership with Backed Finance. 🔗 Read moreSafeMoon CEO Found Guilty in U.S. Crypto Fraud Case
SafeMoon CEO John Karony has been convicted in a U.S. trial for defrauding investors, closing the book on one of crypto’s most infamous 2021-era meme coin scandals. 🔗 Read moreStrategy Unveils $2.1B STRF Program to Buy More Bitcoin
Michael Saylor’s Strategy launched a $2.1 billion ATM stock program aimed at expanding its Bitcoin holdings, reaffirming its role as the most aggressive BTC acquirer in public markets. 🔗 Read moreBitcoin Breaks Above $110K as Institutional Appetite Grows
BTC crossed $111,000 amid surging institutional demand, with ETFs and regulatory progress creating the perfect storm for new highs. 🔗 Read more‘Hawk Tuah’ Meme Star Says SEC and FBI Cleared Her of Responsibility in Memecoin Collapse
Hailey Welch, the viral “Hawk Tuah” meme sensation, says she’s been cleared by the SEC and FBI after the memecoin named after her crashed, leaving early investors wrecked. Welch maintains she had no involvement beyond being the inspiration. 🔗 Read moreCoinbase Discloses December Data Breach Impacting 69,000+ Users
Coinbase has confirmed a breach from late 2024 affecting 69,461 users, with exposed data including names, emails, and addresses. The company says crypto assets remained safe and impacted users have been notified. 🔗 Read moreSEC Charges Unicoin Executives in $100M Securities Fraud Scheme
The SEC has filed charges against Unicoin’s top brass for running an unregistered securities offering that misled investors, raising $100 million through exaggerated claims and deceptive tactics. 🔗 Read more
THE TWITTERVERSE
A collection of the most interesting stuff on Crypto Twitter this week
Good info from Nic Carter on staying safe
lots of sophisticated phishing attacks going around lately. all of these have been attempted on me. sadly seen a lot of cases where people did lose funds in these ways:
- real person (hacked) you've interacted before DMs you on TG and asks to catch up, send a zoom, looks like a
— #nic carter (#@nic__carter)
4:28 PM • May 20, 2025
With Stablecoin Legislation finally looking like it will be a thing, what chains are likely to benefit?
What tokens will benefit from Stable Coins being legal tender?
- The blockchains that have the most network StableCoin volume, their native token will appreciate.
- The blockchains that can support high capacity scale without speed degregation, their native token will— #MartyParty (#@martypartymusic)
1:50 AM • May 20, 2025
If you're looking at your TAO balance decrease due to your alpha positions lowering in price, fear not. It's going to be a temporary phase...
1.) Banks are still easing. Institutional money is still trying to stampede in. Same with countries. Even the Ukraine is talking about an
— #siamkidd (#@SiamKidd)
8:15 PM • May 14, 2025
MEMES
For the (crypto) Culture
Crypto Guys reading the coin White Paper
— #naiive (#@naiivememe)
11:55 AM • Mar 21, 2025
When your meal know more than most of financial advisors
— #naiive (#@naiivememe)
9:40 AM • May 19, 2025
No one cares about shiny rocks anymore 🤷♂️
#Bitcoin
— #Simply Bitcoin (#@SimplyBitcoinTV)
8:29 PM • Jan 14, 2025
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.