It’s been an exciting week in crypto. Bitcoin just hit a new all-time high of $109,700 on May 21, 2025. The previous highs were around $109,600 or $109,500, depending on the exchange. Either way, this is a big milestone for Bitcoin and the crypto industry as a whole.

One of the biggest headlines this week was the Genius Act. There was a lot of confusion online, with some people saying it passed and others saying it didn’t. What actually happened is that the U.S. Senate voted 66 to 32 to move forward with debating the bill on May 20. This means it hasn’t passed yet, but it’s going through the next steps, like debate and possible revisions. We should know more soon.

The Genius Act includes new rules for stablecoins and crypto issuers. It would require monthly reserve reports, limit stablecoins to being backed by liquid assets like U.S. Treasuries, and ban yield-bearing stablecoins. It also adds anti-money laundering requirements and limits Big Tech from issuing their own coins. Analysts believe this could help legitimize the space and bring billions into crypto. The Bitwise CIO, Matt Hougan, even said it could be one of the biggest regulatory wins in crypto history, and could pave the way for a multi-year bull market.

There’s also been some drama between the Bitcoin maximalists and the XRP community. Brad Garlinghouse, CEO of Ripple, posted that Senator Cynthia Lummis canceled a planned meeting with him and won’t reschedule. While we don’t know the exact reason, some are speculating. Either way, public officials should engage with all parts of the crypto space to get a full picture.

In other Ripple news, XRP and Micro XRP futures officially launched on the CME on May 19. This is big since CME is the largest derivatives exchange. XRP futures contracts are for 5,000 XRP, and Micro contracts are for 25 XRP. Both are cash-settled.

Wendy also flagged growing friction between Bitcoin maximalists and XRP supporters. “Brad Garlinghouse posted on X that Senator Loomis will not meet with him. They had a meeting scheduled, but she cancelled and declined to reschedule,” she said, while encouraging officials to engage with a wide range of voices.

Meanwhile, XRP futures went live on May 19. “CME group launched XRP and micro XRP futures... Both are cash settled,” WendyO confirmed. However, not all the news was bullish. “The SEC delays decisions on XRP and Dogecoin ETFs,” she noted, though she remains optimistic: “I personally think this SEC is incredibly pro-crypto and they will in fact approve these ETFs.”

The SEC delayed its decision on spot ETFs for XRP and Dogecoin from 21Shares and Grayscale. This is pretty typical. While delays are frustrating, they give time for public input and careful review. Many analysts still expect approvals later in 2025, likely in Q3 or Q4.