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Today in crypto, a group of pro-crypto US Senate Democrats have said they would oppose a stablecoin bill in its current form, OKX founder and CEO has responded to Justin Sun’s criticism, and Warren Buffett announces he wants to step down as CEO of Berkshire Hathaway by the end of 2025.
Pro-crypto Democrats pull support for stablecoin bill in last minute
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Cryptocurrencies, Warren Buffett, Bitcoin Regulation, Freedom, Stocks, Berkshire Hathaway, Bitcoin Reserve
OKX fires back at Tron’s Justin Sun over mysterious “freeze notice”
OKX founder and CEO Star Xu has publicly defended the crypto exchange after Tron founder Justin Sun accused it of failing to act on a law enforcement request to freeze stolen funds following a recent hack of Tron’s official X account.
“OKX also has consumers protection policy according to law, we can’t freeze a customer’s funds according to your personal X post or an oral communication. I think you should understand it as the CEO of HTX,” Xu said in an X post.
Xu said that the crypto exchange had not received any related correspondence through OKX’s official channels. “Our LE cooperation team just checked the email, including the spam box; we haven’t received any request related with this case,” Xu said.
In what is now an unavailable X post, but was screenshotted by Xu, Sun had earlier claimed that OKX has not responded to a “freeze notice” sent to its official email address from a “relevant law enforcement agency.” Sun said that he had no other way to contact OKX’s compliance department.
“These stolen funds do not belong to me; I’m acting to protect the community,” Sun said.
Berkshire Hathaway CEO and notable investor Warren Buffett to step down by the end of 2025
Warren Buffett, the CEO and founder of the Berkshire Hathaway investment firm, announced he is stepping down by the end of 2025 and letting his successor Greg Abel, the company's vice chairman of non-insurance operations, take the helm.
The decision is still subject to the approval of the company's board of directors. However, Buffett said he was confident that the board would fully back the decision to elevate Abel, who has been groomed for this position for years, to the position of CEO.
Speaking at the Berkshire Hathaway annual shareholder meeting on May 3, 2025, Buffett announced his decision:
"The time has arrived when Greg should become the Chief executive officer of the company at year-end, and I want to spring that on the directors effectively and give that as my recommendation."
Although investors have long anticipated the move, Buffett's announcement officially signals the end of an era at the publicly traded investment company.
Cryptocurrencies, Warren Buffett, Bitcoin Regulation, Freedom, Stocks, Berkshire Hathaway, Bitcoin Reserve
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This comes as U.S. lawmakers advance legislation including the STABLE Act, backed by House Financial Services Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil.
Regulatory Debate Intensifies Over Stablecoin Oversight
The STABLE Act has faced criticism from regulatory experts. Former CFTC Chair Timothy Massad expressed concerns during a February congressional hearing, warning that the bill:
Risks fragmented state standards
Lacks ongoing federal oversight
Offers an “inadequate review process” for issuers like Tether
Nonetheless, Tether has stepped up its lobbying efforts in Washington, aiming to shape the legal framework for U.S.-based stablecoins.
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