Here is the latest cryptocurrency market update as of May 19, 2025:
---
Global Regulatory Developments
United States:
The U.S. Senate is nearing passage of the GENIUS Act, a significant legislative step toward regulating stablecoins. The bill mandates that stablecoin issuers maintain reserves of liquid, safe assets like Treasury bills, comply with anti-money laundering and counter-terrorism rules, and grant holders priority in bankruptcy scenarios.
SEC Chair Paul Atkins announced plans to overhaul cryptocurrency regulations by creating clear guidelines for crypto tokens classified as securities. The SEC is also considering adjustments that would allow registered broker-dealers with an Alternative Trading System (ATS) to trade non-securities like Bitcoin and Ethereum.
United Kingdom:
Starting January 1, 2026, HMRC will implement new regulations requiring individuals and businesses involved in cryptocurrency transactions to submit personal information such as name, date of birth, address, and national insurance or tax ID numbers to their trading platforms. These measures aim to reduce tax avoidance and ensure accurate tax reporting on crypto earnings.
India:
On May 19, 2025, the Supreme Court of India expressed concern over the government's delay in formulating a clear regulatory framework for cryptocurrencies, particularly Bitcoin. The court likened current cryptocurrency trading practices to hawala transactions, suggesting they could facilitate covert or illegal fund transfers.
---
Market Movements and Predictions
Anthony Scaramucci, former White House Communications Director and current hedge fund manager, predicts Bitcoin could reach $200,000 by the end of 2025. He attributes Bitcoin’s growth to increasing global adoption, suggesting the number of wallets could rise to 500 million by year’s end, bolstered by demand from ETFs.
