Crypto Briefing — 2026-05-21
Summary
- Bitcoin Depot files for bankruptcy as crypto ATMs go offline across the network
- Congressional proposal directs IRS to review de minimis exemptions for cryptocurrency taxes
- Morgan Stanley, Grayscale, and BitGo lead Wall Street's accelerating crypto adoption
- Tether acquires SoftBank's stake in their joint crypto investment venture
- Missouri Attorney General sues crypto ATM network for allegedly enabling scams
- Minnesota implements ban on crypto ATMs and prediction markets statewide
- Crypto custody firm Copper seeks buyer in $500 million sale process
- FBI reports crypto ATM scam losses surpass $388 million amid surge in fraud
- US Treasury sanctions drug traffickers for using cryptocurrency to launder profits
- Variational raises $50 million to bridge traditional market liquidity with crypto
- Crypto companies demonstrate shift from hype to disciplined growth in earnings reports
Bitcoin Depot Files for Chapter 11 Bankruptcy
Bitcoin Depot, a major crypto ATM operator, has filed for Chapter 11 bankruptcy protection as its ATM network goes offline. The filing marks a significant setback for the crypto ATM industry amid growing regulatory scrutiny and operational challenges.
Read Full Article: Banking Dive
Congress Proposes Crypto Tax Reform Review
The latest Congressional proposal would direct the IRS to review de minimis exemptions for cryptocurrency transactions. This move could potentially simplify tax reporting for small crypto transactions and provide relief for everyday users.
Read Full Article: CoinDesk
Wall Street Giants Accelerate Crypto Push
Morgan Stanley expands its ETF offerings while Grayscale pushes into staking services and BitGo plans an IPO. These moves signal Wall Street's intensifying competition to capture crypto market share as institutional adoption accelerates.
Read Full Article: CoinDesk
Tether Acquires SoftBank's Investment Stake
Tether has bought out SoftBank's stake in their joint crypto investment firm, consolidating control over the venture. The move strengthens Tether's position in crypto investments beyond its dominant stablecoin business.
Read Full Article: PYMNTS.com
Missouri AG Targets Crypto ATM Network
Missouri's Attorney General has filed a lawsuit against a crypto ATM network for allegedly enabling scams. The legal action reflects growing concerns about crypto ATM fraud and consumer protection in the state.
Read Full Article: First Alert 4
Minnesota Bans Crypto ATMs and Prediction Markets
Minnesota has enacted legislation banning crypto ATMs and prediction markets statewide. The ban represents one of the most restrictive state-level crypto regulations in the US, citing consumer protection concerns.
Read Full Article: Yahoo Finance
Copper Seeks $500 Million Sale
Crypto custody firm Copper is exploring a sale valued at $500 million. The potential transaction highlights consolidation trends in the crypto custody sector as firms seek scale and strategic partnerships.
Read Full Article: CoinDesk
FBI Warns of $388 Million in Crypto ATM Scams
The FBI reports crypto ATM scam losses have exceeded $388 million, marking a surge in fraud targeting these machines. The warning comes as regulators and law enforcement intensify efforts to combat crypto-related crimes.
Read Full Article: SC Media
Treasury Sanctions Drug Traffickers Using Crypto
The US Treasury has imposed sanctions on drug traffickers for laundering profits through cryptocurrency. The action demonstrates continued government focus on preventing illicit use of digital assets in criminal enterprises.
Read Full Article: Bloomberg
Variational Raises $50M for Market Liquidity Bridge
Variational has secured approximately $50 million in funding to bring traditional market liquidity to crypto. The investment reflects growing interest in infrastructure connecting conventional finance with digital asset markets.
Read Full Article: Business Wire
Crypto Industry Shows Maturation in Earnings
Recent earnings reports indicate crypto companies are transitioning from hype-driven growth to more disciplined business models. The shift suggests industry maturation as firms focus on sustainable revenue and operational efficiency.
Read Full Article: CNBC
