Ripple Settles With SEC While XRP Heads to Healthcare
Welcome back to Daily Crypto News. It’s Friday, May 9th, 2025, and the number is going up. A big day in the markets, some serious movement from Ethereum, Bitcoin, and even the meme coins. We've also got real-world crypto adoption updates, legal headlines from Ripple and Celsius, and a heavy dose of trading wisdom courtesy of Trader Cobb. Let’s get into it.
"We got some news. Number go up."
💬 Treasury Secretary Bessent Blasts Senate for Failing on Stablecoin Bill
🍔 Steak 'n Shake to Roll Out U.S. Bitcoin Payments Nationwide
⚖️ SEC Commissioner Crenshaw Slams Ripple Deal, Direction Under Trump
💸 SEC, Ripple Agree to $50 Million Settlement Over XRP Case
🚨 Celsius Founder Alex Mashinsky Sentenced to Prison for Fraud
💳 Wellgistics Health Secures $50M Credit, Launches XRP-Powered Payments
📉 Trader Cobb & Market Training via The Grow Me Co
Stablecoin Regulation Bill Blocked by Senate
Treasury Secretary Scott Bessent came out swinging against the U.S. Senate after it blocked the GENIUS Act—a bill designed to create a unified federal framework for stablecoins. The bill was derailed by a procedural vote when key Senate Democrats pulled their support due to concerns about national security, Donald Trump’s conflicts of interest, and last-minute changes to the bill text.
Bessent warned that failure to pass stablecoin regulation could drive crypto innovation overseas. But despite bipartisan interest, political tensions—especially with Trump’s increasing footprint in crypto—stalled progress.
"The move could push innovation offshore and leave the United States with fragmented state-level oversight."
My Take:
This feels like political theater. Yes, we need a stablecoin framework. But saying crypto innovation is just going to vanish from U.S. soil is hyperbolic. The U.S. is still one of the more permissive jurisdictions for crypto, especially compared to the EU, where they’re now talking about tracking all self-custodied wallets. It’s messy here, sure—but this is still a favorable place to build. As I said: “Yes, Senate, get your shit together, but I don't think it's going to be like, they're leaving.”
Steak & Shake to Accept Bitcoin Nationwide
In a rare full-scale crypto rollout, Steak & Shake announced it will begin accepting Bitcoin at every U.S. location starting May 16. Unlike Starbucks and Subway, which dipped their toes with pilot programs, this is an all-in move. The integration follows months of Twitter teases and even some engagement from Jack Dorsey.
"This marks one of the largest nationwide crypto rollouts by major fast food chains."
My Take:
Is this real adoption or just marketing? I lean marketing. These rollouts usually amount to PR plays—and Steak & Shake is about to get millions in free publicity. Don’t expect to see long lines of people buying burgers with Bitcoin anytime soon.
Ripple Settles With SEC for $50M
Ripple Labs reached a $50 million settlement with the SEC, bringing a five-year legal saga to a close. The original suit alleged Ripple raised $1.3 billion through unregistered securities offerings. Under the Trump administration’s SEC, the agency has taken a noticeably softer stance on crypto, and Commissioner Caroline Crenshaw wasn’t happy about it. She slammed the deal as a “step backwards” that undermines investor protections and contradicts earlier enforcement victories.
"The deal undermines prior legal victories and reflects a broader programmatic shift towards leniency."
XRP-Powered Health Payments
Adding fuel to XRP’s fire, Wellgistics Health (WGRX) announced a $50 million credit facility and plans to integrate XRP as a treasury asset and payment system across its pharmacy network. They claim XRP will enable near-instant transactions at a fraction of the cost of traditional banking systems.
"Transactions are gonna be done in three to five seconds... costing about 0.0002 cents per transfer."
My Take:
I’m skeptical of the claim that traditional wire transfers cost $30. My business account gives me wires for free. Still, XRP clearly has speed and cost advantages. And look, any real-world use case is a win, even if the marketing is a bit inflated. XRP Army, rejoice.
Celsius CEO Sentenced to 12 Years
Alex Mashinsky, the disgraced former CEO of Celsius, was sentenced to 12 years in prison after being found guilty of fraud. His company collapsed in 2022 after misleading customers and cashing out millions in CEL tokens while assuring users that the platform was secure. His one-year sentencing request was rejected by the judge as grossly insufficient.
"Mashinsky cashed out $46 million in tokens while lying to everyone about the solvency, the plans, the token—everything."
My Take:
Twelve years is too generous. Mashinsky is the poster child for crypto fraud and grift. He destroyed lives and trust. A 68-year-old man named David, now lives in a van after trusting Celsius with his life savings. That’s the human cost.
Trading Insight: TA Is Not a Strategy
Trader Cobb returned to break down a key truth: technical analysis (TA) is not a trading strategy on its own. Many traders get lured in by triangle patterns and buzzwords like "golden cross," thinking they’ve found the key to riches. Cobb explains that without a structured, repeatable strategy and risk management, TA is just noise.
"Most traders get stuck in the technical analysis trap… good traders have a plan, structure, and they execute it consistently."
Listener Questions
Q: Is now a good time to buy Solana?
A: I told you weeks ago when it was under $100—now it’s over $170. That wasn’t the time to ask.
Q: Are you biased against Solana?
A: I never said you couldn’t make money on it. Just be honest about why you're in it.
You can leave your questions on Spotify or email me at Matt@DailyCryptoNews.net.
Crypto Market Prices
As of 7:13 a.m. EST:
Bitcoin: $102,940 (+3.5% 24h, +6.3% 7d)
Market Cap: $2 trillion
Ethereum: $2,333 (+19% 24h, +30% 7d)
Market Cap: $281.4 billion
XRP: $2.38 (+7.5%)
BNB: $636 (+3.6%)
Solana: $170 (+10.4% 24h, +13.5% 7d)
Dogecoin: $0.206 (+12.3%)
Cardano: $0.79 (+9.6%)
Tron: $0.262 (+4.9%)
Litecoin: $98.41 (+7%)
SHIB: +12.5%
Hyperliquid: +14.1%
Pepe: +35% (24h), +44% (7d)
Total market cap: $3.26 trillion (up 5.6%)
Summary
Today’s news paints a picture of a market in full bullish bloom. Ethereum is exploding post-upgrade, XRP is back in the spotlight with settlement news and adoption updates, and even meme coins are pumping hard. But with that $235 billion added to the market just yesterday, a correction could be around the corner. Be smart. Be prepared.
Happy HODLing, Everyone.
That thumbnail for today made me laugh