Canada Looks to Ban Crypto as US Senate Places Betting Ban on Senators
Welcome to a new month and to another edition of your favorite weekly news round-up, guys.
Sometimes the best gains come from the most unexpected places, and crypto keeps proving this every time. While we’re all focused on military operations in the Strait of Hormuz, Bitcoin quietly did what it does best, proving it's the ultimate hedge against uncertainty… We’re definitely used to this by now.
Meanwhile, Canada's had enough of crypto ATMs… Apparently, they're the new favourite tool for scammers and money launderers. So, no more convenience store Bitcoin runs. And up in Capitol Hill, senators just voted to stop themselves from using prediction markets. I mean, nothing says "we trust the system" like legislators banning themselves from gambling on political outcomes, right?
Here are the highlights:
- Bitcoin rebounds to $80k amid US-Iran tensions in Strait of Hormuz
- Canada proposes ban on crypto ATMs as fraud cases mount
- US Senate bans its members and staff from betting in prediction markets
- Judge Rejects Sam Bankman-Fried’s Retrial Bid in FTX Case
Bitcoin Rebounds to $80k Amid US-Iran Tensions in Strait of Hormuz
The Bitcoin market, specifically the “Will the price of Bitcoin be above $66,000 on May 7?” scenario, is currently priced at 99.9% YES. This represents a slight decrease from 100% observed 24 hours ago. Despite recent geopolitical tensions, Bitcoin’s recovery to $80,000 appears to bolster confidence in maintaining price thresholds. – Bitcoin’s price recovery to $80,000 appears consistent with support for maintaining levels above $66,000 on May 6 and May 7. – Markets suggest that geopolitical tensions in the Strait of Hormuz could influence Bitcoin’s stability and momentum.
Canada Proposes Ban on Crypto ATMs as Fraud Cases Mount
Canada is proposing to ban crypto ATMs as part of a broader crackdown on fraud and money laundering, citing growing evidence that the machines have become a key tool for scammers. The measure, included in the Liberal government's Spring Economic Update released Tuesday, would eliminate crypto ATMs nationwide. Officials described the machines as a "primary method" for defrauding victims and laundering illicit funds. "To protect Canadians by shutting down a primary method for scammers to defraud victims, and for criminals to place their cash proceeds of crime," the government said, it plans to prohibit the machine entirely.
US Senate Bans its Members, Staff From Betting in Prediction Markets
WASHINGTON, April 30 (Reuters) - The U.S. Senate on Thursday unanimously approved an immediate prohibition on incumbent senators, staff and other officers from using prediction markets that provide a form of gambling on real-world events. The change in Senate rules to impose the senators' ban was spearheaded by Republican Senator Bernie Moreno of Ohio, and an amendment by Democratic Senator Alex Padilla broadening the ban to Senate staff was included in the measure. Senators also urged the House of Representatives and the executive and judicial branches of government to do the same.
Judge Rejects Sam Bankman-Fried’s Retrial Bid in FTX Case
A federal judge rejected Sam Bankman-Fried’s request for a new trial on Tuesday, April 28, 2026, denying the former FTX chief’s attempt to reopen his criminal case based on claims of newly discovered evidence. US District Judge Lewis Kaplan issued the ruling in New York, where he oversaw Bankman-Fried’s 2023 trial. Bankman-Fried was convicted over the collapse of FTX and later sentenced to 25 years in prison. The motion was filed under Rule 33, a procedure that allows defendants to seek a new trial if new evidence emerges.
Other Highlights Worth Mentioning
Strategy Skips Weekly Bitcoin Buy After 108 Total Purchases, 818,334 BTC Holdings - Crypto News
China's Commerce Ministry blocks US sanctions against five refineries - Reuters
Brazil's central bank bans stablecoin and crypto settlement in cross-border payments - CoinDesk
Celsius Founder Alex Mashinsky Banned From Crypto Industry in $10 Million FTC Settlement - Decrypt
COINIGY FACT OF THE DAY
On this day in 2021, Ethereum hits a new all-time high above $3,500 marking one of the most explosive moments of the 2021 bull cycle.
The rally came amid a broader altcoin boom, with growing demand driven by decentralized finance and early NFT momentum. At the same time, institutional interest in crypto was expanding beyond Bitcoin, signalling a shift toward Ethereum as the backbone of Web3 infrastructure. Meanwhile, traditional finance players were beginning to integrate crypto benchmarks, with S&P launching crypto indices tracking both Bitcoin and Ethereum—further legitimizing the asset class.
COINIGY MEME OF THE WEEK
